Roofers Insurance: A Guide to Protecting Your Roofing Business

Whether you’re an independent roofer or larger contractor with employees, you’ll likely have the worry of accidents, injuries, theft, and more. This concern isn’t without merit as the number of workplace deaths in the construction sector can be up to four times greater than any other industry. It is, therefore, crucial that you have the right type of insurance in place to protect your roofing business from the various risks it faces.

But from public liability insurance to business interruption insurance, which protection do you really need? In this guide to roofers’ insurance, we’ll provide you with an overview of each. Plus, we will provide handy tips on what to consider before choosing your provider. Together, this will help to ensure you have the right cover for your roofing business and have chosen the ideal provider for your needs.    

What Types of Insurance Do Roofers Need?

The number of insurance products available seems to grow each year. From insurance that protects the public to insurance that protects your tools, you can insure almost anything. But for most roofers, there are only a handful of protections you’ll need to explore. These include:

Public Liability Insurance

Simply put, public liability insurance (PLI) protects your business from claims made against you by members of the public or customers. This could include members of the public injured because of your actions or customers whose property is damaged due to work you’re doing on their homes.

Whilst PLI isn’t legally required, many consider it to be the bare minimum level of insurance a business should have. This is as it plays a similar role to third-party car insurance by protecting people unrelated to your business, whether they be injured by a falling tool, or you damage their property whilst working on an adjacent home.

Personal Accident Insurance

Important for those who are “on the tools”, personal accident insurance (PAI) provides protection for those who are insured whilst working and therefore unable to work for a set period. This may include injuries caused by a fall from height, repetitive motion, exposure to loud noises, and more.

There are different types of PAI available. This could include insurance that protects against short-term injuries such as fractures or that which protects from long-term injuries that may have resulted in a disability. But be aware that this insurance will not usually protect you from illness or disease.  

Professional Indemnity Insurance

Whilst many believe professional indemnity insurance (PII) is only necessary for professionally service providers, it may also be necessary for roofing businesses. This is as PII will cover the cost of compensating customers who have experienced a loss because of your negligent service or advice.

Although roofers tend to worry about injuries at work or damage to a customer’s property, you’ll likely provide advice that could see your business on the backfoot if it proves to be wrong. This may be advice on the design of a property, materials used in a project, or other specifications.

Tool and Equipment Insurance

Without the right tools, a roofer simply can’t do their job. Equally, tools are a significant expense to any business that can impact cashflow if they need replacing. Tool and equipment insurance will pay out if tools are lost, stolen, or accidentally damaged. Some policies will also cover the repair of these tools if replacements are not available.

For roofers this insurance can often prove invaluable. As well as allowing you to cover the cost of tools that have simply given up, it can protect you from tool theft. Some insurers will even cover thefts from unattended vehicles, which is a growing headache for tradespeople.

Business Interruption Insurance

As the COVID-19 pandemic showed, business can come to a sudden halt because of unexpected events. But whilst few policies provide protection against pandemics, they do protect you from other unforeseen events such as fires, storms, or floods that could impact your business premises.

Whilst property insurance is there to cover the cost of repairing any damaged caused to a property, business interruption insurance (BII) is there to ensure income continues to flow into your business. This is most suited to those with physical premises they rely on to run their business rather than roofers who work out of the “back of a van”.

Who Are the Best Insurers for Roofers?

Choosing an insurer can be difficult. From the cost of their payout rates to the cost of their premiums, there is a lot to consider. So much so that it’s easy to get overwhelmed by the choice and push it to one side, leaving you unprotected from the various risks you face as a roofer.

Thankfully, the process needn’t be a headache. You simply need to ensure you’ve considered six things when choosing your insurer. Doing so will ensure that you’re properly protected and, should you need to make a claim, will not have to overcome numerous hurdles before you receive a payout. Here’s what to consider:

1. Regulation – Insurance providers are regulated by both the Prudential Regulatory Authority and Financial Conduct Authority. It is urged that you only use providers who are authorised by both the PRA and FCA, which can be confirmed through the Financial Services Register.
   
   
2. Payout Rate – Insurance providers regularly share their payout rates, which is the percentage of claims that result in a successful payout. When considering providers, ensure they have a payout rate of at least 96%. But remember that a successful payout doesn’t necessarily mean a full payout.
   
   
3. Ratings – There are several organisations, such as defaqto, who regularly rate the products of insurers. Where these ratings are both independent and thorough, they can be a convenient way to identify the best and worst products available to you.
   
   
4. Reviews – When you’ve discovered a few insurers who provide the right products for you, look at their reviews on TrustPilot, Feefo, Reviews.co.uk, and others. Whilst reviews are very personal, they can provide a glimpse at what each provider is good and bad at.
   
   
5. Price – Whilst cost shouldn’t be the driving factor when choosing an insurance provider, it will undoubtedly be a consideration. Tools such as GoCompare, Uswitch, and SimplyBusiness are useful but be aware that they may prioritise providers based upon the fee they receive for referring you.
   
   
6. Financial Strength – If your insurance provider is to protect you, they must be financial stable themselves. You should, therefore, ensure that your insurer is well established or part of a larger group of companies. Providers such as Aviva, Aza, and Zurich are just a few of highly established providers.

Read to Protect Your Roofing Business?

With an understanding of the types of insurance available and how to find the ideal provider for you, you can now find the best protection for your roofing busines. As with any financial product, we urge you to undertake thorough research and seek the advice of a professional when appropriate. Roofing Megastore are not experts in such products and, therefore, take no responsibility for how you may use the information within this article.