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Insurance For Woodworkers
Wood worker businesses have a lot of flexibility. You might do all of your work on site at a customer’s house or place of business. You might make your creations in the comfort of your own wood working shop. Regardless of how you choose to do business, there are several potential pitfalls that can cost your business extensive amounts of money. Prepare for potential problems and hazards by making sure you have the right types of small business insurance coverage.
General Liability Insurance
General liability insurance provides comprehensive protection for your small business. It protects you from losses that can come about due to natural disasters, or lawsuits that come from customers. If a customer is injured while in your woodshop for example, general liability can cover the damages. General liability insurance grows with your company to ensure you have protection in place for new products, services and locations as you add them.
Business Owners Policy (bop)
A business owners insurance policy, or BOP, includes general liability and provides different types of property coverage options as well. A BOP is ideal small business insurance coverage for wood working companies like yours, because it can be tailored to fit your specific work and business style.
- Equipment Breakdown – If your business relies on special equipment and tools to create the wood working creations your customers desire, a BOP can protect you from losses when they break down.
- Buildings and Contents – If your company has a work shop building and that building is damaged in a storm, a BOP helps cover the cost of repairing the damage. If your wood working business is mobile, a BOP protects off site business assets as well.
- Business Income and Extra Expense – When natural disasters strike they can sometimes force you to stop work for an extended period of time. A BOP may cover the expenses involved with setting up a temporary work location, or cover you for lost income.
- Products and Completed Operations (Included In General Liability) – If you create a wood working masterpiece for a customer and they later claim that the work you provided caused them financial harm, a BOP can help protect you from those damages.
- Electronic Data – Savvy business owners know that keeping some of their data electronically is cost effective and efficient. When that data is corrupted by a computer virus or a power surge however, the cost of replacing it can be quite expensive.
- Newly Acquired or Constructed Buildings – As your company grows you may decide to purchase additional buildings to store materials in or to expand your workspace.
- Valuable Papers Protection – If you keep valuable papers in your wood shop or office, losing them can be devastating to your company.
- Employee Dishonesty Coverage – Sometimes even your most trusted employees can resort to dishonest actions when times are tough. Employees may take small wood working supplies or tools home to use themselves, or they may commit large dishonest actions such as charging personal goods on the company credit card. Protect your wood working shop from these types of losses with your BOP.
Commercial Auto Insurance
If you drive, even occasionally, for business purposes then you need commercial auto insurance coverage. Business auto insurance can cover the cost of repairing or replacing a vehicle and paying medical expenses when auto accidents occur.
If your wood working shop employs other personnel, you must protect them with workers comp insurance. This is required by law in every state of the nation. Workers comp insurance takes care of your employees if they become injured while working. It pays their hospital and doctor expenses, prescription costs, rehabilitation and more.