Insurance for Carpenters

Insurance for Carpenters

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As a carpenter your business is exposed to a variety of different risks, so it is important to look at the different type of business insurance options available and how they can help provide protection. These are some examples of when business insurance can help:

  • Protection against claims from third parties for accidental personal injury or damage to their property
  • Keeping your tools protected
  • A requirement of a contract
  • Financial protection in the event you are faced with a claim

 

Why do Carpenters need insurance?

As a carpenter, you take pride in delivering high quality results. Luckily, protecting your hard-work and reputation with the right business insurance has never been easier. Whether it’s getting your Public Liability insurance sorted or protecting your valuable tools, having a plan in place to protect your carpentry business is a solid investment.

At BizCover we offer a framework of insurance options from some of Australia’s leading insurers, with quotes and cover arranged in minutes.

Did You know?

Generally, Public Liability policies will exclude the costs to repair faulty workmanship completed by you or your business or any refund of the fees charged by you to complete the job.

What insurances* do carpenters need to consider?

When it comes to business insurances for carpenters there’s a few to look at to ensure you have a solid framework for protecting your business. These are a few to consider to keep your business safe as houses.

Public Liability

One of the basic types of insurance carpenters need to consider is Public Liability insurance*. It provides cover for legal fees and compensation costs if a customer, member of the public or supplier sues you for injury or damage to their property as a result of your alleged negligent business activity.

Public Liability insurance for carpenters may be a requirement before you step foot on site and one of the fundamental types of cover you may need as a self-employed carpenter.

What is typically included?

Compensation for:

  • personal injury suffered by a third party (e.g. a customer, supplier or member of the public)
  • damage to property owned by a third party due to your negligent business activities
  • legal and defence costs associated with a covered claim

What is typically not covered?

  • Injuries to your employees
  • Damage to your own property
  • Costs of rectifying faulty workmanship
  • Professional negligence
  • Contractual liability
  • Events occurring before or after the policy period

Product Liability

If part of your carpentry business is selling products to the public then you may need to consider Product Liability insurance*. It protects your business against claims by third parties relating to property damage or personal injury caused by your products.

If your carpentry business starts selling products, you may need Product Liability insurance to protect from claims from third parties for property damage or injury.

Professional Indemnity

When you’re providing professional advice and services on all things carpentry you may need to consider Professional Indemnity insurance* to protect your business if things don’t go to plan.

Giving your expert advice on all things carpentry to your clients could lead to potential claims if things don’t exactly to plan and an accidental error occurs.

Professional Indemnity insurance protects you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).

What’s typically included?

Depending on the Professional Indemnity policy selected, your policy could cover:

  • Payment of compensation
  • An award of legal costs against you
  • Reasonable legal costs incurred in defending or responding to the claim
  • Claim investigation costs
  • Disciplinary proceeding costs

What is typically not covered?

  • Intentional damage
  • Contractual liabilities
  • Professional fees
  • Known claims and circumstances
  • Fraud and dishonesty

Business Insurance

Business Insurance* is a package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices liability and statutory liability risks.

Your tools help you get the job done every day and that’s why protecting your most valuable business assets is something to consider as part of your insurance plan. Portable equipment insurance* can cover you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Your carpentry tools and other business assets help you get the job done, so consider protecting them with coverage options like Portable Equipment and Contents.

Personal Accident and Illness insurance

Take a moment to consider the impact to your business if you were to have an accident or fall ill. You are your company’s most important asset so it makes sense to have protection in place. Personal Accident and Illness insurance* can provide levels of cover for loss of income if you are unable to work, suffer permanent disablement and even death as a result of an unexpected injury or illness (even if it occurs outside of your employment).

As a self-employed carpenter you rely on being physically fit to run your business, so if accident or illness were to strike you need to think of Plan B to help protect your finances while you recover.

^Fees and charges apply

Why choose BizCover for your Carpenters Insurance?

Built for small business

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You can compare and choose from a range of highly competitive prices right there on your screen.  Seriously.

Cover to match your needs

You can tailor policies from selected Australian insurers to suit the needs of your business, and we are there to help!

Real people adding real value

Our friendly service team is on hand and on a mission to make you smile!

Frequently Asked Questions

If you are providing your clients with professional advice on all things carpentry, then it may be worth considering Professional Indemnity insurance. All it takes is for a client to claim negligence (actual or alleged) for damages caused as a direct result of your advice.

This is when you need to think of the potential financial impact a claim may have on your carpentry business. Fortunately, with Professional Indemnity insurance, the costs of things like the compensation if awarded and associated legal costs are covered by your policy.

Yes it does, and anywhere in Australia too. That means you can rest easy knowing your tools of trade are protected anywhere from Bondi to Bourke!

Each business is unique and different, so there isn’t a one-size fits all Public Liability insurance policy. Things to consider when looking at the amount of coverage include things like:

  • Is there a minimum amount stipulated in your contract?
  • Do you require a minimum amount to become a member of certain professional industry bodies?
  • If your business grows over time, make sure you review your policy to ensure you have the adequate level of cover in place.

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* The information provided on this page is general guide only and does not take into account your personal objectives, financial situation or needs. This information should not be construed as any form of advice. Consider your own personal circumstances, objectives, financial situation, needs, Product Disclosure Statement (PDS), and full policy terms and conditions before making a decision. Product descriptions on this page are intended only as a guide to coverage terms and conditions, and should not be relied upon to determine policy coverage. Policy coverage is subject to the specific terms and conditions of each policy wording.
Price Promise Terms and Conditions apply. Refer to https://www.bizcover.com.au/price-promise/ for full details.
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