How much does roofer insurance cost?
When working out your overheads and expenses, one of the most important things you need to consider as a roofer is your insurance. This post examines what insurance you need and, more importantly, how much roofer insurance costs.
Do I really need insurance?
Roofing is a potentially dangerous profession, so it’s always good practice to have insurance. In some situations you will be legally or contractually required to have it.
Do I need employers’ liability insurance?
If you have any employees, including any trainees or apprentices, you are legally required to have a minimum of £5 million employers’ liability insurance. It protects you in the event an employee suffers an injury or illness as a result of their working for you.
What other insurance do I need?
You might want to consider public liability insurance. This protects against third-party claims for damage to property or injuries caused by your work. You may find this is a contractual requirement, particularly if you work for any large or public sector organisations.
You might also consider whether to insure your tools so you can replace them quickly if they are lost or stolen.
You may also need professional indemnity insurance. This protects you in the event you give professional advice as part of what you do, which turns out to be wrong. Your insurance will cover the costs your client is left with in fixing the problem your advice helped create.
So how much will my roofer insurance cost?
You can normally buy all the different types of insurance you need in one cost-effective bundle. However, there are multiple factors that will affect the final price to a greater or lesser degree:
- which of the above polices you opt for
- whether you choose any additional types of insurance
- how much cover you require
- how your business is set up
- how many employees you have
- where you work
- the nature of the projects you take on (i.e. how high risk they are)
- any claims history you have.