Expert Strategies & Tips for Buying Carpenter Insurance

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What is Carpenter Insurance?

Carpentry is a highly skilled profession that relies on a carpenter’s able body to perform tasks.

By having carpenter insurance, you can rest easy knowing that you and any employees that may work for you have coverage should an injury occur.

Furthermore, carpenters insurance protects you against liabilities should a client file a lawsuit over a malfunctioning item you built. 

Such situations are devastating to a carpentry business unless you have commercial business insurance.

Accidents and property damage can happen in any profession, but the chances of these events are higher in the carpentry field.

By protecting yourself with carpenter liability insurance, you don’t have to worry about the “what ifs.” 

Should a Carpenters Company Have Insurance?

Carpenters work in a high-risk environment for injuries and property damage, so at a minimum, every carpenter company should have general liability insurance

Having insurance is also a selling point when attracting new clients, as there’s a greater chance they’ll hire an insured carpenter company.

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Do I Need Carpenters Insurance?

Lawsuits involving carpentry work are quite common, so if you do contract work as an individual contractor, it’s critical to have carpenters insurance. 

Furthermore, you should seek a policy that covers you in the event of a health incident that forces you to stop working.

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What Insurance Does a Carpenter Company Need?

General liability insurance is the base insurance that every carpenter company should have.

By having it, you can rest easy knowing that your employees have coverage should they have an accident on the job. 

Another advantage of carpenter liability insurance is that it protects your company should you accidentally damage your client’s property. 

Since carpentry work often involves removing structures before replacing them, it opens more opportunities for damage.

Commercial auto insurance is also vital for carpenter businesses, as any company vehicles and trailers you own will have coverage should an accident or damage occur. 

Finally, all carpentry businesses should have worker’s compensation insurance in case an employee gets injured on the job.

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Other Insurances Carpenter Companies May Consider?

Tools and equipment insurance is an excellent insurance policy if you store your carpentry materials at an offsite location or if you transport them often. 

Furthermore, you may want to consider getting contractor’s E&O insurance, as it covers situations like errors by omissions or negligence.

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How Much Does Carpenter Insurance Cost?

To get an accurate estimate of how much your carpenter insurance will cost, you’ll need to receive a custom quote because there are so many variables. 

Examples of factors that affect carpenter insurance cost include:

  • Amount of risk you’re exposed to on the job
  • How many employees you have
  • History of previous claims
  • How much or little coverage you choose

Luckily, options are on your side—you can custom-build an insurance plan so that you can focus on running your business and not on how much money you’ll have to hunt down if something goes wrong.

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