As an insurance broker representing carpenters and their businesses, you understand the importance of liability insurance in allowing them to focus on their work with peace of mind. Carpenters face numerous risks and dangers while working on big contracts, from adding intricate finishing touches to creating unique masterpieces for homes. While carpentry remains an age-old craft, the demands of modern times require contractors to navigate various challenges beyond their craftsmanship. That’s why it’s crucial for your clients to have general liability insurance.
As their trusted insurance broker, you play a vital role in helping them navigate the complexities of insurance options. Your expertise and guidance are invaluable in assisting them in selecting the best insurance coverage tailored to their specific needs. By conveying the unique risks associated with the carpentry industry, you can provide them with the necessary insights to make informed decisions.
Whether for a solo act or a business with employees, having liability insurance lets a business focus on the work with peace of mind. Carpenters need insurance before they go out on a big contract, as they face many dangers during the job, and it is critical for them to understand the value of liability insurance. Help them explore their options and assist them in getting the best insurance coverage.
The Benefits of Liability Insurance for Contractors
Every job has its nuances. Even for professionals, the unexpected happens. While safe practices minimize the risks on a job site, one mistake or distracted worker may lead to an incident happening.
Having general liability insurance protects against potential claims on a job site. Most policies cover costs associated with property damage or bodily injury. Insurance can further assist with medical expenses associated with an injury and with legal representation.
Along with the financial benefits insurance offers, it also benefits the business. While a niche service, carpentry still has competition. When choosing the right contractor or subcontractor, many clients will select businesses with proper insurance. By ensuring coverage, a carpentry company makes itself more competitive and has a higher chance of winning more bids.
The Risks of Not Having a Liability Insurance Plan
Running any business means weighing the pros and cons and finding ways to minimize spending. However, it’s generally not worth it to cut costs when it comes to liability insurance. Along with its financial protection, it may also provide legal protection. Some states require liability insurance for carpenters regardless of the company’s size. Not having it could lead to steep fines and more severe penalties.
Beyond future business losses, the expenses incurred from one incident alone can skyrocket. Even in the absence of prior issues, a seemingly minor injury has the potential to escalate into a significant problem, potentially resulting in business closure.
The Cost of Liability Insurance
Because every business operates differently than another, many people may wonder what makes a liability insurance policy best for carpenters. The answer comes down to the business itself. A carpentry company focusing on refinishing work faces different risks than one specializing in framework and structural supports.
Luckily, businesses have many options when it comes to insurance coverage. A business can tailor its plan to fit its needs, helping to ensure coverage while also minimizing the associated costs. The cost of a policy varies across the board. Key factors that play into how much a company pays include:
- Years of experience
- Location
- Number of employees
- Deductible
- Number of occurrences
About Commodore Insurance Services
Commodore Insurance Services, Inc. (Commodore) is a California corporation that operates as a Managing General Agency and Program Manager. Since incorporating in 1990, Commodore has developed an expertise in the production and underwriting of insurance products for businesses across the West Coast. Our focus is on providing top-level insurance products to our clients while striving to make it easy to do business for our brokers. Try us and find out why we have continued to be successful for more than 27 years and are recognized as the trusted leader in small business insurance.
