You work hard as a carpenter and the last thing you want is to find yourself on the receiving end of a claim and having to use your own hard earned money to pay for damages. That’s why public liability insurance is so important for you and your business.
Today, we’ll be taking a look at how public liability insurance can protect your business and offer financial peace of mind.
What is public liability insurance?
Public liability insurance is designed to protect your business financially if you’re found liable following damage to property or injury to a person which has happened as a result of your actions at work. This policy will also cover legal bills if you need to hire a lawyer as part of the claims process. If you’re found liable following a claim, you could be up thousands of dollars’ worth of damages including repairs, replacements, medical bills and rehabilitation costs which is why liability cover is so important.
Why do carpenters need liability cover?
Public liability insurance is one of the most important forms of cover for carpenters, and for good reason. Due to the hands on nature of your work, you’re at a higher risk of something going wrong and you need to be covered for these instances. No matter how careful you, things can go wrong and damage can easily occur. Also, you need to remember that many employers will want proof of liability cover before they take you on and you won’t be able to enter some worksites without it.
Just some of the public liability risks that you may face in your everyday work as a carpenter include damage to third party property or adjacent property. This could happen following an incident as simple as dropping a tool in a client’s home causing damage to flooring or inadvertently causing damage on site. Injury to a third party could result from faulty workmanship or someone injuring themselves on tools that you’ve left out.
How much will public liability insurance cost?
The cost of your liability insurance will depend on a number of things, including:
- The size of your business;
- The location of your work;
- The number of employees working for you;
- The type of work you do.
Basically, the risker your work then the higher your insurance premiums. For example, if you have a number of employees in your company then you’ll have a higher liability risk than a sole trader. One of the most important things to remember is to let your insurance broker know if your business circumstances change as this can impact on your premiums.
When you’re comparing public liability policies, you may notice that there’s not much difference in the price of quotes. However, there may be differences in the policies themselves. Your best bet is to have a chat to your insurance broker and let them do the hard work for you by finding you the best liability policy at the best price.
To discuss public liability insurance for your carpentry business, contact Contractor Cover today on 1300 438 268 or fill in our easy online form.