Insurance for your Michigan Carpenter Business
Carpenters play an essential role in the construction industry in The Wolverine State. Their services are required at all stages of construction, from building the frame to putting on the final details. Carpenters insurance can help protect your small business.
Compare multiple quotes from top-rate insurance carriers for carpenters in Michigan through BizInsure.
What types of insurance do carpenters need in Michigan?
Consider different types carpentry contractor policies in Michigan to safeguard you as well as your workers.
General Liability insurance
Work sites and construction are risky. Small accidents can have a big negative impact on the carpentry industry.
You could face expensive costs if you cause injury to someone or damage property by accident. For this reason, many carpenters opt for General Liability insurance for their business.
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties. If this occurs, your policy will cover your legal costs and the expense of replacing or rectifying the issue.
Workers’ Compensation insurance
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace
Workers’ comp coverage is mandatory for employers who employ one or more employees working 35 hours or more per week for 13 weeks or longer.
Who needs carpentry insurance in Michigan?
Many small business owners want to protect themselves from liability claims that could be devastating.
- Self-employed Carpenters – You will have to shoulder a great deal of responsibility when you own your business. A General Liability insurance policy can help to manage the risks of liability you might face.
- Commercial Carpenters – A General Liability policy will protect your company and your employees, regardless of whether you’re a carpenter working for another company or if you have several workers in your own shop.
- Contractors – It’s not only carpenters that think about business insurance. Any contractor regardless of whether plumber, electrician or handyman can get General Liability insurance for their business.
What does carpenters insurance cover in MI?
General Liability insurance, including coverage for carpenters, protects against lawsuits and claims that arise from:
- Injuries to an unrelated third-party
- The damage to a third-party’s property
General Liability insurance policies will safeguard you from claims that are unsubstantiated that could destroy your carpentry firm.
How much does carpenter insurance cost in Michigan?
Each carpenter is different as are their business models. Information about your business is used to calculate your insurance premiums. That means that the cost you pay for carpenters’ insurance in Michigan will likely vary from other carpenters and contractors in your region.
These elements could impact your insurance rates for business:
- Business size – Measure your business size by your annual revenues.
- Business location – A carpenter in Detroit-Warren-Dearborn could higher premium than in Grand Rapids.
- Numbers of employees – A policy covering more people typically has an insurance cost that is higher.
- Level of coverage – You might pay more to get higher amounts of security.
- Claims history – Carpenters with multiple past claims could pay more for their insurance than carpenters who haven’t yet made one.
Most carpenters get multiple quotes before purchasing insurance. They can then evaluate the costs and coverages to determine the most suitable coverage.
How BizInsure helps Michigan carpenters get the coverage they need
You’ve worked hard to make your carpentry firm successful. There is no time to be wasted browsing through various websites to find insurance estimates. BizInsure will do the work.
BizInsure is built to accommodate busy contractors. We take the time and stress out of buying insurance, allowing you to concentrate on expanding your business. And with instant coverage options, you can start protecting your carpentry business today.
In just 10 minutes, you can compare multiple quotes and choose coverage options that best suit your needs.
Frequently Answered Questions about carpenters insurance in Michigan
Does carpenters insurance cover tools and equipment?
General Liability insurance can protect you in the event that you damage a third party’s tools or equipment while working. For example: While on site, you knock over a ladder and damage the tools that were placed on top of it. The contractor who is the owner of the equipment files a claim against you. In this scenario, General Liability insurance would protect the contractor’s tools. *
General Liability policies don’t cover your tools or equipment. There may be specific policies specifically designed to safeguard them.
What limit of carpenter insurance do I need in Michigan?
The amount of insurance you need depends on the size and cost of the task you take on. When you already have a General Liability Policy, but are now taking on larger projects, it may be worthwhile to increase the amount of coverage you have.
Learn more about carpentry insurance in the states where you work.
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