Does Your Roofing Company Have the Right Coverage?
Why do roofers need insurance?
If you're an Oklahoma roofing contractor, yours is a risky trade, and operating your own business carries with it significant exposure. You need to transfer that risk to the right insurance company that will be there when you need them the most. Whether you're a residential or commercial roofing professional, you work at steep heights that place you and your employees at risk. Insurance for roofers can cover expenses related to injuries, property damage caused by falling debris, equipment theft, and more.
Several factors impact insurance costs, including:
· Roofing services offered
· Business equipment and property
· Number of employees
· Age of business and experience of employees
Some Types of Coverages to Consider
General Liability Insurance
This policy covers primary roofing risks, such as a customer injured by falling shingles. Bundle with property insurance for savings in a business owner's policy. Your roofer general liability policy will typically protect you against:
- Judgments and/or settlements from covered lawsuits if your legal defense is not successful.
- Fees, court costs, witness compensation, attorney fees, any other costs related to defending the lawsuit
- Your time when you must assist in your defense
- Court-mandated bond premium
- Bodily Injury: Including medical costs and court-awarded compensation for deaths resulting from an injury if you are found liable for that.
- Property Damage: If something your business does (or does not do) damages another's property and renders that property useless, this covers the damages and the loss of use.
- Products and Completed Ops: If your roofing material is found defective or the installation of a roof is sub-par and causes damages, your GL policy will protect you.
- Medical Payments: Medical payments can be paid for more minor injuries that you're liable for that do not reach the stage of a full-blown liability suit. (Note, workers' injuries are generally handled under a worker's compensation policy.)
- Personal and Advertising Injury: If, when advertising your business, you libel or slander a competitor, violate an individual's privacy rights, copy another company's way of doing business or infringe on another business's slogan or copyright, this will cover any claims arising from those actions.
- Damage to Premises Rented to You: This pays for any damage to space or structures rented or leased by your business.
Workers' compensation insurance
Workers' compensation insurance is required in Oklahoma for roofing businesses that have employees. It can cover medical bills for work-related injuries.
Commercial auto insurance
This policy covers third-party injuries and property damage caused by roofing company vehicles and repairs to vehicles damaged by weather or vandalism.
Contractor's tools and equipment insurance
This insurance for roofers helps pay for repair or replacement of shingle cutters, roofing knives, and other devices if they are lost, stolen, or damaged.
Our business and commercial insurance team is led by Elisa Turner, Partner, who holds the specialized SBCS (Small Business Coverage Specialist) designation from The Hartford School of Insurance. Contact Elisa Turner today at (405) 603-1384 or contact her via EMAIL.