Carpenter Insurance Explained
Regardless if you are a well-experienced carpenter who is very careful in his work, accidents can still happen. Having carpenter insurance can protect against unexpected financial losses that may arise due to these unfortunate incidents. Most carpenters understand the importance of insurance however, they are not aware of what exactly does a carpenter’s insurance covers.
Where can I get Carpenter Insurance?
We recommend using Simply Business they are rated 4.7/5 on Feefo and have over 800,000 insurance policies in the UK. They compare many different providers so you can find the insurance cover that is right for your carpenting business.
Why you need carpenter insurance?
If you have been a carpenter for several years, then you might wonder why you need carpenter insurance. Sometimes you think that insurance claims can happen to other people but not with you. Perhaps, it’s hard for us to accept that we are just humans and we can make mistakes because we are not perfect.
Fortunately, there are things that you can do in order to reduce the risk of accidents which could lead to insurance claims. For instance, you can ensure that your tools and equipment are in good condition so it can reduce the risk of injuries. You must install an upgraded security system so that you can reduce the risk of losses.
Nevertheless, accidents can still happen and losses can still occur. That is why it is essential that you have substantial carpenter insurance to protect you and your business when these unexpected events will occur.
What is carpenter insurance?
If you want to take out carpenter insurance, then you can decide what covers you want to include in your policy since it will depend on your business needs. For instance, if you perform your carpentry works on your own premises, then you don’t need to get a cover that can protect your tools and equipment on site. The key is to get public liability insurance and include additional extra covers to the policy.
Finding the Best Carpenter Insurance
Public Liability Insurance
The fundamental cover of a carpenter’s insurance policy is public liability insurance. This policy can cover you in case a member of the public will file a compensation claim against you. They will blame you for the injury that they’ve suffered or for the damage to their property. This can cover the compensation cost that will be awarded to the third party. Additionally, it can also cover legal fees and any other related expenses.
Product Liability Insurance
Just like public liability insurance, products liability insurance is also essential. This can cover you and your business when compensation claims arise due to the defects or damages on the products that you sold or supplied.
Public liability insurance and product liability insurance can cover claims which are related to injuries and property damage. But what if someone will file a compensation claim against you alleging that you’ve caused them to suffer an economic loss. That is why it is essential to include a financial loss extension on your policy.
Other Covers for Carpenter Insurance
Legal Expenses Insurance
Legal expenses insurance can pay for your legal expenses in case you or your company is facing legal action. This can cover you if you are having disputes with your clients or employees or if you are having some issues with tax or VAT inspection. It can even cover you if you are facing criminal charges.
Employer’s Liability Insurance
Employer’s liability insurance can cover you in case your employees will file a claim against you or your company. For instance, if your employee was injured or ill while working for your company. If you have staff in your business, then this is a legal requirement. If you don’t have employer’s liability insurance and you have employees in your company, then you will be charged with large fines. This can also cover, temporary or casual workers as well as contractors.
Professional Indemnity Insurance
Professional indemnity insurance can cover claims against negligence. For instance, you have committed mistakes on your designs or specifications, or maybe you have given the wrong advice. This is an essential cover if you are a designer, manufacturer, or an installer.
Personal Accident and Sickness Insurance
Self-employed individuals including carpenters should take out a personal accident and sickness insurance. This is very important if you are injured or ill and you cannot work. This can give you a weekly benefit until such time that you have recovered from your illness or injury. Having this cover can help you pay for your monthly expenses.
Property insurance can cover your buildings, contents, tools, equipment as well as materials in case they were lost, stolen, or damaged. It can also protect your tools, equipment, and materials which are on site as well as your work in progress. It can even cover your hired-in tools and equipment since you are liable for them in case they are lost, stolen, or damaged.