Roofers participate in one of the most hazardous industries because of the nature of their work. Rarely do they work at ground level, and they are frequently exposed to hazardous materials and dangerous tools. A roofing contractor needs to rely on a package of insurance products that will protect them financially when accidents happen. Employees may be injured, property damage can occur, and tools and equipment may be stolen or damaged. All of these events can be financially devastating for a roofing contractor, and this is when your contractor’s insurance package will provide the financial protection to keep your business protected. When you contact an insurance professional at Fairbanks Insurance Brokers, we will be prepared to discuss your General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bond requirements.
Roofing contractors risk serious injuries and damages every day at the job site. With accidents typically beyond a roofer’s control, it good financial sense to have a Contractors General Liability Insurance. This valuable coverage will provide the peace-of-mind to know that your legal fees or claims will be covered when you need it most. For roofers, Contractors General Liability Insurance is typically a state requirement. The mandated levels of coverage differ depending on where you live and the sector you work in.
Workers Compensation Insurance, which is usually required in nearly every state, will protect a roofer’s employees in the event of they are injured or become ill while on the job. Roofers depend on Workers Compensation Insurance to pay medical bills and lost wages after a work-related accident or illness. Another benefit is protection against lawsuits by employees who are injured on the job.
Many states and customers may require your roofing business to offer a roofer’s license or surety bond before you are allowed to bid on a job or begin working.
Your surety bond serves as a financial guarantee to your state’s licensing department and your customer that you will complete the job according to your bid and make certain that vendors and material providers paid in a timely manner.
Your commercial auto policy will cover your roofing business vehicles for liability if you or an insured driver are found liable for an at-fault accident. The policy also covers your vehicles if they or damaged in an accident, stolen, or vandalized.
Also known as Inland Marine Insurance, this policy will reimburse your roofing business if tools or equipment are damaged or stolen at the job site or while in storage. It also provides coverage for tools and equipment in transit.