Being a roofing contractor comes with its fair share of risks, which should come as no surprise to anyone given the typically hazardous locations and conditions that roofers often find themselves in on the job.
Roofing contractors work under some of the most hazardous conditions of all tradespeople, with the two major risks that can have serious ramifications being:
- falling from a roof and suffering a major injury; and
- losing control of an object that falls from a roof and injures someone below.
Clearly these risks come with the territory for anyone who chooses to pursue a career as a roofing contractor. As such, roofing contractors will often actively seek out ways to reduce their occupational health and safety risks. This includes investing in quality personal protective equipment (PPE) such as fall arrest equipment, safety footwear, eye protection, as well as roofing contractor insurance, including Public Liability Insurance.
How roofing contractors can reduce their risk exposure
While there are many factors that roofing contractors simply cannot control, if you are a roofing contractor, or plan to become one, it’s worth considering the ways that you can actively reduce your exposure to risk.
When browsing for roofing contractor insurance, it’s important to note that when it comes to insurance for roofing contractors, often insurance policies will have specific height limits when it comes to working on roofs. As such, it is critical to make sure that the roofing contractor insurance policy you intend to purchase will cover you for the heights that you typically work at.
So, here are a number of types of business insurance that you may consider as part of the risk management strategy for your roofing contractor business.
Personal Accident and Illness Insurance
Also referred to as income protection insurance, Personal Accident and Illness Insurance is arguably one of the more obvious types of insurance that roofing contractors may benefit from purchasing. Falling from heights and being seriously injured is a very real risk for roofing contractors and it could mean that you may be unable to work for extended periods.
So reducing this risk by purchasing Personal Accident and Illness Insurance will provide you with a percentage of your income while you are off work and recover from a work-related injury or illness.
Public Liability Insurance
Public Liability Insurance compensates the wronged party if your actions cause damage to them or to their property. This type of business insurance can protect your roofing contractor business against some of the more serious risks that small business owners can face, including property damage and personal injury.
Public Liability may be considered a must-have for many roofing contractors because if as a result of your work activities you cause property damage or personal injury to another person, and you are deemed to be responsible, you may be liable for a large sum of money.
General Property Insurance
General Property Insurance, commonly referred to by roofing contractors as ‘tool insurance,’ is business insurance that provides cover to protect the portable tools of your trade from a variety of risks. Under General Property Insurance roofing contractors can insure such items as basic tools through to more costly electronic equipment.
Depending on the nature of your roofing contractor role, General Property Insurance may also provide cover for electronic devices such as laptops, mobile phones, and tablets. These items may be covered under General Property Insurance if part of your role involves consulting.
However, if you also use equipment that is kept in your office or workshop, these may not be covered by General Property Insurance but may be covered under your business contents insurance.
Workers Compensation Insurance
Workers Compensation is insurance that employers are required to take out to protect their employees. Workers Compensation provides insurance cover in the event that one of your employee’s suffers loss of wages or medical and rehabilitation expenses for work-related injuries or illnesses. Depending on the details of the policy, Workers Compensation may also provide lump sum benefits if an employee dies or is permanently injured during the course of their work.
While Safe Work Australia develops national protocols for work, health and safety (WHS) and workers compensation, it is up to individual Australian States and Territories to regulate the cost of workers compensation insurance.
The cost of your Workers Compensation policy is determined by the following details:
- the type of business you operate;
- the number of employees your business has;
- the specific classification of your employees;
- the total salary paid to your employees; and
- your insurance claims history.
Other types of insurance for roofing contractors
No two roofing contracting businesses are exactly the same, and business insurance is not a one size fits all product. This means that there may be a range of business insurance policies beyond those mentioned above that you could consider for your roofing business.
With a range of insurance options available, a consultation with an insurance professional may be the best way to find the combination that best suits the needs of your business.
To help you get the right combination of insurance for your roofing business, you may consider a consultation with an insurance professional. This may be helpful for learning more about the business insurance options for your roofing contractor business.
As such, speaking with an insurance professional may help you to understand the business insurance that matches the needs of your business.
Professional roofing contractors will know well the risks that they can encounter throughout every working day. But business insurance such as insurance for roofing contractors*, also known as roofing contractor insurance, can help you to actively reduce your risk. Visit the dedicated insurance for roofing contractors page on the Public Liability Insurance website to learn more about roofing contractor insurance and get your free quotes.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, Public Liability Australia is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769)