Many of you roofing contractors have expressed concerns about roofing contractors liability and what it is precisely that you have to worry about while acting as a general contractor or construction company. In this composition I will try to explain many of your worries about general contractors liability insurance and hopefully help alleviate your fears.
The idea of liability insurance is to deliver protection for the insured from the possibility of financial repercussions that their business may unwittingly incur due to their operations. Those looking for independent contractors liability insurance may include any business or individual whose type of business may be held responsible for both current and possible future claims to the general public or to the customers and third party members with whom that company has contracted for. A good example of this can be a roofing company who has installed a skylight that they did not realize was faulty, only to have the installation break and fall a couple weeks later, causing physical injury to a person and physical damage to the structure. A construction liability insurance policy would, under normal liability conditions, pay the medical bills and any other damages deemed to the injured, and provide a nice cushion against cost and potentially devastating court trials.
Operating without roofing contractors liability insurance is a bad idea and very dangerous. Although the financial requirement of purchasing it can seem a little bit steep, the possible detriment for you of not having it are for more steep than you may desire to think. Most all insurance policies will allow for an additional insured rider or special verbiage that is designed to cover specific clients who may be affected by the actions or working conditions of you or your company. If you are in any situation in which a person might be injured as a result of your work it is of highest importance that you protect yourself, your contracting company and any clients that seek coverage and defense under your policy.
When looking for a roofing contractors general liability insurance policy you will be offered an aggregate general liability limit which will be a statement of the maximum amount of monetary damages your business will be insured for in twelve months on that exact policy. You will also be notified of the amount of coverage your company is covered for per each specific claim, or per an occurrence.
You must also be sure to know specifically what your rights are, what types of endorsements exist in the policy and what type of litigation assistance you are entitled to should an accidental event come to pass. In many states contractors must warranty their work against certain defects for a specific number of years. If your insurance policy has an endorsement limiting the coverage to under that number of years, that insurance policy might not be correct for you.
Even with the building and development trades have declined recently, any project posses enormous risk that makes roofing contractors liability insurance not only necessary but imperative. Another thing that you should want to consider is that no matter how much lower your prices could be a growing number of prospective clients will not hire an organization that does not have general contractors liability insurance. The dangers are just too high to rely on homeowners insurance coverage or contractors license bonds for coverage and you must obtain the coverage that a contractors insurance policy is designed to deliver.
The idea of liability insurance is to deliver protection for the insured from the possibility of financial repercussions that their business may unwittingly incur due to their operations. Those looking for independent contractors liability insurance may include any business or individual whose type of business may be held responsible for both current and possible future claims to the general public or to the customers and third party members with whom that company has contracted for. A good example of this can be a roofing company who has installed a skylight that they did not realize was faulty, only to have the installation break and fall a couple weeks later, causing physical injury to a person and physical damage to the structure. A construction liability insurance policy would, under normal liability conditions, pay the medical bills and any other damages deemed to the injured, and provide a nice cushion against cost and potentially devastating court trials.
Operating without roofing contractors liability insurance is a bad idea and very dangerous. Although the financial requirement of purchasing it can seem a little bit steep, the possible detriment for you of not having it are for more steep than you may desire to think. Most all insurance policies will allow for an additional insured rider or special verbiage that is designed to cover specific clients who may be affected by the actions or working conditions of you or your company. If you are in any situation in which a person might be injured as a result of your work it is of highest importance that you protect yourself, your contracting company and any clients that seek coverage and defense under your policy.
When looking for a roofing contractors general liability insurance policy you will be offered an aggregate general liability limit which will be a statement of the maximum amount of monetary damages your business will be insured for in twelve months on that exact policy. You will also be notified of the amount of coverage your company is covered for per each specific claim, or per an occurrence.
You must also be sure to know specifically what your rights are, what types of endorsements exist in the policy and what type of litigation assistance you are entitled to should an accidental event come to pass. In many states contractors must warranty their work against certain defects for a specific number of years. If your insurance policy has an endorsement limiting the coverage to under that number of years, that insurance policy might not be correct for you.
Even with the building and development trades have declined recently, any project posses enormous risk that makes roofing contractors liability insurance not only necessary but imperative. Another thing that you should want to consider is that no matter how much lower your prices could be a growing number of prospective clients will not hire an organization that does not have general contractors liability insurance. The dangers are just too high to rely on homeowners insurance coverage or contractors license bonds for coverage and you must obtain the coverage that a contractors insurance policy is designed to deliver.
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