You’re a chippy — what insurance do you need to know about and how does it relate to your job specifically?
There are lots of carpenters insurance options out there, and a quick search on the web uncovers a lot of results, all saying the same thing; we’re the best, we’re the cheapest, and we know carpenter insurance better than anyone else. Unfortunately, it usually stops there, with no further information until you sign up. They send you a Product Disclosure Statement (PDS) and you have to sift through the fine print to find what’s actually relevant to your trade.
Here at Go Get Insurance, while we always recommend that you read and understand your insurance policy, we thought it might be handy to point out some real word examples that show what carpentry insurance you might need, and why it’s so important.
This is a very important cover that protects you if a third party accuses you of causing damage or injury to them or their property. Obvious examples are tripping hazards — cords, leads, hoses — and damage that your tools could cause. A stray nail from your Paslode could injure someone, or damage their property, or even a car nearby. You might accidentally make a crazy cut with your Milwaukee circular — if it damages something, or injures someone, this is where you need Public Liability insurance.
Products Liability is another extremely important aspect to consider, and one with less obvious examples that might surprise you. As a carpenter, your completed job is your product. Claims can occur from your product well after a job has been completed, and this is where products liability comes in. It’s extremely important to ensure that any policy you take out includes this cover.
An example might be if some work you’ve done gives way and causes damage or injury – a railing, veranda, step, panel, or beam are all things that could potentially lead to this, and possibly months or years after you’ve completed the job. Keep in mind that you only have to get accused and dragged into a problem; you might believe there was no issue with your work at all, but having to defend an accusation like that would set you back tens of thousands in court costs if you didn’t have this important carpentry insurance cover.
Carpenters are constantly up and down ladders, lifting lengths of wood, using power and hand tools, often for long periods of time and in tough weather conditions. You guys do the bulk of the structural work, and for the longest time on a job. If something goes wrong — you fall off that ladder, something heavy lands on you, you cut open your hand, arm or leg — and you need a few weeks or months off to recover, what would you do? You need to ensure that the cash keeps rolling in so you can pay your bills. That’s why Injury & Illness is a vital type of carpenter insurance.
Lastly, when it comes to carpenters insurance, the tools that are potential hazards to yourself and others are also the things that make you all the dough; so it makes sense to protect them.
Do a quick inventory of your Tools and you’ll be surprised how quick it all adds up. That Makita jigsaw and you’re old Bosch sawzall you’ve had for years might still cost $500 each to replace, plus your nailer, compressor, saw horses, hammer, and undoubtedly a lot more. Then there are the bits and pieces of stock that you’ve built up over the years.
Ask yourself what you would do if they were all knocked off from your locked vehicle or locked garage — could you still put up that frame starting next week, or finish off that deck? If not, seriously consider Tools Insurance.
GoGet Injury & Illness Insurance is Annually Renewable and factors General Advice only. A Guaranteed Renewable policy, which can provide a benefit period up to age 65 (which does impact on the premium), requires personal advice taking your individual circumstances into account. Should you wish to consider the greater level of protection and flexibility that a Guaranteed Renewable policy provides, click here.
Depending on your Business structure and location, you might require Workers Compensation Insurance if you’re a Company, Working Director, or have deemed Employees. Please check your State Government requirements to ascertain this information.
Please read the PDS for full details on policy coverage, conditions and exclusions to ensure a full understanding of the product you are purchasing.