Find out how much Roofing Workers Compensation Insurance costs
Employees' compensation insurance safeguards a specific business and/or their workers in the event of an occupational health problem or injury. Without employees' compensation, if you get injured on the job, taking care of the clinical expenses would come right out of your pocket. With employees' compensation coverage, those medical costs are often taken care of.
Having employee compensation for your professional roofer service is required to shield you from the expenses connected with accidents on the job. If one of your employees is injured, they may require medical care and will certainly need to be paid, even if they cannot return to work. Your organization insurance covers these prices as long as you hold an employee's compensation plan.
Roofing workers' compensation insurance protection is important insurance coverage for any roofing firm, but also particularly for contractors. Every year, thousands of employees are hurt on the job, and many of them suffer irreversible injuries. Roofing workers' compensation insurance helps to safeguard your employees from economic hardship in case of a fall or other accident. After all, the job of a roofer can be dangerous. When an employee is seriously injured on the job, workers' compensation insurance provides financial assistance.
The price of workers' compensation insurance varies from state to state. Prior to you contacting a roofing contractors insurance broker, check online and have a look at websites that offer free rate quotes.
Rates will vary depending upon:
- The size of your business
- Number of staff members you have
Some states allow organizations with less than five staff members to pay nothing in employees' compensation insurance. On the other hand, some states have extremely pricey workers' compensation insurance for businesses with more than 100 staff members.
Two Insurance Coverage Every Professional Roofer Demands
There are two policies every roofing contractor should get to cover the fundamentals.
Roofing Liability Insurance
The first of the two core roofing contractor insurance protections is the general responsibility policy. This policy covers residential or commercial property damage or physical injury that you or your team experience while on a job. It can also cover these same problems if your work encounters issues that cause damage after the building and construction phase.
Common claims under this policy can include roofing product falling during construction and damaging customer residential property, or a malfunctioning roof causing damage to the structure after it has been completed.
Unless you are subcontracting out all parts of your job, chances are, workers compensation will be your biggest insurance expenditure.
Compensation for injured workers pays their medical bills and lost wages, which can also benefit you. Having this insurance policy is often called for by regulation and enforced by the state you live in. The consequence of not having this coverage can include large fines as well as criminal charges.
Common Dangers Covered by Roofing Insurance
- Personal or Bodily Injury
- Securing Your Revenue
- Tool Safety
- Quality Assurance