Insurance for Carpenters
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General Liability Insurance for Carpenters?
General Liability insurance, also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, protects carpenters against third-party bodily injury or property damage lawsuits. These policies provide important protections for carpenters and other contractors who provide physical services to clients, regularly interact with outside parties, or meet with clients on their worksites or other third-party locations for business-related activities. General Liability insurance for carpenters also covers you against false or meritless claims.
Did you know?
Commercial landlords may require you to have General Liability insurance to rent their workshop or warehouse space for your business.
Why do carpenters need General Liability Insurance?
As a carpenter, you already know that you run a risky business. Power tools like nail guns and circular saws must be operated with intense care, but even a humble hammer can cause a serious injury! But while you’re likely mindful of the risks that can happen to your body, have you thought about the people you regularly interact with while on the job?
Clients, contractors, vendors and even delivery people might also be at risk when visiting your workspace or business premises. Simply tripping over a mislaid toolbox could cause a serious injury. And if this person seeks compensation for these injuries, could you afford to pay their medical bills and more?
General Liability insurance for commercial carpenters can remove this worry from your shoulders by covering the costs associated with third-party bodily injury claims. Your policy will also cover third-party property damage, so if you accidentally break or harm someone else’s property while you’re working, you’ll be protected then as well.
What does Insurance for Carpenters cover?
General Liability insurance for contractors, including carpenters, provides coverage for claims and lawsuits that result from:
- Injuries suffered by a third-party
- Damage to a third-party’s property
Importantly, General Liability insurance for commercial carpenters covers you whether a claim has merit or not. Baseless or false claims can be just as expensive to defend against as those that do have standing. General Liability insurance can help prevent an unfounded allegation from destroying your carpentry business.
Who needs Carpenters Insurance?
Small business owners of all types want to protect their small businesses from potentially devastating liability claims. Tradesmen and tradeswomen are no different.
- General Liability insurance for Self-Employed Carpenters – Owning your own business is exciting, but it also means that a lot of responsibility falls on your shoulders. A General Liability policy can help you manage some of the liability risks you may face.
- General Liability insurance for Commercial Carpenters – Whether you work as a subcontractor with other companies or employ multiple carpenters in your own business, a General Liability policy can protect your business and employees from some third-party claims.
- General Liability insurance for Contractors – It’s not just carpenters who might consider getting covered! Contractors specializing in all trades—from a handyman to an electrician—may also seek General Liability insurance for their business.
How much does General Liability insurance for carpenters cost?
Insurance companies take many factors into account when calculating the cost of insurance. This means that the price you regularly pay for a policy (commonly known as a premium) may vary from other contractors and even other carpenters.
For example, insurance for a self-employed carpenter who works as a sole proprietor will likely cost less than for a commercial carpenters’ business whose policy will cover all employees.
Factors that can impact your General Liability premium include:
- Type of carpentry work you do, i.e. residential or commercial
- Business size and annual revenue
- Who will be covered and their professional qualifications
- History of past claims
- Amount of coverage you are seeking
To understand how much you can expect to pay for General Liability insurance, you may want to compare multiple quotes from different insurers.
Coverage Options for Carpenters
BizInsure is proud to help carpenters and contractors find General Liability insurance to fit their unique business needs.
Compare policies from leading insurers (A-rated or better) and buy online or over the phone. Our system is easy—with no complicated paperwork or long application process. Simply enter details about your business, compare quotes, select a policy and buy. In just minutes you can have General Liability coverage and instantly receive your certificate of insurance via email.
Ready to find insurance for carpenters to fit your small business needs? Click or call BizInsure to compare policies today.
Is Carpenters Insurance required by law?
General Liability insurance for self-employed carpenters and commercial carpenters may be required by law in some states. You may need to show proof of insurance to obtain a carpentry license. It is advisable to check the insurance and licensing requirements in your state.
However, you may still need a policy in some circumstances even if it not required by law in your area.
Commercial landlords often require you to have a policy as a condition of renting workspace from them. You will likely be asked to show proof of insurance before signing a lease. Additionally, you may be asked to show proof of insurance by certain clients, particularly if you are working as a subcontractor for another business.
Regardless of whether General Liability insurance is required in your area or by your clients, you may still want to consider getting a policy. Without one, you could be solely responsible for compensating third parties who make general liability claims against your business. These can be expensive and could be financially devastating.
Does Carpenters Insurance cover damage to tools & equipment?
General Liability insurance can cover you if you accidentally damage a third party’s tools or equipment while you are working. For example: While on site, you knock over a ladder and damage the tools that were sitting on top of it. The contractor who owns the tools makes a claim against you. In this case, General Liability insurance would cover the damage to the contractor’s tools.*
However, General Liability insurance does not cover damage to your own tools or equipment. Policies specifically designed to protect your tools and equipment may be available.
Do Self-employed Carpenters need insurance? I am a self-employed carpenter. Does it cover my business?
Self-employed carpenters should consider insurance to protect their carpentry business. Whether you’re a sole proprietor or a business owner who employs carpentry subcontractors, General Liability insurance can help create a safety net for your business.
Carpenters who work as sole proprietors are often responsible for all aspects of their small business. This also means that when a general liability claim is made, they are solely responsible for compensating the injured party. General Liability insurance can help protect your bank accounts from potentially expensive claims that could derail your business.
Similarly, if you own a business that hires carpenters, you may also need General Liability insurance to cover their activities. If an employee or subcontractor accidentally damages a client’s property or causes an injury, you could be held liable as their employer.
How much insurance do I need as a carpenter?
The amount of insurance you may need will depend on many factors, such as the size of the projects you typically take on. Carpenters who work on larger, more expensive projects may need more General Liability coverage as the risk of something going wrong may be greater. If you already have a General Liability policy but are now working on bigger projects than when you started, you might want to consider increasing your level of coverage to better protect your business.
* The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this webpage is general only. Coverage for claims on the policy will be determined by the insurer, not BizInsure, and will depend on the specific facts and circumstances involved.