All roofers considered should be fully insured, but bonding is also important.
A detail that many consumers do not understand, bonding can provide important protection to the home or building owner in case their roofing services go awry.
What Is Bonding?
Bonding is a type of insurance that protects not the roofing business or its employees, but rather its customers.
It is a contract taken out with a bonding company that provides coverage to the home or building owner that their roof services will be done according to the contract signed between them and the contractor.
In the event that the customer is not satisfied with the work being performed, they have the right to contact the bonding company directly and ask them to intervene.
When Is Bonding Useful?
Bonding comes in handy in a number of instances where a home or building owner might otherwise be left with a poor or unfinished job that does not live up to what they paid for.
The surety bond signed between the roofer and the bonding company can be activated to cover the completion of work that the customer finds to be unsatisfactory partway through or to complete work that is abandoned by a contractor even if the customer has already paid for it.
A contractor who does not pay for their roofing permits, subcontractors, or suppliers is also a reason why someone might contact the bonding company seeking compensation.
How Is Bonding Determined?
Not every roof service is bonded.
This is partly because it is an added business expense that the roofer must pay along with their business insurance, but also because not every contractor can get bonded.
To successfully sign a bonding contract, the roofer must submit an application that includes details such as their business plan and financial statements as well as proof of a favorable reputation in their community and in the industry.
Who Needs Bonding?
In other words, bonding companies only cover roofers who might end up in a position where the bonding contract must be exercised.
They instead sign contracts with reputable roof services that are simply seeking protection against unavoidable events that could cause them to not finish a customer’s job, or fail to pay their costs related to it.
Considering this, a roofer who is successfully bonded is a sign to the customer that the contractor is trustworthy and has adequate protection for their customers in case of a problem that ends up out of their control.
When screening for roofing replacement or repair contractors, home and commercial building owners should always ask about bonding and insurance to make sure their chosen contractor is well-insured in all ways possible!