Monthly Archives: June 2014

6 Risks Carpenters can protect with Business Insurance

Every working day many carpenters throughout Australia go to work thinking about  the tasks they need to complete that day,rather than worrying too much about the risks they face doing it.

However through personal experience, or the experience of friends and stories told over a beer – or a latte – most carpenters are aware of the many things  that go wrong for carpenters working on site.

Whether you are a carpenter working as sole trader, contractor or run a carpentry business not all the risks you face are insurable.

For example you can’t insure against not having enough work,  in many instances you can’t insure against your customers not paying you, or against bad weather preventing you from getting your job done.

Carpenters can however insure against some of the things that go wrong on site such as personal injury, damage to property, product liability, injury to employees ,and equipment breakdown or loss.

Many carpenters work on domestic or light commercial sites.  In these instances carpenters are often shaping wood, joining materials and  installing cabinets- often using power tools.  As a result carpenters need to be physically fit, measure- size and cut, have good hand eye coordination and interpret drawings and diagrams.

What can go wrong?

Risk
Contractor/business owner injured or sickStaff injured

Tools stolen

Damage to clients site or neighbouring site caused by your business

Injury to third party on site caused by your business

Finished product not suitable for use caused by your business

Insurance
Sickness and accidentWorkers Compensation

tools cover/theft

Public liability

Public liability

Product liability

While there are additional insurable risks for carpenters the  above list covers many of the most common risks.

Public liability for Carpenters

Public liability for carpenters is so important that in many cases builder’s will NOT let you on site without a certificate of currency for public and products  liability.A key part of this cover is that it may cover legal expenses for any public and products liability claims against you.  Without it , even if you are not at fault, but your client or a third party makes a claim against you, you will need to pay for legal expenses. Having an  insurance company  pay for your legal fees can significantly reduce stress and cash flow issues- especially  if you are not at fault.

Sickness and Accident for Carpenters

This cover is especially important for sole traders and contractors.  Without an income for an extended period sole traders and contractors may face financial hardship.  Especially if you have a mortgage to pay and have kids at home.  For carpenters that are contractors or sole traders  Sickness and Accident insurance  can provide cover for over 100 weeks, at a level representing most of the average weekly income of the business.

Carpenter insurance quotes

For competitive quotes and general advice on business insurance for carpenters you can TALK to a SMART Business Insurance broker on 1300 542 573 or email us at info@smartinsure.com.au

General advice Disclaimer

This Blog contains general advice only. It has been prepared without taking into account your particular objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs.

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