When conversations turn from construction to insurance, it’s normal to feel out of your element. After all, you’ve spent the majority of your career on project sites, not in an office learning about the nuances of insurance policies. You shouldn’t be expected to know everything about insurance, but due to the high-risk nature of the roofing industry, it’s essential that all roofing contractors have some formal knowledge of this topic. Let’s start with a commonly misunderstood question: Are roofing insurance and general liability insurance the same thing?
In this article, our roofing attorneys will answer this essential question and discuss a few other considerations pertaining to roofing insurance, and potentially, your next roofing contract. For assistance dealing with disputes stemming from roofing insurance, contracts, or something else entirely, rely on a law office that focuses solely on the needs of roofing contractors and other construction professionals.
Insuring Your Business
There’s no way around it, insuring your business is the only way to avoid paying common liability claims. These types of claims can literally bankrupt a business overnight, so if you plan to work without insurance, be prepared to dish out some serious cash when things don’t go according to plan.
While state laws don’t mandate that roofing contractors purchase insurance, it’s becoming exceedingly hard to work without insurance, and the risks far outweigh the nominal savings of working uninsured. Plus, public projects funded by the government require that contractors have insurance to bid. In many states, proof of insurance is required to obtain a contractor’s license, so there’s really no point wasting time trying to fight back against the inevitable. What we’re saying is this: if you plan to work as an honest, good faith roofing contractor, you need insurance. There simply is no realistic alternative.
Selecting the Appropriate Policy
So, are roofing insurance and general liability insurance the same thing? They are! Roofing insurance is a type of general liability insurance specifically for roofing contractors. It protects you and your business from claimants filing claims for personal injury or property damage. It’s a valuable shield to keep your company from being crippled by accidents taking place on your project sites. Therefore, whether you purchase roofing insurance or general liability insurance, the important thing is that you select the right policy for your business.
When it comes time to purchase insurance to protect your business, you’ll have a lot of questions to answer. Do you need commercial roofing insurance or residential roofing insurance? What grade of workers’ compensation insurance is necessary to cover your workforce? Will you require a professional liability policy? What about product liability? A commercial vehicle policy may be required for certain jobs, too. One thing that isn’t up for debate is the fact that your business needs insurance to operate safely and legally. If you’ve been accused of working without insurance or violating a workers’ compensation policy, consult Cotney Construction Law.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.