Wood is a beautiful, timeless material. From framing a house to decorative knick-knacks, there is plenty of demand for it, and as a professional carpenter, you are ready to meet that demand. But whether you're a finish carpenter or furniture maker, you need to protect yourself with carpenter insurance in Ontario, and that’s where our team of expert insurance brokers can help.
Whether you are a joiner, roofer, framer, cabinet maker, or any other type of carpenter, Morison Insurance will help you get the right type of coverage you need. Ontario workers deserve comprehensive policies, so whether you have a large team working for you or are a one-person operation, we’ll ensure you’re covered in the event of a liability claim and protected from financial losses and damages resulting from an unexpected event. Give us a call or read on to learn more about carpentry insurance in Ontario.
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.
Ontario doesn’t legally require you to have commercial insurance coverage. While there are some legally mandated ones, such as commercial car 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 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.
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.
Ontario's business insurance policies can differ widely because insurance needs can differ greatly from one person to another. So even if you and another person both own a carpentry business, your business models, projects, and products can be greatly different, so you will need your own unique coverage for carpenter insurance.
There are, however, some types of standard coverage you will want to include in your carpenter insurance policy. These include:
Depending on your carpentry business structure, you may need other forms of insurance, such as pollution liability insurance, business interruption insurance, wrap-up liability insurance, mobile property insurance, carpentry equipment breakdown insurance, or workers' compensation insurance coverage. When discussing your coverage needs with your Morison Insurance broker, be as detailed as possible so we can find the protection you need for your tailored carpenter insurance quote in Ontario.
Because the insurance requirements of each person can differ so much, so can how much your carpenter insurance rate will be. A prime example of this is a carpenter who specializes in creating custom furniture pieces and another who does framing for a home. The former may need more robust commercial property coverage and workers' compensation to cover several employees, while the other has a business vehicle they insure to drive to different locations and work alongside other contractors. But even if their business models are exactly the same, they still won’t pay the same amount for their carpentry insurance premium.
That’s because there are many different factors that insurance companies use to calculate the cost of carpenter insurance. Some of the factors that go into calculating these insurance rates include:
Make sure to be as accurate and descriptive as possible when describing your business to your Morison Insurance broker, as not only does it allow us to find you more comprehensive coverage, but it also allows us to find you more affordable rates for your personalized carpentry insurance quote. Our trusted brokers will also be able to use that information to find you more savings with insurance discounts.
When they need carpenter insurance, Ontario workers can call their dedicated team of experienced insurance brokers at Morison Insurance. We work with the best business insurance companies and will help you get a carpenter insurance quote that is tailored to your specific needs.
Give us a call at 1-800-463-8074 or fill out the online form to get a free quote for your custom carpentry insurance in Ontario.
