Essential Coverage for Carpenters

Carpenters Insurance Overview

In most cases, carpenters don’t have customers or the general public on their premises. But you still need liability insurance for occasions where your business causes any sort of third-party bodily injury or property damage off-site.

• Commercial general liability (CGL) insurance protects you from third-party lawsuits, with coverage for attorney fees, court costs, settlements, and judgments up to your policy limits.
• Commercial auto insurance covers your drivers and owned vehicles in the event of an accident or other vehicle damage. It covers property damage and bodily injury liability claims, vehicle damage and medical bills, as well as any costs related to lawsuits from auto accidents involving your vehicles. You may also want to talk to your independent insurance agent about your need for excess liability, or commercial umbrella, insurance.
• Commercial umbrella insurance provides an extra layer of liability protection to a variety of other policies you might have. It kicks in when the limits of your other applicable insurance policies have been reached to protect you from a claim that exceeds the amount of coverage available from your other policy.
• Finish carpentry contractors also need to protect their valuable property and equipment.
• Commercial property insurance covers your office space, warehouse or other buildings, and their contents for losses due to fire, theft, vandalism, weather events and more.
• Property insurance can also include loss of income coverage, or business interruption insurance. It reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).
• Inland marine insurance is another form of property insurance that protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while in transit to and from worksites.
• Builders risk insurance is another type of inland marine insurance. It provides coverage for damage, theft, or loss of tools and equipment at a worksite, as well as for structures that take on covered damages while under construction.