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Roofers have one of the most dangerous jobs in the U.S. The fatality rate per 100,000 roofers was 47.0 in 2020, according to the Bureau of Labor Statistics.
Accidents aren’t your only concern if you own a roofing business. You also have to worry about problems like lost income from work interruptions, damaged equipment and claims of shoddy workmanship.
That’s why you need a good roofing insurance policy. Think of roofing insurance as a small business insurance policy that’s customized to meet the unique risks that come with the job.
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What Does Roofing Insurance Cover?
A roofing insurance policy has several types of small business insurance to cover a wide array of problems. These issues include workplace injuries, damage to your business property and lawsuits from clients who claim your work is poor or incomplete (even if the claim is without merit).
A good place to start is with a business owners policy (BOP). A BOP bundles three important coverage types, and it’s usually cheaper than buying each coverage type separately.
Here’s what is included in a BOP:
Business liability insurance
This covers property damage and bodily injuries caused to others (not including your workers). For example, if a customer trips over your work equipment and gets hurt, your general liability insurance would pay for medical expenses, court judgments, settlements and legal defense costs.
Commercial property insurance
This covers the physical location of your business and equipment if they’re damaged due to a covered problem like a fire. Both leased and owned equipment is covered by commercial property insurance, including tools, inventory, business records, valuable papers, computers and office furniture.
Business interruption insurance
If you have to temporarily shut down work because of a problem covered by your policy, such as a fire or theft, business interruption insurance replaces lost income. This also handles lost income due to damaged merchandise and the cost of moving your business to a new location on a temporary basis.
Other Small Business Insurance Types
While a BOP is a solid start to your roofing insurance policy, you will want to build upon it with additional coverage types. You can speak with your insurance agent to discuss the types of insurance that will meet your business needs.
Here are some common small business insurance types to consider:
Workers compensation insurance
Workers compensation insurance is required …….
Source: https://www.forbes.com/advisor/business-insurance/roofing-insurance/