Post taged with "insurance"
Self-employed Carpenters Insurance
Posted on April 24th, 2015
If you're a subcontractor or run your own carpentry business you'll know there's plenty of paperwork to look after.
Something that is often regarded as 'paperwork' is insurance, but we think it's more important than that!
As a self-employed carpenter there are certain risks that you'll face each day whilst out on the tools.
So what are the types of insurance that you need to consider? Let's take a look…
For any self-employed tradie the most vital form of insurance is public liability.
This is the insurance that will save you if your carpentry activities result in property damage or personal injury to a third party.
For example if you are carrying some timber through a client’s home and accidently knock over a thousand dollar vase, you policy would cover you.
A more extreme example is personal injury. In this case you may have left some power tools out which a person has tripped over and seriously injured themselves.
This type of incident would also come under a public liability policy.
The cost of public liability for a carpenter is quite low, with cover starting from around $400 for a sole trader turning over less than $100k per year.
You can get an instant quote on this insurance by clicking here.
When you’re on wages you have the security of sick leave and workers compensation to look after you.
Once your make the switch to self-employment however you’re on your own. If you’re sick or injured and cannot work, then you won’t be earning a cent.
This is why income protection is so important for self-employed carpenters.
The insurance can replace up to 75% of your income if you cannot work due to illness or injury for a period of time.
The cost of income protection will vary greatly depending on a few different factors such as your age, smoking status and the amount of income you need to insure.
Whether you’re self-employed or not, it’s a fact that a carpenter’s tools are absolutely vital in order to keep working.
If someone was to knock off your tools, or they were damaged in a fire, you’re going to find yourself unable to work whilst also having to come up with thousands for new tools.
Tool insurance can save you from this fate by covering your tools from a range of risks including theft, fire and lightning damage and damage caused in a vehicle collision.
When it comes to theft, it’s important to know that most policies will only provide cover when there has been forced or violent entry required to access the tools.
Power tools are certainly hot property among low-life thieves, so aside from keeping them as secure as possible, also make sure they’re insured just in case.
The cost of tool insurance is relatively low, with a basic $5k policy only costing a couple of hundred dollars per year.
Here at CarpenterInsurance.com.au we can assist you will all three types of insurance detailed above through our partnership with Trade Risk.
If you’d like a quote on public liability please click here, and if you’d like quotes on any other insurance simply give us a call.
Carpentry Insurance Quotes
Posted on October 17th, 2012
Are you looking for insurance quotes for your carpentry business?
Here at carpenterinsurance.com.au we specialise in – you guessed it – insurance for carpenters!
There are various forms of insurance available for carpenters, and we have access to a network of insurance advisers who can assist with all of them.
When seeking quotes for insurance there will be a range of questions asked depending on the types of insurance. Below we have detailed some of the common insurance types and the questions that need to be answered.
Public Liability Insurance
This is one of the most common forms of insurance required by carpenters. The main questions asked when seeking a quote for this form of cover are as follows:
- Specific business activities (i.e. new home construction, renovations etc.)
- Number of staff working for the business
- Annual turnover
- Usage of subcontractors
- Hazardous work locations
For more information about carpenters public liability insurance please follow the link.
Tool insurance is another common form insurance for carpenters in Australia, as unfortunately there are plenty of people out there willing to steal our tools.
The questions asked when seeking quotes on tool insurance are commonly as follows:
- Total replacement value of the tools
- Individual details of any tools valued at more than $2,000 (this figure can vary)
- Physical location of the tools
- Level of cover required (i.e. theft only, accidental damage etc.)
Income Protection & Life Insurance
Many carpenters who are working for themselves or as subcontractors will require income protection insurance.
The following questions will generally be asked when seeking quote on income protection for a carpenter:
- Date of birth
- Annual income (after expenses)
- Smoking status
- Policy options (i.e. waiting period, benefit period etc.)
The same questions will also be asked if you require a quote on life insurance, TPD or trauma cover.
If you would like a quote on your carpentry insurance please contact your broker. If you don’t have a broker we recommend the team at Trade Risk who specialise in insurance for carpenters and other tradesmen.
Posted on July 24th, 2012
Carpenters are the backbone of the building industry.
Of course it takes plenty of different trades to build a house, but carpenters arguably have the biggest impact on a quality build.
Part of being a carpenter, especially a self-employed one, is the need for certain types of insurance.
A carpenter working for himself as a sub-contractor or business owner will be required to hold a range of insurance types. In this guide we will take a look at the different types of insurance and when they are required.
Carpentry Insurance Requirements
If you are doing carpentry work on large worksites, you will often find that the building company has mandatory insurance requirements for carpentry contractors.
At a minimum most worksites will require trade public liability insurance for all carpenters. Some worksites will also require that self-employed chippies have income protection or an equivalent accident and illness policy in place.
Public Liability Insurance
Public liability is the most commonly required insurance for carpenters in Australia.
Many carpenters working on construction sites will have mandatory requirements for public liability. If you are doing smaller job you may not technically ‘need’ the insurance, however it is still a very good idea given the protection it provides.
Public liability insurance will protect you financially if you work results in property damage or personal injury to another person.
Ordinarily you would be liable for the financial costs of any such event, but with a public liability policy you may be able to rely on the insurance company to cover the costs.
Income protection is mandatory for many carpenters working on larger building sites, but it is also a very good idea for any carpenter who relies on their income to survive.
This form of insurance is especially important for chippies who work for themselves, as they will not have access to sick leave or worker’s compensation.
But even sick leave is only good for a few weeks off the tools. If you are unable to work for a few months or a few years, only an income protection policy can give you proper protection.
Carpenter Insurance Quotes
Quotes for carpenters insurance can be obtained from most insurance brokers or direct from the insurance companies.
If you are looking for quotes on your insurance, a good option is to use an insurance broker who specialises in trade insurance. They will generally know which policies suit carpenters best, and will be able to get you a competitive premium on your insurance needs.
One such insurance group is Trade Risk. They specialise in insurance for all tradesmen including carpenters all over Australia. You can obtain quotes via their online quote form, or you can get in touch with them to speak with a qualified insurance broker.
Although you may be a skilled and careful tradie who takes pride in his work, there is always the potential for the unexpected to happen. Having a good carpenter’s insurance package in place could be the best investment you make in your business.