Avoid the gamble – Protect your brand

By The Coffee Shops™. 

Understanding the most common and beneficial forms of business insurance policies can save your brand today from the accidents of tomorrow. 

Navigating insurance providers and policies can be risky business if you’re uncertain what to look for. As a business owner in an industry where serious accidents or near accidental situations can occur, you want to be prepared for any complications or accidents that might come your way, and the best way to do that is by getting the right insurance policies and providers lined up from day one.  

Working closely with roofing professionals, the team at MARCO Industries understands the importance of not only collaborating with insurance companies to keep your team safe, but offering products that can aid in minimizing risks, too. Which is why they’ve put together a comprehensive, quick guide to the essential terms contractors should know about insurance. Here’s a closer look at a few of the highlights:  

General liability insurance  

General liability insurance, or commercial general liability, is one of the most common insurance policy terms business owners might hear about. These policies are designed to protect a company from any claims of property, bodily or other forms of injury by a third-party. 

In the case of property damage, for example, these policies will cover the costs needed to repair or replace the property that has been damaged. A crew member accidentally breaks a window on a commercial building while on the jobsite? This policy will cover those damages.  

Workers’ compensation 

Commonly referred to as “workers’ comp” this type of insurance is designed to provide wages and/or medical payments for W2 employees who have experienced an injury while on the job. This form of insurance is incredibly vital to keeping not only the business protected, but employees as well. Because of workers’ compensation, employees who receive the benefits of these policies forfeit their rights to sue for the incident, which could have been far more expensive and damaging in the long run compared to just paying for an insurance policy.  

Many states require that businesses with W2 employees hold some form of worker’s compensation insurance, so be sure to check what your local governance requires.  

Learn more about common insurance policies roofing business owners should understand and consider applying for.