As a professional roofer, you require contractors’ insurance to cover you and your company in the event of accidents, lawsuits and employee harms. Without insurance, you’d need to pay for these incidents out of fund, which could put fiscal stress on your business.
There are at least three distinctive types of roofers’ insurance you may need, they are; workers compensation, general liability and a surety bond.
1. Workers’ Compensation
Workers’ compensation is insurance coverage that protects your workers in the case of a mishap or injury. Roofing is a risky job. No matter how guarded you’re about your safety practices, there’s constantly a chance that one of your workers may suffer a work-related injury. Without workers’ compensation insurance, you could be held susceptible for any medical treatments an employee may incur. You may also need to pay for missed stipend or offer other aids. Guard yourself from having to pay for these costs. Invest in a workers’ compensation insurance policy, which will cover the expenditure for you, in return for yearly or monthly payments.
2. Commercial General Liability Insurance
Commercial general liability insurance protects your business in case a third party should get accidental personal injury or property damage, or face a lawsuit. General liability insurance is more flexible than workers’ compensation. General liability insurance can offer you coverage that workers’ compensation doesn’t. For example, a roofer climbs to your roof to fix several shingles near your chimney stack and while on your roof, he accidentally hits the edge of your chimney stack and breaks some bricks. The bricks tumble and hit the head of the delivery driver visiting your property. The general liability insurance for roofing contractors would pay for detriment to your property and more importantly the injury to the delivery person’s head.
A surety bond, also understood as a contractor bond, is a form of business insurance that will pay your client if you fail to finalize a job. You pay an insurance company a monthly figure. In return, they offer you a bond for a certain amount. Once you accept a job from a client, you’re obliged to complete that job. However, your client can file a claim with the insurance company to have their expenses covered, up to a maximum amount, if you don’t. For homeowners, the patent benefit of a surety bond is that they don’t have to fuss about whether or not you’ll finish the roofing job they’ve paid you to complete. However, go bankrupt or else fail to finish the job, they can get fiscal compensation.
However, you may be struggling with your preference, if you’re in the proceeding of trying to find a roofing contractor for your home.
Consult us now at 118-35 Queens Blvd Forest Hills, NY 11375 (718) 414-6067 https://www.nycrenovators.com/ and get professional counsel as we will assist you with your best suited pick