If you're a roofing contractor, getting insurance for your company is something you should do without hesitation. Accidents and injuries are unpredictable; thus, you need to have enough protection in place in case one of your employees is hurt or a customer's property is destroyed.
Types of Roofing Insurance in Dallas, Texas
In addition to purchasing a conventional policy for roofers' insurance, you should look into other forms of coverage that may be used to address a variety of possible claims scenarios. Then, you should decide which sort of coverage is suitable for your company. The following is a condensed explanation of many of those policies:
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Business owner’s policy: This multi-part insurance might be an excellent place to start looking for property coverage since it could protect you if your generator storage facility is destroyed by vandals or a storm. Several smaller companies could qualify for liability coverage under their company owner's insurance policy.
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General liability insurance: This insurance comes in handy if a customer or a third party makes a claim stating that poor sub-roof installation resulted in property damage. It may also help pay for any repairs that need to be made, as well as any legal defense fees or lawsuits that are involved with that action.
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Professional liability insurance: This roofing contractor's liability insurance protects you against financial damage that may result from badly conceived roof plans or designs, which may occur if you engage with architects or general contractors. Because your roofing firm is expanding its operations, there is a possibility that coverage gaps could appear. This insurance helps address such gaps.
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Workers’ compensation insurance: Roofing contractors often have a higher incidence of workers being injured while on the job. If an employee sustains injuries as a result of an accident at work, such as falling off of a roof, workers' compensation insurance may be able to assist pay the associated medical expenses.
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Commercial auto insurance: When moving equipment and/or personnel from one location to another, having business vehicle insurance will protect you financially if you suffer damage to a pickup truck or cause harm to the property of a third party.
Benefits of Roofing Insurance in Texas
A roofing contractor has to have insurance for their business. This is because it might assist in preventing financial injury to your company. The following are the reasons why insurance is important for a roofing contractor:
When you think about the kind of work that you do, it's not hard to see the prospect of being hurt while you're on the job. You may see one of your coworkers have an injury after falling from a roof, which would keep them out of action for an extended amount of time. This employee may be able to demonstrate that the injury was the consequence of your company's oversight in providing hazardous working conditions and that your company should be held liable for the harm. It doesn't take long for lost wages and medical bills to add up, and if you're held accountable in whole or in part, you'll need insurance to help mitigate those costs.
Liability for damage
Even after the roof of a residential property has been constructed, there is always a risk of water damage to the walls, floors, and fixtures of the building if the shingles were not fitted correctly. If you did not keep up with your insurance payments, significant amounts of money would be taken out of your budget to pay for extensive repairs and replacements. Instances like these, along with many more, may be covered by liability insurance.
Licensing & contract requirements
If you are working as a subcontractor for a general contractor, they will want confirmation that you have insurance regardless of the possibility of claims. The majority of contracts will detail the minimum level of liability coverage that must be maintained to carry out the service. You could also find out that towns want evidence of insurance before you begin working on a property that is under their jurisdiction. This is something that you should be prepared for.
How much does roofing insurance cost?
You may expect to pay higher rates for most coverage if you work in the roofing profession. This is in comparison to the premiums paid by contractors working in other crafts.
The operations of a roofer often include a higher risk of employee harm or the chance that incorrect construction might cause extensive damage to interior structures and fixtures. Both of these risks can be mitigated by taking appropriate safety precautions. Several factors come into play, including the location of your place of employment, the employees there, and the amount of coverage that you choose.
What Happens If You Don't Have Roofing Insurance in Texas
It is important to keep in mind the true purpose of insurance, which is to serve as a financial safeguard for both you and your company if anything unfortunate occurs. If a roofer does not have any roofing business insurance, you and your insurance company will be held accountable for anything that goes wrong on the property if it's being worked on by that roofer.
How to Get Roofing Insurance in Texas
A roofing business is protected from a wide variety of mishaps by its roofing liability insurance, including injury to third parties and damage to its property. The E&S market, which caters to high-risk occupations, is where these professionals often get their general liability coverage.
E&S carriers are subject to different rules than traditional insurance firms, which provides them with more leeway when it comes to the creation of insurance products. Because of this independence, they can cover innovative firms or dangerous professions, both of which are often not covered by regular insurers.
The level of roofing general liability insurance that you would obtain from ordinary carriers is also available in the E&S market for consumers to purchase. Roofing companies will be able to talk with an agent and make claims, in addition to receiving the same level of service that everyone else does.
When looking for a roofing company for business insurance coverage, it's important to perform some preliminary research on them and their business. Because of this, any work that has to be done on your roof should be handled by a reputable roofing contractor who is properly licensed and insured.
A roofing contractor must have workers' compensation insurance that is current, verifiable, and fully paid up. They must also have a roofing contractor's liability insurance that will cover you, the homeowner, or the company owner. Thus, if an accident occurs and a roofer messes up while installing a new roof or performing repairs to your existing roof, the general liability insurance coverage that the roofer has will shield you from being responsible for the error they made. Additionally, you should confirm the company's strong reputation and absence of legal claims by consulting both references and internet evaluations. Contact the Thumann Agency at 972-991-9100 to request a quote today.