Before you even pick up your tools, one of the first things you need to consider as a carpenter is Public Liability insurance. It is often a mandatory requirement from construction and building companies and is important for subcontractors and small business owners as a form of financial protection. In some States, you may be required by law to have public liability insurance.
No matter how much care you put into making your workspace safe and incident free, there is always a risk of someone tripping over tools or equipment and causing injury to themselves. This can result in a hefty claim against you and your business, something which Public Liability insurance can protect you from.
What Does Public Liability insurance cover?
Public Liability insurance is one of the most common forms of insurance among carpenters. It provides cover in case of accidental injury or property damage to a third party through your business activities.
The severity of claims can range anywhere from accidentally breaking a client’s window to causing serious injury to an individual because of your work activities. Without the financial protection of Public Liability insurance, your business could be forced to close for good, a risk not worth taking.
The legal costs involved with defending a claim can run into the thousands, something which will not only hurt your savings but potentially your reputation too.
In a nutshell this is what Public Liability insurance typically can provide protection for:
- Claims made by a third-party for personal injury or property damage as a result of your business activities
- Associated legal costs and expenses incurred from defending yourself and your business
- Investigation costs to investigate claims
- Any damage or loss to a third-party’s property while in your care, custody or control.
It typically does not provide cover for:
- Injury to your employees
- Claims arising out of the use of motor vehicles other than in very specific circumstances
- Damage to your property
- Any known circumstances and claims
How is the cost of insurance for carpenters calculated?
Like all insurances, the biggest impacting factor is the level of risk your business is exposed to. If your business undertakes activities that are considered high risk, naturally the premium is going to be higher and vice versa if your activities are lower risk.
In addition to the type of risk there are other factors that determine the cost of your insurance premium like the size of your business and the level of cover you select.
The size of your business and the amount of revenue your business makes can impact the price of your premium. Safety in numbers doesn’t apply when it comes to insuring your carpentry business, with the more employees your business has, the higher the risk for something to potentially go wrong.
One of the great features of Public Liability insurance pricing, is double the level of cover doesn’t mean double the cost of the premium.
As the level of cover increases the pricing increments do not rise too significantly. The amount of cover you select can be influenced by a range of things like minimum requirements set out in a contract or industry body requirements.
It is also important to keep in mind that your claims history will also be a factor when it comes to pricing
Carpentry is generally deemed as a low risk occupation when it comes to Public Liability insurance meaning premiums are generally less expensive than other trades.
Other types of insurance to consider
As a carpenter it’s important to consider protecting other aspects of your business such as your business assets and your most valuable asset, you. These types of cover provide a financial safeguard to help your business stay around for the long run.
Portable Equipment Cover
You rely on your tools to help get the job done, so it makes sense to insure them. Whether you’re working on site or have your toolbox safely locked away in your vehicle, Portable Equipment cover is there to protect your tools of trade against loss, damage and theft.
Being without your tools could mean missing out on jobs (and an income stream) and using up your hard-earned savings to purchase replacements.
Portable Equipment cover will repair or replace your tools of trade anywhere in Australia, so you won’t be left out of pocket.
Personal Accident and Illness Insurance
Working as a carpenter involves a good level of fitness and wellbeing, two things which you cannot afford to be without. If you suffered an injury from an accident or serious illness and needed time off work to recover, would you still be able to pay the bills and get dinner on the table?
Work sites are full of risk from sharp tools, manual labour and machinery, however accidents can take place at any time anywhere, even around the house on the weekend while doing a spot of DIY.
Personal Accident and Illness insurance covers you 24/7, for up to 85% of your income or up to $3000 per week if you need time off work to rest and recover. Operating as a self-employed carpenter means you are not covered by Workers Compensation, leaving you open to the risk of being financially unprotected when disaster strikes on site.
Compare Public Liability Quotes
Having the right insurance in place gives you a feeling like no other. Peace of mind. You already have enough on your plate trying to arrange your finances, and everything else that goes with running a small business, so leave your business insurance needs to the team at Public Liability Insurance.
We can customise your carpenter insurance to suit your needs, because when it comes to business insurance, we know there’s no such thing as a ‘one-size fits all’ policy and that’s why we provide multiple options for your business.
Jump online or pick up the phone to receive multiple quotes from Australia’s leading insurers , covering your business in minutes. Insurance made easy.