You provide an invaluable service to the individuals you work for as a carpenter or handyman who works with wood. However, there is always the chance of an accident arising or causing damage to your property.
It doesn’t matter if you’re working as a sole practitioner or have a group that includes employees. If you run a carpentry company, the top priority must be to keep your customers, yourself, and your employees, protected by the appropriate types of insurance.
Different Types of Insurance for Carpenters
There is a variety of insurance that carpenters can get. Some are voluntary, like health insurance for carpenters, while others are mandatory, such as general liability insurance for commercial businesses. They all, however, make a significant contribution to your carpentry business. Insurance policies for carpenters that are common include:
1: Commercial General Liability
Whatever size or large your business may be, it’s essential to have commercial general liability coverage. This insurance offers insurance for property damage, third-party injuries, and legal and settlement fees.
If, for instance, any of your employees causes damage to a client’s property, general liability insurance kicks in with repairing or replacing the damaged property. Commercial and public liability can also cover legal costs if the customer decides to pursue an action against your company.
2: Commercial Property
Insurance of this kind gets designed to pay for any damage to your business. It can include:
- The structure
- The property around it
- The contents inside
If that damages your property, vandalism, or somebody steals the equipment, commercial building insurance will assist in paying for repairs and the damaged equipment or the replacement of equipment stolen.
3: Workers’ Compensation
Workers’ compensation insurance is vital if you’re a business with employees. It gets required in the majority of states. It will safeguard your employees from any accidents or illnesses that they could suffer. If a worker sustains an injury while using machines, workers’ compensation will compensate:
- The wages they earn are lost when they are out of work
- The medical bills
- Any rehabilitation that is required
- Many other things
4: Commercial Auto
Commercial auto insurance is excellent if you use cars or trucks to conduct your business. It’s also called corporate auto insurance. Suppose you’re ever involved in an accident when driving for work in a vehicle owned by your company traveling to work. In that case, the insurance will pay for any damages caused to the car and any damaged equipment and medical expenses.
5: Commercial Umbrella Insurance
It provides an additional security layer for liability to other insurance policies you may have. It begins to kick in when you’ve exceeded your different insurance policy’s limits to safeguard you from any claims over the amount of coverage available under the policy you previously had.
6: Errors and Omissions Insurance
It is a short description of contractor’s error and omissions insurance that can get employed in conjunction with professional indemnity and professional liability insurance. It shields you from omissions or errors you might commit as a carpenter.
7: Installation Floater
You’ll need an installation floater if your carpentry specialty calls for you to manufacture unique items and transport them to the project site for installation. This insurance covers property stored at or delivered to the area waiting for installation. You can get your money back if your goods are stolen or damaged in a car accident while you have this coverage.
Ensure you consult your insurance broker to establish your exact requirements regarding insurance for carpenters.
Risks Carpenters Face
There are hammers and saws and ladders, chemicals, and many other hazards that carpenters face daily, all of which could result in injuries or harm. Carpenters are subject to various risks for property and liability, which include:
- Income loss
- Vandalism, loss of property, or theft
- Liability claims
- Injuries, illnesses, or death
The right insurance can assist you in reducing costs associated with injuries to employees, equipment and materials damaged, vehicle accidents, and much more.
Carpenter’s Insurance Exclusions
Specific insurance policies for carpenters could contain different exclusions. It is essential to review the exclusions in your policy.
For example, an architect or framing company could get exempted from the liability of their subcontractors. On the contrary, a cabinetmaker with a woodshop could be exempted from liability that doesn’t protect against fire-related damage without a sprinkler system.
Get Your Carpenter’s Insurance Quote Today!
The insurance cost for carpenters will be contingent on your policy’s limit, the worth of the equipment you use, business risk, and other elements. Commercial Insurance Ottawa agent will be pleased to assist you in determining the appropriate policy that meets the needs of your company, no matter if you run your business on your own or with employees. Call us at (613) 454-5640 or mail at info@commercialinsuranceottawa.com.