Carpentry is a fast growing business around the world. With the construction of more buildings to cater to the need of various businesses, the need for carpenters increases even more. Being in this industry is a good thing and you should take advantage of it.
However, being in the construction industry comes with a huge risk. It is one of the riskiest industries to be in. Given the possible injuries that could happen at the workplace, it is risky to be a carpenter or run a carpentry business. To make things a little better, having carpenter insurance helps. Here are some of the most important insurance policies that could cover carpenters or those in the carpentry business.
Commercial general liability coverage
This creates a base for coverage related to bodily injury or damage to property. They are usually well-defined in the terms of the policy. When someone gets sick or suffers a disease or injury as a result of a workplace accident, it could be covered under this insurance. Some policies also include death. As for property damage, resulting loss and damages to property are covered by the insurance too. Defective work is not included in the insurance but damages resulting from the work done are.
Umbrella liability coverage
This policy is useful for contractors operating in large construction sites. It is usually a supplement to the commercial general liability coverage since the policy comes with a maximum limit. In the event that the total amount is in excess of the coverage provided by the CGL coverage, this coverage will take care of it.
Contractor’s pollution coverage
This policy provides coverage for third party claims regarding bodily injuries and property damage as a result of pollution associated with the operation. This policy is very useful for carpenters and contractors dealing with huge infrastructure, maintenance, demolition and excavation. Those activities cause much pollution.
Choosing good coverage
In determining which insurance policy to take, you have to make sure that you are getting quality coverage. You don’t want to invest in a policy now just to end up with not much coverage later on. It also helps if you determine the extent of the coverage and the ease of filing a claim. These are important criteria when screening the options for the insurance provider to partner with.
The point is for you to invest in insurance now. Construction is a difficult business. If you are sending carpenters to work on a construction site, anything could happen. You don’t want to ruin your business just because of an unfortunate accident that took place and you have no insurance to cover the cost after claims have been made.