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Operating a carpenter company without commercial insurance protection puts you at great daily risk. When you open your own business, you assume certain types of risks because you’re serving the public. People can get hurt when they visit your work areas and they will expect you to solve the problems that are generated from those injuries. Whether you have to absorb medical costs, ensure that damaged property gets repaired, or pay direct court-mandated settlements, the ramifications of these risks can be expensive. Aside from other people’s expectations, there are also direct risks with your business and the property it owns. Automobile accidents and weather events happen with relative regularity, and without the proper level of protection you risk having regular events like this put you out of business.
Carpenter business insurance exists specifically to help take many risks off your shoulders. At the most basic level, your company needs to protect itself against claims of liability and fault. Liability claims commonly occur when a person is hurt or their property is damaged, and they feel the harm was caused by your company. Other levels of carpenter insurance include protection against damages to your business equipment and property, protection on multiple levels with auto accidents, and protections against other common legal claims against businesses. Browse the types of coverage below to see how we can help you protect yourself against multiple levels of risk.
Carpenter general liability insurance (GL) is the basic type of risk protection your company needs. As the owner of a business, many people feel you are much more capable of dealing with the financial strains that are caused when accidents happen. Therefore, they often expect you to pay for their medical care bills when they’re injured or pay to replace any property that’s damaged. When allegations arise, it doesn’t matter if you’re actually at fault for something. You still must address the claims and work to defend yourself against them. General liability insurance for carpenters takes a lot of these burdens off your plate.
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Proper carpenter business insurance should include a business owners policy, or BOP. Carpenters business owner insurance provides you with the same level of benefits and protections you get with a general liability policy, but it takes additional steps to help you protect various business assets too. Tangible assets include the buildings you use for conducting business, your carpentry tools and machinery, furniture and decorations in your offices, your inventory and even critical papers or computer documents.
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A solid carpenter business insurance strategy must include workers comp coverage when you have employees. Workers compensation insurance is critical for you as an employer, so that when your employee is injured while performing his work duties numerous potential problems are avoided. Your workers will need medical care if they become ill from something at work or if an accident causes physical harm. Your company needs protection if an employee decides to file a third party lawsuit or if a staff member’s family decides to sue you directly.
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Carpenter insurance protection is incomplete if you don’t have the appropriate commercial auto insurance policy. This area of protection is particularly important because of the extensive road travel that’s needed by you or your employees when going from one job location to another. Increased road travel increases the risk that an auto accident will happen, whether you cause it or not. Carpenter business auto insurance is there to help when uninsured motorists cause accidents, when someone in your company vehicle needs medical attention and more.
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