What Insurance Do Alberta Roofers Need?
Insurance for Alberta for roofers is necessary to protect yourself against claims of negligence, mistakes, and damaged, or stolen equipment. Your Alberta roofing business needs a roofing insurance package for protection.
Whether you are a residential, commercial, or industrial roofer, or you are an independent roofing contractor in Alberta, without roofers’ insurance, you may be excluded from job sites.
A roofing insurance package protects you and your clients.
What kind of insurance do I need as an Alberta roofer?
You’ll need what’s called contractors’ insurance or roofers’ insurance, a package of coverages to protect your Alberta roofing business in the event of accidents, lawsuits, property damage, or third-party injuries.
Without roofers’ insurance, you will need to pay for these incidents out of your own pocket and you may not be allowed on job sites.
Customers could also ask you for proof of roofers’ insurance before hiring you.
Whether you live in Edmonton, Calgary, Lethbridge, Medicine Hat, Strathmore, Grande Prairie, Cochrane, Lacome, or elsewhere in Alberta, take the time to learn about the insurance you need for your roofing business.
Here are 3 examples of how a roofers’ insurance package can protect your business:
- Some roofing tools are stolen from a job site where you are working. Tools and equipment insurance provides coverage for roofing tools and equipment that are vandalized, stolen, lost, or damaged by a flood or fire.
- Some scaffolding accidentally gets knocked over and damages a window of the building on which you are working. Commercial general liability insurance can help cover the costs of repairing/replacing the window and any possible legal fees associated with the damage.
- One of your roofing employees gets into an accident while driving your roofing van. You need commercial auto insurance for your roofing business.
What’s in an Alberta roofers’ insurance package?
Commercial general liability (CGL) insurance
The most important type of insurance you need as a roofer in Alberta is commercial general liability.
Roofing companies may have between $2 million and $5 million, depending on the size of your roofing business and the work it does.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your roofing business in court, as well as costs to cover damages to compensate third parties.
CGL protects your roofing business in the event of third-party injury (usually your customer) or property damage.
Roofing subcontractors may not be covered by the general liability insurance policy of the business that hired them. They should have their own contractors’ insurance.
Tools and Equipment Insurance
Tools and equipment insurance provides coverage for roofing tools and equipment that are vandalized, stolen, lost, or damaged by a flood or fire.
Any item valued at less than $1,500 is considered a tool. Anything valued above $1,500 is considered equipment.
Pollution liability insurance
Pollution liability insurance protects your Alberta roofing business from claims that allege pollution-related liabilities that cause injury or third-party property damages. As a roofer, the chemicals in sealants, adhesives, and coating used in your work create exposures to pollution risks.
Pollution liability insurance will extend your coverage for claims that a CGL policy typically excludes.
Commercial vehicle insurance
Your Alberta personal vehicle insurance will not cover you in the case of an accident. When you or your employees are on the road travelling from the shop to a roofing job site and anywhere in-between, commercial vehicle insurance may cover your vehicles in case of an accident.
Commercial property insurance
Whether you rent or own your location for your Alberta roofing business, commercial property insurance can provide financial coverage in the case of a fire that destroys or damages your business property and its contents.
This type of insurance coverage also protects your place of business or office and its contents from damage or loss related to severe weather, theft, and vandalism.
Errors and omissions insurance
Errors and omissions insurance protects your Alberta roofing business if you make a mistake while roofing, give incorrect advice to a customer, or forget to perform some aspect of the roofing job. Errors and omissions insurance can offer you some coverage.
Surety bond
Once you accept a job from a customer, you are obligated to complete it. A surety bond is also called a contractor bond. It’s a type of business insurance that will pay your customer if you fail to complete a job.
If your Alberta roofing company goes out of business, goes bankrupt, or otherwise fails to finish the job, your customer can file a claim to get financial compensation from your insurer to have their costs covered, up to a maximum amount.
Business interruption insurance
If there is an insured loss at a job site or other work premises that is severe enough to stop your Alberta roofing business from operating, the expenses associated with getting your business running again will be covered.
Business interruption insurance usually covers vandalism, fire, wind, flooding, and other risks (make sure you understand what your policy covers). Your policy will help compensate you for lost income and expenses that you will need to continue paying even while you are unable to work.
How much does Alberta roofers’ insurance cost?
It will depend on the size of your business and the roofing work that you do. That means it’s unlikely that all roofing businesses would pay the same monthly or annually for their coverage.
Ask your Western Financial Group business insurance expert to help you get the right coverage at the right value to protect your Alberta roofing business.
