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.