How Do Brokers Determine The Price Of Carpenters Liability Insurance?
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Many worksites will require you to obtain Carpenters Liability Insurance before you step foot on site. Most large building companies will have this as a mandatory requirement, and whether you are a self-employed carpenter or run a carpentry business, you will be in charge of ensuring that your business is covered.

Carpenters Liability Insurance covers the costs involved if you are found negligent and cause damage to a third party’s property or injury to a third party. These are the two areas which are covered under Carpenters Liability Insurance. Property damage can be determined as the property you are working on, surrounding property, or a vehicle in the surrounding area. Injuries to third parties can involve faulty workmanship, or negligence resulting in injury to a member of the public.

Your broker may ask you some questions with regards to your business in order to determine your Carpenters Liability Insurance needs and provide you with an accurate quote.

What are your specific business activities?

Your broker will ask you this question to determine the risks involved in your daily work. You might be a carpenter that works on mainly commercial sites; you may work on renovations only, in construction of new homes, or even all of these. Each one has its own risks and safety precautions which can affect price. More hazardous locations will result in a higher Carpenters Liability Insurance premium so you are covered for a higher amount due to higher risk.

Do you have staff working for you?

Many carpenters have their own personal businesses, or work as contractors to building companies. If you fall into one of these categories then you will need to obtain Carpenters Liability Insurance as an individual in your business. However, if you have employees you will need to extend your Carpenters Liability Insurance to include them also. If you are an employee, then you will likely be covered by your employer, however it is always best to double check this before stepping onto the worksite.

What is your annual turnover?

Whilst some insurers measure the size of your business by the number of staff you have, others determine this by your annual turnover. They take that the higher your turnover the more likely it will be that you could make a claim. Some may take your staff numbers to determine this conclusion, and others may take a combination of the two to determine the risk to insure your business. The more staff or income generated by your business, the higher the associated claim risks, hence the higher the premium.

Many carpenters find it easier to use to a broker to take care of their Liability Insurance needs because of the variety of different policies available from insurers. There may also be other more specific questions which your broker asks you to determine the necessities for your policy wording. If you require help or a quote for your carpentry business, do not hesitate to contact All Trades Cover today.


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