When you’re busy working as a carpenter, insurance is probably the last thing on your mind and it’s easy to sign up to the minimum cover you think you need without giving it another second thought. However, it pays to have a closer look at your current level of insurance cover so you don’t realise too late at claim time that you’re underinsured. Below are the main insurance policies that carpenters should consider.
Insurance policies for carpenters
1. Property and tool cover
For carpenters, tool insurance is absolutely essential. If your tools are lost, stolen or damaged, not only would this impact on your ability to complete your work but it could end up being a very pricey exercise having to replace everything. Property and tool cover means that carpenters are covered financially if their tools are lost, stolen or damaged. If you add up how much it would cost you to replace each of your tools, you’ll be able to see just how important it is to have insurance in place to protect them.
2. Public liability insurance
Public liability insurance covers you financially if you’re found liable for damage to property or injury to a person which has occurred as a result of your actions at work. When you work as a carpenter, it can be so easy for someone to be injured due to tools you’ve left out or for you to inadvertently damage client property. Public liability insurance means you’ll be covered if this occurs and you can go about your work without worrying.
3. Workers compensation insurance
This form of cover is compulsory if you run your own small business and have employees working for you. Workers compensation insurance means that if an employee is successful after a workers’ compensation claim, you’ll be reimbursed by your insurer for continued payments that need to be made to your employee. This form of insurance offers peace of mind to both you and your employees.
4. Personal accident and illness cover
If you have your own carpentry business or subcontract as a carpenter, a sudden accident or illness could see you without an income very quickly. Personal accident and injury cover means that you’ll continue to receive a portion of your pay if you can’t work due to accident or illness. This means you can continue to keep up with expenses and maintain your lifestyle until you can return to work or until your policy expires.
Speak to an expert
Before you sign up to an insurance policy, make sure you have a read of the Product Disclosure Statement so you know it covers your areas of risk. To make things easier, you could also simply have a chat to your insurance broker. They can have a look at your specific situation and advise you whether your current level of cover is appropriate. Your broker has the expertise to help find not only the best price but also to give you peace of mind that you’re covered.
For any questions about carpenter insurance or for a quote, contact All Trades Cover on 1300 826 850 today or fill in our easy online form.