Roofers participate in one of the most hazardous industries because of the nature of their work. Rarely do they work at ground level, and they are frequently exposed to hazardous materials and dangerous tools. A roofing contractor needs to rely on a package of insurance products that will protect them financially when accidents happen. Employees may be injured, property damage can occur, and tools and equipment may be stolen or damaged. All of these events can be financially devastating for a roofing contractor, and this is when your contractor’s insurance package will provide the financial protection to keep your business protected. When you contact an insurance professional at Fairbanks Insurance Brokers, we will be prepared to discuss your General Liability, Workers’ Comp, Tool Coverage, Commercial Auto, and Surety Bond requirements.
Contactors General Liability will be the foundation of protection for your carpentry business. The coverage will respond if you or your employees are found liable for bodily injury or property damage. The coverage also covers defense costs for your business to respond to any lawsuits brought by a third party.
Many states will require carpentry contractors to provide workers’ compensation coverage for their workers in order to work in their state. Accidents happen at job sites that can result in an employee becoming injured and missing work. Your workers’ compensation coverage will provide financial assistance for medical and lost wage expenses.
Many states and customers may require carpentry contractors to offer a license or surety bond before you are allowed to bid on a job or begin working. Your bond is a financial guarantee to your state’s licensing department and your customer that you will complete the job according to your bid.
Typically, carpentry contractors will have multiple vehicles that require commercial auto insurance to make certain their vehicles can be repaired or replaced in the event of an accident, vandalism, or theft.
Also known as Inland Marine Insurance, this policy will provide for reimbursement for expenses to repair or replace tools and equipment. Your tools represent a major part of your livelihood, so we always encourage carpentry contractors to consider this valuable coverage.