Carpenter Insurance

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Carpenters make use of nail guns, saws, and other tools and equipment that can pose a risk on a daily basis. The carpenter trade carries an inherent risk of bodily injuries, which can lead to hefty lawsuits and claims that can negatively affect the financial standing of the business.

Having carpentry business insurance will shield your business by freeing it from any financial liabilities no matter the accident at hand.

Why Do Carpenters Need Insurance?

As carpenters make use of nail guns, saws, and other equipment to conduct their daily business activities, they are constantly exposed to the risk of getting injured.

For example, if one of your staff members is out on a job and misuses the nail gun and gets injured, the business can be held liable. This is when having worker’s compensation insurance comes in very handy as the employee would be fully covered.

Otherwise, the business would have had to handle all the costs.

In other cases, carpenters don’t have a choice and are legally required by the state they operate out of to take out a certain level of coverage before they can legally trade.

What Types of Insurance Do Carpenters Need?

There are various types of insurance for carpenters. The level of cover your carpenter business needs will depend on the size of your business, the number of staff you employ, if you have any company vehicles, the state you work in, the clients you deal with, and more.

Please take a moment to review the recommended insurance for carpenters below.

How Much Does Carpenter Insurance Cost?

There are a number of factors that can affect carpentry insurance premiums. These include the state you operate out of, the number of employees and company vehicles you have, the type of clients you work with, and more.

In general, you can expect to pay between:

  • $600 and $1,200 for general liability insurance every year
  • $300 and $1,300 for builder's risk insurance every year
  • $300 and $1,500 for professional liability insurance every year
  • $1,000 and $3,000 for worker's compensation insurance per year
  • $1,000 and $2,000 for commercial auto insurance per year
  • $100 and $150 for contractor's tools and equipment insurance per year

Typical Carpenter Insurance Claims

Carpenter insurance claims are typically related to the following:

  • Injuries and accidents caused by mishandling of carpenter tools and equipment, such as power saws and nail guns
  • Accidents and injuries caused by lack of safety standards during work or violations of company policies
  • Damage done to personal properties due to negligence on the part of the carpenter

In more rare cases, carpenters can get involved in car accidents or enter payment disputes with their clients, which can result in insurance claims to cover the costs.

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