If you are a carpenter, whether a sole practitioner or a businessperson, then you need carpenters insurance to protect yourself against risks and associated costs. Insurance that is customized to the needs of cabinetmakers, joiners, traditional artisanal carpenters, and those working in the building industry allows these skilled craftsmen to ply their trade without worrying about unforeseen losses and expenses.
An injury to self or a mistake in work that leads to injury or financial loss for customers can impact you financially, personally, and professionally. Carpenters run the risk of being held liable for damage to property and injury to users resulting from the work they do. If ordered to pay damages, you may have to fork out substantial sums from your own pocket…unless, of course, you have carpenters insurance to cover such exigencies.
If your employees are held responsible for damage to property, injury from faulty workmanship, or accidents due to carelessness then you may be held financially liable. Add to this the risk of loss or theft of tools and equipment, and it becomes easier for one to appreciate the necessity of carpenters insurance.
The following insurance types are of value for carpenters –
- Public liability insurance – Public liability insurance covers liabilities arising from losses and personal injuries to a customer, bystander, neighbor, visitor, or pretty much anybody because of the carpentry jobs you undertake. Compensation may have to be paid to an individual or more than one person. The amount may even run into thousands of pounds. Such sums are more than what small carpenters can hope to pay.
- Employer’s liability insurance – Employer’s liability insurance is a legal requirement if you employ someone in your carpentry business. In the absence of this cover required by law, you expose yourself to strict fines payable for each day that this cover is missing. You need this cover as indemnification against claims made by employees for injuries and illnesses that may occur while working for you. You are expected to have £5 million cover at the very least. Most standard policies offer £10 million.
- Contractors all risks insurance – Contractors all risks insurance offers 24-hour cover for your tools and will pay for their theft from a locked vehicle. Such insurance usually covers the entire United Kingdom. So, even if you lose your tools or they get damaged, you’re saved from extensive out of pocket expenses.
Other insurances that carpenters should consider include vehicle insurance. Carpenters depend on their vehicles to move tools and equipment between job sites. Vehicle theft can cripple a business. Professional indemnity insurance protects carpenters from negligence, misrepresentation, and violation of good faith claims made by clients. If you offer consultation, then this insurance is a useful one to have.
Woodworking may not rank very high in terms of risky professions as compared to working on a construction site or on an oilrig. Nevertheless, a mishap resulting in injuries or loss of property is a reality. As a carpenter, there are risks and dangers that you may have to face whether you like it or not. It is best to stay prepared.
With a little research, you can easily avail carpenters insurance that is best suited to the scale of your business. Low premiums and maximum cover for the premium paid is an ideal rule of thumb for assessing most insurance policies. It is no different with carpenter’s insurance.