Is Your Roofing Business Covered for Property Damage? - Farmer Brown Insurance Agency - Contractor Talk

Is Your Roofing Business Covered for Property Damage?

 
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Old 09-13-2020, 11:03 AM   #1
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Is Your Roofing Business Covered for Property Damage?


Is Your Roofing Business Covered for Property Damage?

Why does your roofing business need insurance for property damage. Running a small-scale roofing business comes with safety risks for both people and physical property.

But the risks are worth it if you get your slice of the pie.

According to a whitepaper about roofing trends published by the Freedonia Group, the United Statesí roofing industry is expected to reach $19.9 billion in 2021. That's big!

However, in order to have a profitable roofing business, you must protect it from common risks: property damage lawsuits.

What is property damage?

The construction of roofs involves not only ladders but dangerous equipment such as shingle cutters, hook blades, nail guns, and cordless drills. On any given day, there is danger. Any one of your employees could accidentally smash a ladder through a glass window, lose balance and drop heavy equipment, or make unwanted changes to your clientís roof.

These hypothetic scenarios all fall under the category of property damage. Unfortunately we live in an increasingly litigious society. Before you know it, you could be facing a lawsuit against your small roofing business.

What is property damage insurance coverage?

Property damage coverage is included in your Contractors Liability insurance. It protects your business from the financial implications of physically damaging a third partyís property.

Damaging a clientís property can happen despite your best-laid plans. Your roofing business can be held legally responsible for property damage, even when you are not at fault. Here are some examples:
  • Household items are damaged when your roofing employees were on the premises and doing their job.
  • Miscommunication between yourself and the property owner of General Contractor results in you making the wrong construction changes to a roof. They are not happy.
You can be held liable for damage you didnít do

In all of the tricky situations described above, your roofing business can be held legally responsible for property damage, even if you did not cause it.

Fortunately, your Contractors Liability insurance is there to help you in these situations. It is important to note that liability insurance only protects third-party property from damage. It does not cover your own tools, equipment or building materials.

Common causes of property damage

Here are some of the most common causes of property damage in the roofing industry:
  • Water damage
  • Fire
  • Dropping or knocking over heavy equipment
  • Making a mistake when following instructions
The end of your roofing business before it even takes off!

Many roofing business owners struggle financially when first starting out. If your company is sued for property damage costs, you could very well lose your business. With insurance coverage for third-party property damage claims in place, your business has a better chance of staying afloat.

For more information about property damage coverage, ask Farmer Brown Insurance at 888 973 0016
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