Carpentry Insurance Costs

Why do I need carpentry insurance?

As a self-employed carpenter, you need carpentry insurance in case something were to happen while you and/or your employees were working on the job. Think about the risks that come with being a professional carpenter – cuts, chemical exposure, tool injuries, slips and falls.  What would you do if something happened to you or one of your employees?

It depends on a few different factors. The answers to the below questions, along with the laws in your state, is what helps to determine the types of business insurance you need to protect you and your business.

• Where do you live?
• Where is your business located?
• Do you run your business from home or from a physical location?
• What are the specific risks associated with running a carpentry business?
• How many employees do you have?
• What is your payroll size?
• What is the worth of your carpentry tools and equipment?
• Have you previously filed insurance claims?
• How much insurance coverage do you need?

What type of insurance should a carpenter have? 

The three main types of insurance professional carpenters need are general liability, inland marine, and workers’ compensation. 

General liability insurance for carpenters

General liability is a type of blanket insurance coverage that covers your business if a claim were to be filed that specifically involves third-party bodily injury, property damage, personal injury, and/or advertising injury. 

General liability insurance costs for carpentry can start somewhere between $39 and $182 a month.

Inland marine insurance 

Inland marine (also known as tools and equipment insurance helps cover the repair or replacement of any lost, stolen, or damaged carpentry tools and/or carpentry equipment.

Inland marine insurance for carpenters can start somewhere between $15 and $67 a month.

Workers’ compensation insurance 

Workers’ comp helps cover medical expenses and lost wages if you or one of your employees gets injured or sick while working on the job.

Workers’ comp costs for carpentry can start between $79 and $290 a month.

What are additional insurance options for carpentry?

Have a large carpentry business or want peace of mind of knowing you are fully protected for any situation? See the additional carpentry insurance options below.

Business property insurance 

Business property covers you if your tools or other work-related property gets damaged due to certain types of accidents, certain weather events, and other types of hazards, like vandalism.

Business property insurance costs for carpenters can start somewhere between $27 and $112 a month.

Business auto insurance 

Business auto covers vehicles used to travel to and from job locations, as well as to hardware stores, etc. 

The cost of business auto insurance for carpenters can start somewhere between $120 and $152 a month.

Hired and non-owned insurance

A hired and non-owned carpentry insurance policy covers any hired, rented, or borrowed vehicles you need to use to properly perform a carpentry job.  

The cost of hired and non-owned insurance for carpenters can start somewhere between $9 and $23 a month.

Small business insurance policy

As a small business owner, you need to make sure your carpentry insurance policy provides you with a sufficient amount of coverage. While many business owners find that one million dollars worth of business insurance is sufficient to protect their business from all of the potential risks, know that we can help you determine whether or not your business requires a higher policy amount.