Compare business insurance quotes with Savvy to find the best policy for builders and carpenters.
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As a builder or carpenter, there’s plenty of responsibility placed on your shoulders to make sure the structural integrity of a building is sound. Therefore, it’s vital to make sure you have great business insurance to protect you from a wide range of covered incidents just in case things go wrong.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about the work you do and the insurance you need and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy service to help you compare the best value policies today.
There are several types of business insurance you should consider if you are a builder or carpenter. These include:
Public liability insurance
Public liability insurance is a very important type of insurance for all carpenters and builders and is compulsory for all tradies and handymen on most building sites in Australia. It also offers protection if you undertake work directly for the public, or work as a contractor for a larger building firm.
It can cover you against claims you or your work caused injury to a member of the public or damaged their property. This insurance is available for amounts between $5 million and $20 million, depending on your personal requirements or the level of cover required by the site you are working on.
What it covers:
General business insurance
General business insurance may also be worthwhile to protect your tools and portable equipment (such as generators, for example). Business equipment insurance, which includes protection for your portable assets, is typically offered as part of a business insurance package, offering a variety of types of cover bundled into one policy. For example, you can get public liability and business theft insurance in one insurance bundle.
Commercial vehicles aren’t included in a business insurance package, however, so you may need separate commercial vehicle protection for your work ute.
What it covers:
Professional indemnity insurance
Professional indemnity insurance is another form of cover you may wish to consider as a builder or carpenter, depending on the type of work you undertake and your business structure. It can cover you against claims that the advice, recommendations or service you provided were either wrong or negligent. This type of insurance can offer you protection against many types of claims, including:
Cover starts at $250,000 and can go up to $10 million or more.
What it covers
Personal accident and illness insurance
Since you rely on your physical fitness to be able to do your job, taking care of your health should be a high priority for all people who earn a living working with their hands. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, with a weekly replacement income available if you can’t work as a result of an accident or injury.
What it covers:
Optional extras can include:
Payment of business expenses during your recovery period
What isn’t covered under business insurance for carpenters and builders?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors can influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
Therefore, the cost of business insurance for one carpenter whose business is based in NSW may be similar to the costs faced by another in Victoria.
You can find out how much business insurance will cost by comparing quotes right here with Savvy. Whether you need insurance for yourself as a carpenter or for your building or construction business, you’ll be able to consider a wide range of policy options right here.
You likely worked hard as an apprentice and, in the years following, built up your skills as a qualified carpenter or builder. You may have started your own business and spent years building up a good reputation and a loyal customer base, so you’ll want to protect your business and your reputation if things go wrong. Public liability insurance is there to offer you protection and the peace of mind that comes with knowing you’re insured if a covered event does happen.
Most small to medium-sized businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. For example, if your work ute was stolen with all your tools in it, you could find yourself unable to earn an income until you had the money to replace them. If this happens and you qualify for insurance protection, you’ll have a much better chance of recovering and getting back on your feet quickly.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
