Insurance for Woodworkers

All businesses face some risks. Risk exposure is an expected part of operating a business. When dealing with customers, materials, and intellectual property, risk is almost impossible to avoid. For woodworkers, that risk can be even greater than average. Avoiding risk altogether is a difficult, if not impossible, task. Still, it is possible to lessen the consequences of risk with Woodworker Business Insurance.

Woodworker Business Insurance transfers most of the financial responsibility for accidental damages from the business owner to the insurance provider. This allows the business owner to operate effectively without worrying that the risks of daily operations could lead to injuries or lawsuits. These types of losses could be devastating to the future of the business.

Business Owners Policy (BOP) For Woodworkers

Woodworker Business Insurance provides a wide range of coverage choices that give the business owner complete control over the amount and type of risk they wish to cover. This is particularly important to woodworkers since their work can take place in many locations. Also, the types of machinery and materials used in woodworking can present significant risks to both employees and customers.

From general liability to commercial auto insurance, Woodworker Business Insurance provides the protection your business needs to allow you to focus on what matters most – the value you provide to your customers. The question remaining isn’t whether or not you need Woodworker Business Insurance, but instead, what types of coverage options are best for your business?

General Liability

General liability insurance (GL) is the backbone of your Woodworker Business Insurance plan. It provides a comprehensive protection approach tailored to your business. Your GL coverage has three primary parts: premises liability, products liability, and completed operations. These coverages protect your woodworking business from expensive medical bills and lawsuits related to your premises, products, and processes.

Mistakes can and do happen, and without these coverages, those seemingly tiny mistakes can lead to substantial financial consequences.

Inland Marine

A Commercial Inland Marine Floater protects your business woodworking property as it moves from location to location. This coverage provides much broader protection than a standard property insurance policy. Most other property policies are named peril policies. For these policies, if the risk isn’t listed in the policy isn’t covered.

In contrast, Inland Marine provides coverage on an all-peril basis. This means any risk not excluded from the policy is a covered risk. The most common causes of loss covered by Inland Marine include accidents, theft, and vandalism. This coverage is particularly important for tools, equipment, and merchandise of high value.

Your business property is key to your business’ success. Inland Marine coverage ensures your property is there when you need it.

Workers Compensation Insurance

Workers Compensation Insurance is a valuable asset to a business and is also a requirement in most areas. This type of coverage provides for the cost of wage replacement, benefits, and medical expenses if your employee gets hurt at work. Carrying workers’ compensation coverage isn’t simply good business. It can also help you avoid costly penalties, fines, and lawsuits.

Commercial Auto Insurance

When someone in your woodworking company must drive for business reasons, it’s important to protect yourself with commercial auto insurance. If an employee is in an accident while carrying out business duties, the medical, property, and legal costs can be significant. Commercial auto insurance offers varying levels of protection and takes on the majority of the financial consequences of a loss.

Surety Bond

A surety bond is a legal contract. This contract ensures the person requiring the bond that the project will be completed based on the agreed-upon contractual obligations. In a surety bond, the surety (bond provider) agrees to pay the obligee (business or person requiring the bond) an amount of money if the principal (business or person required to purchase the bond) does not follow through on their contractual commitment. Many clients or governmental bodies require surety bonds to take on their projects.

Surety bonds come in a variety of types for differing purposes, including bid, performance, payment, and maintenance bonds.

How Much Does Woodworker Business Insurance Cost?

The cost of Woodworker Business Insurance varies according to the needs of the business. Because no two businesses are alike, neither are their insurance needs. The cost of Woodworker Business Insurance can range from several hundred dollars per year to several thousand. However, the financial risk of not carrying this insurance can be much greater. Payment options and a wide range of coverage options make Woodworker Business Insurance easy to get and cost-effective.


How To Get Woodworker Business Insurance

The first step to obtaining Woodworker Business Insurance is to review your needs. That’s not always an easy task to complete on your own. USA Business Insurance has qualified professionals ready to customize a quote to address your unique business protection needs. From there, we keep the process of protecting your business with Woodworker Business Insurance simple. By doing so, we get you back to doing what you love most. There is nothing like the peace of mind of knowing that you are protected while taking care of your customers.

While we offer a wide range of insurance products, business insurance is what we do. We pride ourselves on specializing in providing superior coverage for small businesses. Regardless of the insurance needs of your woodworking business, we have a combination of coverage perfectly suited for your business and its risks.




Woodworker Insurance Costs

Woodworker Business Insurance FAQs

We’re big believers in keeping things simple, so ask us anything and we’ll answer honestly and without the jargon.

Why Do Woodworkers Need Insurance?

You worked hard to build a successful woodworking business. However, even though you put protective measures you put in place, accidents can happen. Those accidents can put your business at financial risk. Just the cost of defending yourself from a lawsuit can be more than some businesses can handle.

In addition, protecting your customers and employees is just good business. Sometimes, business owners simply need business insurance in order to compete for projects. The bottom line is that woodworker business insurance protects your business from the unknown so you can continue to grow and serve your customers.

What are the Risks Facing Woodworkers?

Woodworkers face the risk of injury to employees, customers, and business property. In addition, the risk of legal liability from any of these can be significant. Woodworkers face exposure to machinery and processes that can lead them to heightened risk. Because projects may be completed either in shop or at remote locations, transportation risk provides another issue of the unknown regarding potential losses.

The greatest risk to woodworkers is the risk of facing an accidental loss without proper insurance coverage.

Is Business Insurance Required for Woodworkers?

Woodworker Insurance requirements can vary by state and even by project. While some types of insurance may be required, others are not. The important consideration is not whether insurance is required for your woodworking business, but does it make good financial sense?

Waiting until an uninsured loss happens could immediately put your business at financial risk. It could also affect the future cost and eligibility risk for insurance coverage.

However, when you do have required coverage needs for your business, having a trusted insurance advisor who understands those requirements can make doing business easier. When that advisor can also meet those requirements with the least amount of trouble to you, your business also becomes stronger.

Are Monthly Payments Available For Woodworkers Insurance ?

Most woodworker insurance policies come with monthly payment plans. Usually a down payment is required to start a policy. Please ask your agent about a low down payment option.

What Are The Penalties To Cancel My Policy ?

We don’t penalize our customer. When you cancel your General Liability Insurance, you are not required to pay additional fees or penalties. You are however required to pay your premium dues up to the cancellation date. The remaining payments will be cancelled after a cancellation is processed.