So, you run a roofing business, and have nagging doubts that you don’t have the right insurance in place?
This article runs through 9 insurance lessons that you need to know.
- Tools & slates fall
Although incredibly obvious – what goes up must go down. Most of the time that is safely of course. But on the rare occasion a rogue tile or tool goes over the edge it can have devastating consequences. If the tool falls and damages property your business is financially liable. If it falls and injures someone, again your business is liable. It is important that you operate as safely as is possible to protect people and property. If the worst happens you will need roofers public liability insurance in place. You also need to ensure that you are on a specialist roofing insurance policy.
- Not all insurance is the same
You do not buy the cheapest tools. Do not buy the cheapest insurance. Lower end generic roofing insurance products tend to have many ‘get out’ clauses. They are not worth the paper they are written on. It is a false economy. You also need to be completely honest and disclose all the material facts about your business. If in doubt, please disclose the information. It is much better to disclose information and pay a little extra than to hide something. The right roofing liability insurance will protect your business should the worst happen.
- People slip & trip
If a member of the public hurts themselves on your site it may lead to a roofers public liability insurance claim. If someone working for you slips and injures themselves, and they try and obtain compensation, that comes under your Employers Liability roofing insurance.
- You will be fined if you do not have Employers Liability insurance
It is important that your employees are protected. Employers Liability insurance is mandatory for any business that has employees, subcontractors, volunteers or anyone working under their direction. You will be fined £2,500 per day for every day you do not have this cover in place. Make sure your employees are protected. Make sure your business is financially protected. Again, ensure you are on a specialist roofing insurance policy to make sure your employees are protected.
- Personal injury to you is not covered
The roofers public liability insurance covers the public. The roofing insurance employers liability covers your staff. But who covers you? You need to consider personal accident insurance. This cover is not always covered as standard but as a business owner you need to consider it carefully.
- You may need something called Professional Indemnity
Professional Indemnity (PI) offers protection if any claims are made against your business by a client for any financial losses, they incur due to your work or advice. You will need this cover even if it is just ‘alleged’ otherwise the cost of defending yourself will have to be self-funded. This cover is often a separate policy to your standard roofers insurance. It is often missed on standard roofing insurance, but we believe it is important cover for you to consider. Roofing liability insurance tends to focus on tangible claims and injuries, whereas Professional Indemnity on the more intangible.
- What happens if your tools are lost or stolen?
They say a workman is only as good as his tools. Although that’s debatable, finding yourself without your tools or equipment can be a major headache. It becomes more problematic when you also realise that you now must pay to replace all your tools.
We think it is important to insure your businesses tools. It is important to also double check what the conditions are if you keep your tools in your vans overnight. Most insurers are restrictive and often customers think they have cover when they don’t. We always check this condition and how you store them. Some insurers need the vans behind locked gates, others do not. Some offer cover whilst staying overnight at hotels. Some do not. We match your insurance requirements with the right provider.
- What would happen if there was a major incident halfway through a job?
This is often overlooked. And often the business assumes that the liability lands with the customer. But if there is a fire or storm or any insured peril halfway through the build then the likelihood is that you are liable. If the build has been completely wrecked, then you will need to source all the materials again and commit to the time to complete the build. Again, standard roofers insurance will not cover this.
- Use a good insurance broker
The average policy wording is 100 pages+. If you are not prepared to read it then a professional insurance broker is a must. They know where to look in policies. They will highlight key conditions. Explain what each cover relates to and are there to make sure you are fully protected. At Edison Ives Insurance Solutions we are roofing insurance specialists, and have access to specialty ‘broker only’ markets.
We focus on getting the cover/protection right first and then getting you the best possible price for your insurance. You will get your own account manager and handler so it will be the same people you deal with on new business, renewals and if needed claims. You get direct dials and emails, and we pride ourselves on knowing our customers and having their needs at our heart.
We are an independent broker, but also part of Bluefin Network, who are a group of like-minded insurance brokers. This means we can deliver the best of both worlds – Truly independent advice and the freedom to work with the markets we feel are right for you.
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