What is Carpenter Insurance?
Carpenters make investments in their businesses, and both the invested resources and their businesses should be protected. Carpenter insurance offers Massachusetts carpentry businesses protection from a variety of covered perils.
Carpenter insurance is a kind of commercial insurance that’s tailored to the particular risk mitigation needs of carpentry businesses. These policies normally come with multiple coverages in them that work together to provide a web of protection, and businesses can often adjust the exact coverages in their package policy to suit their situation.
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What Massachusetts Businesses Is a Carpenters Insurance Policy Good For?
In broad terms, the vast majority of carpentry businesses and professional carpenters in Massachusetts should consider whether carpenters insurance is right for them. The following are merely a few examples of businesses and professionals that might benefit from the insurance:
- Framing and residential carpenters
- Commercial and industrial carpenters
- Cabinet makers and bench carpenters
- Furniture finishers and coopers
- Scenic carpenters
- Ship’s carpenters
- Luthiers
Not only does carpenters insurance provide potentially valuable coverage for these businesses and professionals, but some customers may only hire businesses that are insured. Thus, any carpentry business that forgoes coverage could lose out on jobs (not to mention be dangerously exposed to perils).
Do Subcontracting Carpenters Need Their Own Carpenters Insurance?
Some general contractors who subcontract work to carpenters may extend insurance coverage to them, but not all do and those that do might only offer limited protection.To make sure they’re properly insured, subcontracting carpenters should review their insurance situation with an insurance agent who specializes in carpenters policies before beginning any new job. A knowledgeable agent can review a general contractor’s policy and help determine whether another individual policy is needed.
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What Coverages Are Available Through Carpenter Policies?
There are many coverages that carpenter policies might offer, and most of these can be segregated into property coverages or liability coverages.
Some of the property coverages that a policy could make available include:
- Commercial Building Coverage, which may protect an office or storage facility
- Commercial Personal Property Coverage, which may protect carpentry equipment and supplies at a main facility
- Inland Marine Coverage, which may protect equipment and supplies when they’re in transit between job sites
- Builders Risk Coverage, which may protect equipment and supplies when they’re at job sites
- Business Income Coverage, which may protect revenue if operations are halted after a disaster
Some of the liability coverages that a policy could offer are:
- Commercial General Liability Coverage, which might cover some accidents and defamation lawsuits
- Errors and Omissions Coverage, which might cover mistakes carpenters make that impact customers negatively
- Commercial Umbrella Coverage, which might cover lawsuits that exceed underlying liability coverages’ limits
In addition to these, carpentry businesses often also need commercial auto coverage. Traditional commercial auto coverage is usually used to insure company-owned vehicles, and hire and non-owned auto coverage is typically used to insure private vehicles that are driven for work (other than commuting to a main location).
