{"id":2438,"date":"2021-10-25T13:57:44","date_gmt":"2021-10-25T13:57:44","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=2438"},"modified":"2024-10-24T13:33:16","modified_gmt":"2024-10-24T13:33:16","slug":"insurance-carpentry-business","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/insurance-carpentry-business","title":{"rendered":"What insurance do I need for my carpentry business?"},"content":{"rendered":"\n
\"carpentry<\/figure>\n\n\n\n

Carpentry business insurance. It might not be the tool you use the most but it\u2019s an essential piece of kit. Measure twice, cut once, the saying goes. Trouble is, when you have paying clients, one small slip up can end up costing you a lot more than a complete remodel.<\/p>\n\n\n\n


But when there are so many different policies out there, it can be tricky working out which ones you actually need. To help you, we\u2019ve put together a simple guide to carpenters\u2019 insurance<\/a>. Read on for a run-down of the coverage you need to protect your bank balance, your equipment and your staff.<\/p>\n\n\n\n

What insurance policies do carpenters need?<\/h2>\n\n\n\n


Whether you\u2019re a contractor or head up your own crew, there are some policies you shouldn\u2019t be without:<\/p>\n\n\n\n


\u2022 General liability insurance<\/a>
\u2022 Professional liability insurance (E&O)<\/a>
\u2022 Workers\u2019 compensation insurance (if you employ anyone)<\/a> <\/p>\n\n\n\n

And others which are nice to have:<\/p>\n\n\n\n


\u2022 Equipment insurance <\/a>
\u2022 Cyber insurance <\/a><\/p>\n\n\n\n

General liability insurance for carpentry businesses<\/h2>\n\n\n\n


Do you work on-site at your clients\u2019 properties? Do customers visit you in your workshop?
If the answer\u2019s yes to either of these questions, you need general liability insurance<\/a>. Why? Because the tools of your trade are sharp. And no matter how careful you are, accidents can happen.<\/p>\n\n\n\n


Imagine a client trips over your router cable, breaks a leg and needs hospital treatment? Without general liability insurance, you\u2019ll have to pay their medical bills. And legal costs if they sue.<\/p>\n\n\n\n


Or perhaps you drop a chisel, smashing a priceless antique vase. Without general liability insurance you\u2019ll have to find the money to replace it.<\/p>\n\n\n\n


Or what if a customer overhears one of your employees bad-mouthing them and decides to sue? You\u2019ll have to hire an attorney, pay legal costs and compensation, too, if the case goes against you.<\/p>\n\n\n\n


General liability insurance for carpenters protects your business from the cost of claims for:<\/p>\n\n\n\n


\u2022 Injury to someone (other than you or an employee)
\u2022 Damage to someone\u2019s property
\u2022 Personal injury (slander\/libel).<\/p>\n\n\n\n

If someone claims for injury to themselves or their property, your policy can cover medical bills, repairs or replacement costs, legal fees and compensation due. Even if the case is groundless.<\/p>\n\n\n\n

Professional liability insurance (E&O) for carpenters<\/h2>\n\n\n\n


Do you charge clients for your carpentry service? If the answer\u2019s yes, you need professional liability insurance<\/a> (or errors and omissions as it\u2019s also known). It protects your business from the cost of faulty workmanship claims.<\/p>\n\n\n\n

Say a client claims the parquet you laid isn\u2019t level. Or that the window frames you made and fitted are leaky? You\u2019ll have to fix the problem. Or pay up if you can\u2019t. And if the case goes to court, you\u2019ll have to hire an attorney and pay legal fees and compensation if you\u2019re found at fault.<\/p>\n\n\n\n


If a client claims you made a mistake, or your work was faulty, and it cost them money, professional liability insurance can pay your legal fees and compensation. Even if there are no grounds for the claim. <\/p>\n\n\n\n

<\/p>\n\n\n\n

Workers\u2019 compensation insurance<\/h2>\n\n\n\n


Most states require you have workers\u2019 comp insurance<\/a>, even if you only employ one person. As penalties can be severe, it\u2019s best to check your state\u2019s requirements<\/a>. But it\u2019s a policy you want to have anyways.<\/p>\n\n\n\n


Why? Because it protects you from the cost of workplace injuries, which can be extremely painful for a small business owner. And in your line of work, accidents are a daily hazard. Sawdust flies, wood splinters, and glass shatters.<\/p>\n\n\n\n


If one of your employees gets injured and needs hospital treatment and time off work to recover, workers\u2019 comp insurance can cover medical bills and lost earnings. What\u2019s more, if the case goes to court, no matter who\u2019s at fault, it\u2019ll protect you from the costs involved in a lawsuit.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Right, that\u2019s the essentials covered. Now, what about those nice-to-haves?<\/p>\n\n\n\n

Cyber insurance<\/h2>\n\n\n\n


Do you use email to deal with clients? Do you have a website for your business? Do you transfer money online, say, to suppliers?<\/p>\n\n\n\n


If the answer\u2019s yes to any of these questions, you should seriously think about buying cyber coverage. Because tech\u2019s great until something goes wrong. And these days cybercriminals are getting smarter.<\/p>\n\n\n\n


It\u2019s not just a case of hackers holding your website to ransom. Email and money transfer fraud are on the rise. And as a small business with less cash to spare for tough cyber defenses, you\u2019re an easy target.<\/p>\n\n\n\n


Cyber insurance<\/a> doesn\u2019t just provide the financial support to recover from an attack, you\u2019ll also get 24\/7 technical support to deal with it. So you\u2019re back on your feet and in business again fast.<\/p>\n\n\n\n

Carpentry business insurance cost<\/h2>\n\n\n\n


How much you\u2019ll pay for your insurance varies from business to business. The price depends on things like:<\/p>\n\n\n\n


\u2022 the size of your firm
\u2022 where you\u2019re based
\u2022 the limits you choose.<\/p>\n\n\n\n

<\/p>\n\n\n\n

There are ways you can save money. For example, if you choose to pay a bigger deductible (the amount you\u2019ll contribute if there\u2019s a claim) your premium will be lower. Just be sure you can actually pay that amount if it comes to it.<\/p>\n\n\n\n

As for how much cover you\u2019ll need, it\u2019s best to over-estimate. Think: \u201cWhat\u2019s the worst that could happen?\u201d Then pick a figure you can realistically afford.<\/p>\n\n\n\n

Our general liability policies start from $42 a month; our professional liability policiesfrom $71. But if monthly instalments don\u2019t suit, you can pay in one lump sum, or every quarter. Choose a payment plan that works for you.<\/p>\n\n\n\n

Carpentry business insurance quotes<\/h2>\n\n\n\n


Still not sure what insurance you need? You\u2019ll find more information over on our website<\/a>. Or call us at 978.344.4215. We\u2019ll be happy to talk you through your options and get you the right coverage for your business. Fast.
All set? Get your quote onlin<\/a>e now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carpentry business insurance. It might not be the tool you use the most but it\u2019s an essential piece of kit. Measure twice, cut once, the saying goes. Trouble is, when you have paying clients, one small slip up can end … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[116,115,114,68,69],"class_list":["post-2438","post","type-post","status-publish","format-standard","hentry","category-small-business-insurance","tag-carpenters","tag-eo","tag-errors-and-omissions","tag-general-liability","tag-professional-liability"],"yoast_head":"\r\nWhat insurance do I need for my carpentry business?<\/title>\r\n<meta name=\"description\" content=\"Carpentry business insurance prevents a minor slip up costing you more than a complete remodel. 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