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Start Up Idea: How Can Roofing Insurance Help Grow Your Business in 2021

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How Can Roofing Insurance Help Grow Your Business in 2021

Based on the 2020 Roofing Contractor Report results, 68% of respondents expect increased sales volume from 2020 to 2021. For the next three years, 86% of respondents expect sales volume to increase.

Amid last year’s changes brought about by the pandemic, roofers have been getting creative and resilient as we all get through the new normal. And just like for any business to grow this 2021, one must first identify the challenges and make sure all bases are covered when things get rough.

So here’s why your roofers insurance can help your business grow this 2021:

  1. It Is A Requirement.

The number one reason to consider getting roofers insurance is because your state may well require it. Not every state requires insurance as a rule, but they will usually require you to have a license or registration and those will typically require an insurance coverage. There are specific requirements around the type and quantity of insurance, for example, your general liability limit must be at least $1M per occurrence and the company must have a workers compensation insurance covering its employees in order to comply with state or licensing requirements. When it is being required, compliance thereof opens bigger opportunities in the market. To be able to settle the basics can set your bar higher than the other competitors.

  1. It Attracts Bigger Clients

When you’re hiring a professional for any purpose you want to make sure that they are the best of the best just as true when anyone is looking to hire you. So, how do you make yourself look even better than the others out there besides providing quality service?

Trust and capability to handle difficult situations. The moment you make it obvious that you are accountable of your work is the time clients will want to look closer at what you have to offer. By having insurance, your customers know that whatever you do – it is guaranteed and that it will be done in the right way. The larger the client, the more it will require a contractors liability insurance as this protects their property while you complete the project.

Did you know? General Liability insurance covers completed projects, which means the clients can rest assured the project is covered should anything happen relating to the roof work right past project completion.

  1. It Protects Your Business’ Assets

This is what they call a Business Owners’ Policy, it covers both General Liability and Property of the business. It is a special type of commercial insurance designed for medium and small businesses. Having this will provide your assets a protection in the event of a financial claim caused by theft, fire, earthquake, or extreme weather-related incidents. For the liability aspect, if someone outside your business sues your business, your insurance will provide the protection you need and make sure that you do not have to deal with huge financial loss.

  1. It Covers Your Legal Costs

If you face a lawsuit relating to the business, your package of policies will cover not only the cost of the suit, but also the cost of legal fees associated with it. Court expenses, attorney’s fees and any of the other legal costs incurred will be covered as well.

This means that you don’t have to worry about your own finances going to legal costs while your insurance covers the rest of the lawsuit. Instead, your insurance will take care of all financial aspects of the claim.

  1. It Helps You to Relax and Focus More on How to Grow

By knowing that you have the roofers insurance for your business can give you a bit of comfort. It means that you can focus on your job without having to worry about potential lawsuits that can possibly hold back your growth, because you know the insurance will take care of it as they arise.

Small changes in the way you do business can bring big results.

Small businesses do not have the luxury of time and resources that enable them to experiment or slug it out with competitors but having a back-up plan preserves the current resources to continuously operate even during unforeseeable tough times.

 

We are a team of writers passionate about innovation and entrepreneur lifestyle. We are devoted to providing you the best insight into innovation trends and startups.

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