Carpenter insurance also known as general liability insurance for carpenters and carpenter business insurance is an insurance coverage that protects the carpentry businesses in the event it get sued for causing loses or damages to clients and third parties.
We recommend having at least $2,000,000 worth of carpenter contractors insurance. Rates starting from $450 for the year.
Do Canadian Carpenters Really Need Carpenter Insurance?
Are you a carpenter in Canada? Well, you have probably heard other carpenters and insurance companies talk about general liability insurance for carpenters. You have probably wondered many times if your company needs this type of coverage. Insurance is no doubt tricky and expensive. This is especially true if you are just opening your business. However, one of the most important things that you need to know about general liability insurance for carpenters is that it can save you money in the long run and potentially save you from having to close up shop.
How Carpenters Liability Insurance Can Protect You
It doesn’t matter if you are a traveling carpenter or you own your own shop, you will be exposed to a number of risks on a daily basis. Traveling carpenters that work inside homes and businesses are always at risk of damaging the customers’ property or the customer themselves. Just imagine if you are working on a ladder and you slip off and land on a customer causing bodily injury. If he or she is harmed, you are going to be looking at some serious medical charges. What if you are repair a structure on the roof and drop a heavy piece of wood on the customer’s car? Can you pay for those damages out of pocket? With carpenters liability insurance you won’t have to because the policy will.
Carpenters that own shops are also at risk because they have customers coming in and out of the shop. If the customer gets hurt while on your property you could be looking at a major lawsuit. General liability insurance for carpenters will protect you in these situations. It will pay for the expenses of the injured parties. If the customer does decide to take the case to court the policy will even cover the cost of an attorney and court fees. It will even pay if you lose the case. It is also important to note that this policy will cover your employees in the exact same manner if coverage for employees is endorsed on the policy.
What Does General Liability Insurance For Carpenters Cost?
In Canada you will find that there are a number of things that will determine how much your company will pay for carpenters insurance. The number of years that you have been in business can determine the overall cost. The number of employees can affect the cost. Even your previous claims can affect the cost. Just remember that if you are deemed a higher risk company, you are going to be required to pay more. However, as you can see carpenters insurance is essential for the Canadian carpenter. Without it you really aren’t doing you or your company any favors. Most carpenters can expect to pay anywhere from $450 to $1200 a year for this type of policy.
How Much Carpenters Insurance Coverage Does The Average Carpenter Need?
Once again, the amount of coverage that you need really can depend on several different factors. If you are a large company that takes on a lot of high paying jobs, you probably want to acquire a hefty policy. If you are a smaller company that takes on smaller jobs, you might not need as much coverage. That being said, it is best to invest in at least 2 million dollars worth of coverage on your CGL policy.
We Can Provide Carpenters Insurance
We are a Canadian insurance provider that specializes in general liability insurance for carpenters. We can help you build an insurance package that will protect your company against every foreseeable and unforeseeable risk. Just give us a call or visit us online. Be sure to get in touch with us immediately! We’ll make sure that you have adequate coverage for maximum protection.
Frequently asked questions
- What Is Covered Under A Contractors Insurance Policy?
- Types Of Contractors That Need Contractors Insurance And The Reasons Why?
- How Much Does Contractors Insurance Cost?
- A Comprehensive Guide For Learning How To Apply For Contractors Insurance?
Other Types of Contractors We Commonly Insure
- Alterations or Repairs (Residential)
- Antenna & Satellite Installations (Residential)
- Carpentry – With Shop Operations/Away From Shop
- Chimney Cleaning (Residential)
- Decks & Fencing
- Doors, Windows, Siding, Awnings Installers
- Drywalling, Plastering & Lathing
- Electricians (No Industrial)
- Floor Covering & Ceiling Installations
- Glass (Glazier) Installation
- Heating Equipment & Combined Air Conditioning (Residential)
- HVAC Contractors
- Insulation (no asbestos/UFFI or EIFS)
- Installation Contractors
- Interior Decorator (Cosmetic)
- Lawn Sprinkler Installation
- Machinery, Agricultural
- Machinery, Industrial (Millwright)
- Masonry (Including Bricklaying, Stonework, etc.)
- Painting & Painters
- Renovation Contractors
- Road Construction
- Sheet Metal (Work Done Away From Shop)
- Sign Installation
- Solar Energy Contractors
- Tile Work
- Tree Removal, Trimming, Pruning
- Window Cleaning