There are, however, some types of standard coverage you will want to include in your carpenter insurance policy. These include:
Protects you and your business against liability claims for bodily injury and property damage to another party due to an incident on your business property or as a result of your business operations and products.
Protects you in the event of any loss, theft, or damage to them, ensuring you can repair or replace them and get back to business as usual.
Covers you in the event of a liability claim for negligence, errors, omissions, faulty workmanship, or another professional mistake when providing your service.
One of the few legal requirements for insurance. If you use a personal vehicle for business purposes, your personal auto policy won’t cover you should you be involved in an accident, so you will need to speak to your broker about getting a commercial policy.
Protects you in the event of physical damage or loss to that site or third-party injury, whether it’s a designated workshop or your home’s garage.
Helps you recover in the event a computer is stolen, you suffer a cyber attack, or another technology-related event.
Depending on your carpentry business structure, you may need other forms of insurance.
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What Is Carpenter Insurance?
Ontario carpenter insurance is a specialized type of contractors insurance meant for those in the carpentry or woodworking trades. Ultimately, it aims to protect you from the devastating impact that liability claims, medical costs, repairs or replacements, thefts, and other types of losses or damages can have in light of an unexpected event or potential risk.
Let’s say, for instance, that your workshop was broken into one night, and the thieves took some expensive equipment and tools. With the right coverage under your carpenter insurance, Ontario insurers would compensate you for the cost of replacing the equipment. Or, let’s say you are on a worksite, someone walks by, trips on a tool or wood board you have lying around, and gets injured. In the event the third party was to sue, you could be covered for any resulting medical costs and legal expenses relating to the incident with the right carpenter liability insurance.
Ontario carpenters can speak with their trusted Morison Insurance broker to learn more about their coverage options for carpenter insurance.
Who Needs Carpenter Insurance?
Ontario doesn’t legally require you to have commercial insurance (/business-insurance/) coverage. While there are some legally mandated ones, such as commercial car insurance (/business-insurance/commercial-automobile-and-fleet-insurance/) if you use a vehicle for work purposes or workers' compensation if you have employees, you aren’t required to have a specific carpenter insurance in Ontario.
That said, it is still a very, very good idea to protect yourself with some kind of policy for carpentry insurance. Ontario may not require you to have it, but many money lenders, mortgage providers, and property leasers often require you to provide proof of insurance before they lend you money or lease a commercial space to you. That’s because having a certificate of insurance (/news/why-contractors-should-provide-certificate-of-insurance/) provides them with peace of mind that, should the worst-case scenario occur, you will still be able to make your payments.
Many clients will also require you to have carpenter insurance. Ontario clients view a business or professional having the right insurance certificates as more professional, and it assures them that you have the support you need to meet contractual obligations. Without proof of carpentry insurance, you may not be able to score as many contracts, which can hurt your bottom line.
Not to mention, without carpenter insurance, Ontario business owners can find themselves in deep trouble should the worst occur. In the event of bodily injury or property damage, the resulting repair, legal, and medical expenses can be insurmountable. So, unless you have tens of thousands of dollars you can easily pay out of pocket, it’s best to protect yourself with comprehensive carpenter insurance in Ontario. Your Morison Insurance broker will be happy to discuss your different coverage options with you to ensure you get a carpenter insurance quote that meets your small business insurance needs.
Are Employees, Contractors, and Subcontractors Covered Under My Carpenter Liability Insurance?
Ontario insurance policies don’t tend to automatically include employees, independent contractors, or subcontractors unless they have a specific endorsement or are specifically added to the policy. If you have employees working for you, you will need certain types of coverage, but an endorsement is usually needed to add them to your carpentry liability insurance.
Ontario carpenter contractors and subcontractors in the construction industry should carry their own carpentry contractor insurance policy, but in the event you want to extend your carpenter insurance coverage to cover them, you will need to add them before any work begins on a project.
Make sure to read through your policy documents carefully, and speak to your Morison Insurance broker about your options if you need to include them under your carpentry liability insurance in Ontario.
