Insurance for Carpenters

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Why do Carpenters need insurance?

Carpentry can be a risky business. There are obvious hazards, like nail guns and saws, but what about roadblocks when running the business itself? Customer injuries, lawsuits, tool theft, and more could shave thousands of dollars off your annual profits.

That’s where business insurance can help. The many cover options available to Aussie carpenters can help you protect your business, your bank accounts, and yourself.

Luckily, protecting your hard work and reputation with the right business insurance is too easy! At BizCover, we offer a framework of insurance options from a great range of trusted 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 insurance do carpenters need to consider?

Get to know the common types of cover that carpenters often add to their business insurance toolboxes!

Public Liability insurance

The most common type of insurance for carpenters 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 may be a requirement for carpenters to receive a building or construction license, to work as a subcontractor for another company, or to work with some clients.

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 insurance

If your carpentry business sells products to the public, 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.

Product Liability cover is typically included in Public Liability policies.

Professional Indemnity insurance

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).

Carpenters are often called on to provide professional advice to clients or other contractors. But if you misspeak or give an incorrect recommendation, it could cause huge issues. That’s when your Professional Indemnity insurance can protect your business so you’re not left out of pocket for legal fees or compensation.

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.

Tool Insurance for Carpenters

Your tools help you get the job done every day, and that’s why protecting these valuable business assets is something to consider as part of your insurance plan.

Portable Equipment insurance (also known as General Property insurance) covers 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 Portable Equipment policy can help you repair or replace carpentry tools, like table and circular saws, power drills, routers, and laser levels. Damaging or losing any of these would create an unplanned expense and could slow down your work. Portable Equipment cover can help you stay on schedule with the tools you need to get the job done.

Personal Accident and Illness insurance

Personal Accident and Illness insurance can provide cover should you become permanently disabled or pass away as a result of an accident. Cover can also include a weekly benefit for loss of income if you are unable to work as a result of an unexpected injury or illness (even if it occurs outside of your employment).

Take a moment to consider the impact on 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. Your Personal Accident and Illness policy could be your Plan B to help protect your finances while you recover.

Why choose BizCover for your Carpenters Insurance?

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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.

Need a certificate of currency to sign a business contract or set foot on a worksite? No worries! Just log in to BizCover’s self-service portal and download your certificate of currency at any time.

You can also update your payment details or adjust your cover levels from your account.

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*The information provided on this web page is general only and should not be relied upon as advice. No guarantees are provided as to pricing for individual risks. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. Savings made in July 2023 on a Public Liability policy. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.

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