Whether you are setting up your own business with multiple employees or you are just going to work as an independent contractor, carpenter’s insurance is incredibly important. There are many companies out there which offer various policy bundles but you need to make sure that you are getting the right deal and the right protection for your business. As such, there are always some essential features you need to make sure your policy has.
One of the most important features of carpenter’s insurance, or indeed the insurance of any business, is general liability. This is what protects your business from any lawsuits which come about due to damage to a third party.
Imagine that your client manages to injure themselves when visiting the site you are working on, or your workshop. They could sue you for compensation and coverage of their medical bills. These can be extremely expensive lawsuits to fulfil just paying the demands, never mind your own legal bills. General liability insurance gives you the safety net you need to be able to make any of these demands.
Another feature you need to make sure you have is professional liability insurance. This is incredibly important as it protects your business in the event of professional negligence or mistakes made while working.
Mistakes happen all the time but you cannot afford for them to affect your business. A lawsuit for professional negligence can put you out of business if you have not got the means to properly deal with them. Whether it was the wrong wood used for a project or a failed construction which has fallen down, you need to be able to gather the funds needed to put things right. Professional liability insurance will be able to help you protect your business in these situations.
As a craftsman, your tools are some of the most important investments you might make. Not only should you be properly protecting them at night when they might not be with you but you should also make sure that you have adequate insurance to help you buy new tools if anything does happen.
You could turn your back for a moment and someone could manage to lift something important out of your toolbox, never to be seen again. Replacing tools can be expensive, especially if they are ones for specialised work, so ensuring that you have a policy specifically for tools is incredibly important.
There are a handful of other insurance policies which you might find beneficial. For example, if you have a fleet of commercial vehicles, you should probably look into an insurance policy which protects against third party damage and allows your employees to drive them. You should also take a look at employer’s insurance which can help you out against pay disputes and other issues which might arise with your members of staff.
The world of insurance can be a confusing place but there are some great benefits out there if you can find the right policies for you as a carpenter. Start looking at policies today.