As an independent trader, you need insurance to protect yourself and your business. Carpenter insurance from Park Insurance is specifically designed to meet your exact needs and is tailored to the requirements of the professional carpenter.
This page provides all the information you need to make the right decision when choosing your carpenter’s insurance services so you can make an informed choice and assemble an insurance package that works for you. We’ll take you through the different types of insurance on offer and show you how to create a package that covers every aspect of your business.
Why do I need carpenter insurance?
Every time you step onto a site, you are at risk. Nine times out of ten, the job will go without a hitch, and you, your customers, and those around you won’t encounter any problems. However, the unexpected can and does happen, resulting in injury, property damage, and time off work when you can’t earn a living.
As a sole trader, you can’t fall back on things like statutory sick pay, and your tools, vehicle and even your reputation are in your own hands. Carpenter and joiners’ insurance can help remove some of the worry of running a business, providing you with a financial cushion should the worst happen.
You also need to consider that many sites will not employ sub-contractors who do not have public liability insurance. At Park Insurance, we understand the needs of SMEs and sole traders. We can create packages that include public liability insurance for carpenters and a host of other practical, affordable cover to suit your business.
What carpenter insurance do you need?
Insurance for carpenters will vary, and what may suit one trader might not be suitable for another. At Park Insurance, we help you narrow the choices so you get the best cover at the best price. A complete package might include some or all of the following:
Public liability insurance – at the heart of a carpenter insurance package is public liability insurance, which every sole trader should have as a matter of course. PLI protects you against financial compensation costs should your work unintentionally injure someone or damage their property. As a carpenter, this is one of the most important insurance policies you can have. Not including PLI in your insurance package could leave you financially vulnerable if a claim is made against you and prevent you from working on many contracts.
- Employers’ liability – If you subcontract part of your work out, even if you employ family members or part-time assistants, you will need Employer’s liability insurance. This is the only type of insurance that is a legal requirement.
- Tools and business equipment – tools and equipment are some of the most expensive assets you own, and without them, you cannot do your job. Replacing them if they are stolen or damaged will leave you out of pocket, so tools and business equipment can help to cut your losses and get you back to work quickly.
- Stock and materials – if you invest in stock and materials for a job such as high-grade timber, you want to ensure they are protected while being stored. Stock and materials insurance also covers your materials when they are in transit or on-site.
- Contract works – sometimes events such as fire, flood, vandalism or theft can cause considerable damage to a project. Contract works cover gives you an extra layer of protection against events out of your control.
- Legal expenses – legal disputes are, unfortunately, part of business life. However, with legal expenses cover, any solicitor’s fees are paid if you have to go to court against a customer or supplier, so you’re not left out of pocket.
- Personal accident – accidents are not uncommon on building sites, and at worst, they can be life-changing. Personal accident insurance means you have financial backing should an accident delay your return to work or even prevent you from returning to your business.
- Commercial vehicle insurance – as a carpenter, you need to transport your tools around. Standard insurance will not cover you for commercial use, so taking out commercial vehicle insurance keeps you on the right side of the law and can also cover your tools while in transit.
- Professional indemnity – if you offer an advisory service as part of your business, you can protect yourself against negligence claims with professional indemnity insurance.
Other insurance cover can include:
- Income protection insurance
- Business life insurance (which will give your family financial peace of mind should you die)
- Business interruption insurance
- Critical illness cover
Do I really need all this carpenter insurance cover?
A simple slip with a razor-sharp chisel could cause irreparable damage to a priceless piece of furniture or cut deep into your hand, preventing you from working for several weeks. Joiner’s insurance and carpenter’s insurance services take the financial sting out of life, whether you’re a sole trader or sub-contracted on a large, long-term project.
The most important thing is that you have the cover you need to protect yourself, your business, and your family and present yourself as a professional tradesperson who takes their business seriously.
How much does it cost?
You can spread the cost of your carpenter’s insurance in monthly payments, keeping the costs manageable and easy to budget. Not having insurance could cost you far more than paying for a cover package that takes care of every eventuality.
Trust Park Insurance for expert advice
At Park Insurance, we’ve been working with tradespeople for over 30 years, offering expert advice and sourcing the best insurance policies from the UK’s biggest providers. Our preferred broker position means we can access specialist joiners’ insurance tailored to suit you.
Contact us today for practical, no-nonsense advice on all your insurance needs.