Carpenters’ insurance

Business insurance for carpenters

A carpenter without the right insurance is like a staircase without a handrail. Open to risk.

Saws, chisels…the tools of your trade are sharp. Sure, you’re careful, but accidents happen and mistakes are made. The point is, you need more than gloves and eyewear to protect you.

What if a customer steps on a protruding nail and it pierces their foot? Or you drop your power drill, cracking a newly tiled floor? Or a client claims the parquet floor you laid isn’t level?

You could find yourself on the sharp end of a lawsuit. And that could seriously sting. Add carpenters’ insurance to your toolkit and protect your business from costly legal claims.

• Why do carpenters need general liability insurance?

  Because a claim can be made against you even if you’re not at fault.

  All it takes is one unhappy client to find yourself in a serious fix. And if a case goes to court and gets drawn out, you’re looking at legal fees of 5 or 6 figures. Damages, too, if you’re found liable.

  Without the right coverage, how will you cover that?

  General liability insurance is the support you want. When the chips are down, it can pick up medical expenses, legal fees and compensation. Even if the claim is groundless.

• What does your carpenters’ general liability insurance cover?

  • Claims expenses and damages if you injure someone, or damage their property
  • Medical payments as a result of bodily injury in the course of your work, regardless of fault
  • Defense costs if you’re sued, even if you’re not at fault (including hiring you an attorney)
  • Claims expenses for libel and slander

• Why do carpenters need professional liability insurance (E&O)?

  General liability insurance doesn’t cover claims made over the work you’ve done or the carpentry services you provided. That’s what professional liability (or errors and omissions) insurance is for.

  If a client claims you made a mistake, or your work was faulty, and it cost them money it can pay your legal fees and compensation. Even if there are no grounds for the claim.

  Which makes it a pretty handy tool to have at your disposal. Because customers can sue you, whether you made a mistake or not. And as coverage can be retroactive, it can protect you from the cost of claims over work you’ve done in the past, too.

• How much does carpenter liability insurance cost?

  Our policies are designed with small business and start-ups in mind. So there’ll be a price to suit your pocket even if you’re a one-man band.

  The price you’ll pay for your coverage will depend on things like:

  • the size of your business
  • its location
  • the limits you choose.

  Choosing a higher deductible (the amount you’ll contribute towards the cost if there’s a claim) will reduce your premium. Just be sure you could actually afford to pay that amount if you have to.

  Whatever the cost, there’s a package to suit your particular business needs. And payment options, too, so you can spread the cost to suit your budget.

  As for the amount of cover you need, it’s always best to over-estimate. Think worst-case scenario. Then pick a figure you can sensibly afford.

What other kinds of insurance do carpenters need?