An essential guide to carpenter insurance.

Working with your hands as a tradesperson can be challenging and rewarding. But as every carpenter knows, it can also be risky. From accidentally damaging client property to being at fault for an accident in a work vehicle, unexpected events can be costly. That’s why carpenter insurance is so important.

Having coverage won’t prevent incidents from happening, of course, but it can help address the financial consequences if something happens. If you have the right carpentry business insurance, things like lawsuits, employee injuries, and auto accidents don’t have to create a large financial burden for your business. That’s crucial since one seemingly minor incident can lead to a major expense. Unfortunately, if you don’t have carpenter insurance, the costs can easily be high enough to put your company’s ongoing success at risk. 

Let’s dive into what business owners like you need to know about insurance for carpenters.

How carpenter insurance protects your business.

As an independent carpenter or carpentry business owner, you’re focused on doing excellent work for your clients. That’s what brings in revenue and helps you earn more work.

Still, it’s critical to understand the various risks your business faces and take action to address them. No business owner likes thinking about everything that can go wrong. However, the good news is that once you’ve evaluated your risks and purchased the right carpentry business insurance policy, you can move forward without worrying about unexpected incidents and "what if" scenarios.

THREE’s all-in-one policy is great for carpenters since it addresses the types of issues most common in this industry, including:

Employee injuries

Carpentry work can be physically challenging. Even the most careful workers can experience on-the-job injuries. You probably know a carpenter who has experienced cuts, scrapes, back pain, broken bones, or another incident that required medical attention. Workers' Compensation can help pay the costs of an employee's work-related injury or illness. That includes things like medical bills, rehabilitation costs, and even a portion of lost wages during recovery. If a carpenter dies from a work-related incident, their family can receive a death benefit. In addition, Workers' Compensation coverage is typically required in most states for businesses with employees.

Honest mistakes

Carpentry projects can also be technically challenging. Even the most skilled and experienced carpenters can make mistakes, so Professional Liability insurance (also called Errors & Omissions insurance or E&O for short) is essential. This type of carpenter liability insurance can protect your business if you make honest mistakes that a client says harmed them financially. If they sue your business, your Professional Liability insurance may cover related costs, including court-awarded damages, settlements, and your legal defense costs.

Customer property damage or injuries

If your actions cause damage to a customer’s property or a bodily injury to them, General Liability insurance can cover related costs.

Business property damage

Incidents like fires or water damage from broken pipes at your office can happen at any time. Property insurance in a comprehensive policy can help pay for repairs.

Business property theft

If someone steals your company property (tools or equipment stored at your shop, for example), a policy can pay for the loss.

Employee theft

Imagine one of your team members steals valuable electronics from a client’s home. Employee Theft coverage can cover the related costs.

Commercial auto damage and liability

Does your business own or lease vehicles? Commercial Auto insurance can provide financial protection if someone driving a company car is at fault in an accident and the other party sues. It can also pay to repair vehicle damage from accidents, vandalism, and other covered incidents. 

Cyberattacks

In today’s digital world, virtually every business is at risk of a cyberattack. Protecting your network, computers, and other devices is essential, but so is having Cyber insurance. This type of coverage can pay specified costs related to cyberattacks where someone hacks into your systems, steals sensitive information, and uses it to commit fraud. 

Given all the risks a business like yours faces, it’s easy to see why carpenter insurance is essential. 

What does carpenter insurance cost?

Your carpenter insurance cost will depend on several factors, like the specific type of carpentry work you do and how much coverage you need. But you can get an online quote whenever you have a few minutes to find out exactly what you’ll pay to protect your business.

Ultimately, most business owners who’ve had insurance claims will  tell you that the cost of insurance for carpenters is far less than they would have paid out of their pocket if they didn’t have a THREE policy. 

A trusted source of insurance for carpenters.

Professionals of all types trust THREE for their insurance. Experienced carpentry business owners know that a comprehensive THREE policy protects them from the many types of risk they face, even as their business grows and evolves. Our small business advisors are with them every step of the way, including if they need to update their policy to accommodate company growth.

Our insurance for carpentry businesses is also critical for owners looking to scale their operations. Growth typically means investing in new tools, equipment, and other assets, as well as taking on more projects and, with them, more risks. Updating the limits and terms in a THREE policy is easy.

Wherever your carpentry business is in its journey, we offer the financial protection you need.

Get carpentry business insurance from an industry leader today.

Operating a carpentry business without adequate insurance is risky, but you don’t have to expose your business to losses. Purchase coverage online today, and be confident your business is protected tomorrow.

If you have questions about carpenter insurance, we’re happy to answer them. Call us at 1-800-507-4495, Mon.–Fri. 8am–9pm ET.