Installing and repairing roofs can be lucrative work, but it comes with a range of liability and property risks. Roofing insurance helps protect roofing businesses in Massachusetts from many of the risks they face.
Roofing insurance is a specialized type of commercial insurance that’s designed to meet the particular needs of roofing businesses. Because these businesses are usually exposed to multiple risks, roofers policies are normally package policies that come with multiple coverages.
The vast majority of businesses that install or repair roofs in Massachusetts ought to have roofers insurance, for few businesses are free of risk and this generally is the most appropriate type of insurance for these businesses. In particular, this insurance can be useful to:
Moreover, roofing businesses typically should have coverage regardless of how large or small they are.
The exact coverages that a particular roofers insurance policy offers can vary, but there are many commonly available protections. Some of the more common ones are:
Roofing businesses that operate in certain areas or take on large projects may be required to carry performance bonds. These bonds normally provide compensation to the affected party if a roofing company (or other bond-holding business) fails to meet their contractual obligations.
While bonds typically aren’t purchased within roofing policies themselves, most agents who specialize in roofers insurance policies can also assist with finding a bond should one be required.
Working on roofs is potentially dangerous work, and injuries are fairly common within the industry. Most roofing companies should have workers compensation coverage both for this reason and because Massachusetts state law normally requires businesses with employees to carry the protection. The purpose of workers compensation is primarily to help provide financial protection against costs related to workplace injuries and illnesses.
As is the case with performance bonds, however, workers compensation frequently isn’t purchased within a roofers policy itself. Instead, the protection is often procured via a distinct policy that stands on its own and provides this one coverage. Again, insurance agents who are familiar with roofers policies can likely also assist with workers compensation policies.
If a subcontractor is responsible for a covered accident but doesn’t have insurance, the affected party might seek compensation from the business that hired the uninsured subcontractor. An uninsured sub endorsement in a roofers policy might extend protection to lawsuits and claims that arise from this sort of situation.
For help finding roofing insurance, contact the independent insurance agents at The Feingold Companies. Our agents are able to request quotes for policies from several insurance companies in Massachusetts, and they can help you compare each policy’s coverages so your business ends up with on that offers the right protections.