Obtaining the correct insurance is one of the most important financial decisions a business owner will make. Both personal and commercial insurance can help protect livelihoods, businesses, assets, as well as families. Insurance gives piece of mind; an extra confidence that an individual’s business is protected against accidents or other unforeseen adverse events. For carpenters, there can be many variables in the type of work being undertaken and therefore insurance needs will vary. Some carpenters may work from a home studio and do primarily interior work. Others may focus on exterior work or specialize in structural framing on new homes. Some may work on their own, others may employ several staff members. It’s important to have a broker who is knowledgeable about customized commercial insurance coverage for carpenters, to be sure the right kind of insurance is obtained.

A Wide Variety of Insurance Products

There are a wide variety of insurance products available, each suited to various needs and risks. Rather than being overwhelmed by the options, it’s important to gather knowledge to find out exactly what each product protects, and if it is required or not. The variety of products can work in a customer’s favour, allowing the client to pick and choose, creating the right comprehensive package while avoiding being over insured.

Types of insurance to consider include:

·       Personal Property Insurance;

·       Contractor’s Equipment Insurance;

·       Automobile Insurance;

·       Goods-in-Transit Insurance;

·       Insurance against loss of income;

·       General Liability Insurance.

Mandatory Workplace Safety Insurance

According to the Government of Canada’sBusiness Ontario website, those working in the construction industry as contractors, sub-contractors, sole proprietors, partners in a partnership, or as an executive officer in a corporation must register with the Workplace Safety and Insurance Board (WSIB) for mandatory insurance coverage. This mandatory coverage applies to almost everyone in the construction industry. Details about specific requirements can be found on the WSIB website.

What Insurance is Right for Your Carpentry Business?

If you are a professional carpenter and want to be sure your business is properly insured, sit down with an experienced and knowledgeable broker for a comprehensive risk analysis. A broker who specializes in commercial insurance should be able to look at your particular business and break down requirements and recommendations: looking at variables such as staff, equipment, types of jobs and the significant risks particular to the business of being a carpenter. For instance, if wood is being stored outside, the risk of theft or weather damage may be higher. If equipment is being stored at a worksite, what kind of insurance will protect against vandalism?

Finding the Right Broker

When looking for a broker who offers customized commercial insurance coverage for carpenters, look for a firm that has experienced brokers with up-to-date knowledge of the construction industry and any recent legislation or new policies. The ideal broker deals with a variety of reputable insurance companies, knows how to get competitive rates and can customize a package that is right for you. They should also be able to suggest ways to reduce risks, thereby reducing rates. Some of the smaller, family run brokerages can be a great choice, offering trustworthy personalized service. Contact a broker today that can help you succeed in achieving the correct coverage for your carpentry business.