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Essential coverages for your carpentry business
When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
With the different carpentry work taken on by all the time, there is much more to cover than is expected. As a contractor you drive to others’ locations to complete jobs, you work with dangerous tools and equipment, and you transport those things as well. Protect yourself, your employees, and your property from the risks of your daily work, as well as potentially unhappy clients who could sue for incomplete jobs and poor workmanship.
Cover the risks and reduce the chance of losing your business in the event of damage, mistakes and accidents within your business with General Liability. It is one of the most important carpentry insurances because it is relied upon by companies in most every industry. The insurance will cover the property damage, bodily injury, personal injury, and related cases.
Any worker can get disabled at the time of their working career, and when that happens, you'll be glad that you have Disability Insurance. Disability Insurance pays some of the worker's salary when the worker becomes disabled; thus unable to work at his or her job. This covers the medical care or for long-term care services.
Most states require this insurance if you meet the minimum number of employees. Workers' Comp protects a Carpenter by paying medical expenses related to an employee illness or injury and the earnings lost during recovery. It makes sure that when your business is responsible, all employee bills are paid and the worker can't file a negligence claim against your business.
To protect your carpentry business from the cost of auto accidents you'll need Commercial Auto insurance. This carpentry insurance will cover accidents that may happen while visiting locations, making deliveries or any other activities that involve on-the-job driving in company vehicles.
The cost of insurance depends on the coverage you buy for your business. General Liability insurance, an essential coverage for your business, usually costs $350 to $1,000 per year. If you add property and have a couple of employees the cost can raise to around $1500 to $2000, and Umbrella coverage above the base GL is around $1000 for your business.
Without insurance, your carpentry business could face potential losses from income loss, liability claims, employees' injuries, illness or death, property damage, theft, loss or vandalism. Insurance can help mitigate the costs related to those risks.
Yes, General Liability is your first defense against individuals claiming bodily injury and property damage caused by your work and your business. It also often includes a provision for Products and Completed Operations, which is coverage for claims made from the finished product you leave with your customers, long after you're done.
When your carpentry business is hired on a big job, a construction surety bond is often required. It guarantees that you will perform as promised within the contract. If you fail to meet your client's expectations, the surety company will pay the damages. A bid bond is also sometimes requested to protect the obligee in the event that the winning contractor is unable to take the job after securing the bid. This reimburses them from the difference between the principal's bid and the next lowest bidder.
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