The best way a roofing contractor can protect themselves and their business is to expect the unexpected. Many contractors have experienced a seemingly straight forward project that has gone badly. When projects do go bad on a roofing job the end result can be costly. The best protection a contractor can provide for themselves is the protection of liability insurance. Although it may appear costly at first, and frankly a bit hard to afford for a small business, the consequences of not having liability insurance can cost substantially more in the long run. Below are some great reasons why contractors should carry their own liability insurance and what that liability insurance can protect you from.
What Can Liability Coverage Do For My Business?
General liability coverage for roofing contractors covers five main categories. These categories are bodily injury, complete operations/products liability, personal injury, advertising injury, medical payments, and independent contractor’s liability coverages. Please not that in addition to these coverages you may need special riders depending on the type of project you are working on but for the most part this should be ample. The cost of this coverage varies from state to state. But all roofers who repair roofing in Atlanta are required to carry liability insurance.
- Bodily Injury – This covers any physical harm to an individual at your office or an injury caused by your employee at the project site. For example, tools are left out and the client trips and breaks a leg. This would be covered by this clause.
- Complete Operations/Products Liability – This covers any damage that may have caused during the course of your project. Let’s say there was damage to appliances or walls this coverage would handle replacement or repair costs.
- Personal Injury – This covers the contractor, the business, or any subs that may suffer damage to their reputation due to slander, libel, copyright infringement, invasion of privacy, false arrest, etc. If a subcontractor is working for you and they are unhappy about how the project is going they decide to bad mouth you to others. Your business suffers loss due to the bad publicity. If you file a claim your insurance would work on your behalf to recuperate monetary compensation for the loss of business.
- Advertising Injury – This protects the contractor against any suit that is brought about due to your advertising. An example of this might be if you were sued by a competitor because you spoke badly about them in your ad.
- Medical Payments – This covers injury much like your homeowners, however, it is for your place of business. It is a “goodwill” payment that covers medical costs of anyone sustaining injury at your office site including trespassers.
Having contractors insurance for a Atlanta roofing company is not an option but necessary to help protect the contractor, employees, subcontractor and clients from damages sustained during the course of work. The monetary damages that could arise from any of the mention events above could put a contractor out of business if they were left unprotected.