While Life Insurance Month has been long gone (September this year), it’s still important to know how those policies impact industries like the roofing community. Worker’s compensation and general liability insurance are important for business owners to protect their assets. This type of insurance will protect a company’s employees, equipment, and property from loss or damage. It will also provide financial benefits for legal issues and business protection from the loss of revenue due to an injury. Here are six reasons you need roofing contractors’ insurance today!

Reason #1: Protection for Your People

Workers’ compensation insurance is important for employers because it protects employees during accidents while on the job. Employees know they will be cared for if something happens to them while working. This is especially important in dangerous jobs, like roofing, where accidents are more likely to happen and are listed as the fourth most dangerous job in the U.S.!

Reason #2: Protection of Your Assets

Businesses need to have insurance to protect themselves from any potential accidents or disasters that could occur. By having insurance, businesses can ensure that they will still be able to remain open and operational even if something were to happen.

Reason #3: Protection for Your Reputation

A business reputation is important for a roofing company because it can affect its bottom line. A company that does not offer its employees workers’ compensation or roofing contractors insurance will be perceived as less legitimate and may lose profitable employees or potential partners, or allies.

Reason #4: Financial Penalties

Employers in most states must have workers’ compensation insurance for their employees. However, employers can opt out of workers’ compensation insurance in Texas. If an employer does not have workers’ compensation insurance in a state where it is required, they may be subject to additional financial penalties.

Additionally, if a roofer is working on a project and is not properly insured, the business they are working for can be penalized by OSHA. Roofers must have their insurance, and companies must have a business owner’s policy that includes the roofer as an additional insured.

To protect their businesses, contractors should have insurance policies that offer the best coverage. In some cases, additional insurance may be necessary to protect the business. When purchasing any policy, it is wise to get advice from experienced insurance experts to ensure that it meets the business’s specific needs.

Reason #5: Competitors’ Marketing Message

This message is a warning to homeowners that if they do not have insurance for their employees and one of them gets injured while working at their home; the employee could take legal action against the homeowner.

Reason #6: Contractor Designations

To be a part of the Certified Contractor Program with General Aniline and Film (GAF), a roofing contractor must have insurance. This is to protect both the contractor and the manufacturer in case of any accidents or damage that may occur during the roofing process.

To Sum Everything Up

Roofing is a dangerous profession, and as such, roofing companies often have to pay high premiums for insurance. However, insuring your company is wise as it protects your employees, business, and property. In the event of accidents, you will be glad you made this investment.

Get Protection from Pascal Burke Insurance Brokerage Inc.

We’re a firm specializing in roofing contractors’ insurance and other policies fit for specialty contractors to ensure your business, equipment, and customers remain covered for whatever scenario. Visit our website, call us at 877-893-7629, or email us at info@pbibinc.com to learn more!