Insurance for Carpenters
- Compare Public Liability and Tool Insurance
- Different payment options
- Apply Online, No Paperwork
Being a chippy and working for yourself means you can enjoy many perks, like the flexibility of being your own boss and the choice of a variety of working environments, whether on large commercial worksites or domestic jobs. Win-win!
Just like any tradesman, being a carpenter has its own risks. But with the right framework you can protect your business and getting the right kind of business insurance is a good place to start.
No matter how long you’ve been in the carpentry game, mistakes and accidents can happen to anyone. The financial side effects of a claim could be enough to demolish your business, one which you may not be able to rebuild again.
Don’t leave it to chance – give your carpentry business the protection it deserves with Public Liability insurance.
Why do Carpenters need to consider Public Liability Insurance*?
When it comes to protecting your business, Public Liability insurance is an important types of cover. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
Before you pick up your tools, take the time to consider your responsibility for ensuring the safety of your workspace and minimising the risks for any potential claims to occur. If you are found negligent, it’s not only your back pocket that you need to worry about but the potential damage to your reputation too.
Keep in mind that if your business hires sub-contractors, it’s important to check that they have their own adequate levels of cover in place as they may not be covered under your policy unless specified in the policy wording.
Carpenter Business Risks
If you operate as a sole proprietor you can be held personally liable for an accident. It’s a risk that could cost both your business and personal assets if something were to go wrong.
Other Types of Insurance
Other than Public Liability, there are many types of insurance policies out there. Here are a few for you to consider:
Business Insurance*
Insuring your assets and your business is a smart move for when those unwanted challenges crop up and cause havoc. Business Insurance can keep your business running, even when the tools are down. It’s an insurance 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).
Portable Equipment*: Your toolbox is a treasure trove of valuable tools that help get the job done. Can you imagine trying to get through the working day without them? The struggle suddenly becomes very real and expensive. 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.
Personal Accident and Illness Insurance*
As a tradie, your biggest asset to your business is your physical ability. Stop and think about how you would pay the bills if you were to injure yourself or fall ill and were required taking off time to get well and recover?
Accidents happen to the best of us anywhere at anytime, even when you’re out playing a game of backyard footy on the weekend. Should the unexpected happen, this product can cover you for loss of income and provide benefits for permanent disability and even death if you’re unable to work due to illness or injury.
Some Questions to Ask Yourself When Buying Insurance
When working under a contract or on a worksite, are you required to have a certain level of Public Liability cover?
Do you know how much your tools of trade are worth? Have you got cover for them if they were stolen or damaged?
Could you afford to take time off work to recover if you injured yourself or fell ill?
How Do I Choose The Right Policy?
When considering a Public Liability Insurance policy, it’s important to consider the risks your business is exposed to, as each industry and business can be vastly different.
Not all policies are the same either, with most being tailored to meet the needs of individual businesses. So it’s wise to get a number of quotes to compare the costs, as well as the level and types of cover offered by various companies. This way you can make sure that you will be covered for all eventualities and are not paying too much for the policy.
Publicliability-australia.com.au offers free multiple quotes from some of Australia’s leading insurers so you can compare policies without the need to ring around or visit numerous websites. With no tricky paperwork to complete you can get immediate coverage and your policy documents are emailed to you instantly.
How Much Cover Do I Need For My Public Liability Insurance?
Each business takes out a different amount of cover, typically anywhere between $5M to $20M. However, many of our Small Business clients opt for around $10M. When deciding on a policy you should ask yourself the following questions:
- Do any of your contracts require a minimum level of cover?
- Has your industry body set a minimum level of cover for membership?
- Does your business or trade licence require a minimum amount of cover?
- Do the terms of your lease require a minimum level of cover?
- Finally, think about what your level of risk and exposure could be. What kind of accidents could occur and what could be the potential cost of a claim?
*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document. The information contained on this webpage is general only and should not be relied upon as advice
Public Liability Insurance is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769).
