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Exterior Carpenters Liability Insurance
Exterior carpenter liability insurance for those construction professionals who perform the outside carpentry work on commercial and residential structures is a must have. This insurance is designed to offset the risks and exposure that comes with the job.
To make sure your work is adequately insured, it’s best to get a policy that is specifically written for exterior carpenters.
An exterior carpenters GL (General Liability) insurance policy typically pays out on the following:
- Bond premium you’re required to put up
- Defense fees billed by expert witnesses, lawyers, the court, etc.
- A settlement that is agreed upon by both sets of attorneys and approved by the judge
- Court-mandated monetary judgments
- Your time for working on the case
Exterior Carpenter Covered Entities
Whoever does any activities related to your business is covered as long as you authorize the work. At a minimum all your employees and you are covered, for example.
Exterior Carpenter GL Coverages
Several coverages—some you might not know about and some you’re probably familiar with make up the whole of your GL policy.
Bodily Injury: BI claims can get costly because they pay out on an individual who has been injured on your premises. The objective of insurance is to make him/her as whole as they were prior to the injury. Accordingly, all expenses related to medical bills and lost compensation are usually paid.
Property Damage: If you or an employee inadvertently damage the property of another, the PD policy section will pay for it as well as for any loss of use of the property.
Products and Completed Operations: After the job is complete, it might be discovered that the material used was faulty and the workmanship was not to standard resulting in damages. If this happens, products and completed operations cover it and will be used to address the claim.
Medical Payments: Regardless of who is at fault, medical bills will be immediately paid up to the limits on this section.
Personal and Advertising Injury: Copyright or a trademark infringement, libelous or slanderous statements made in business advertising will be settled in this coverage part.
Damage to Premises Rented to You: Damage found in any property you lease or rent will be paid for with this liability coverage.
Limits on a liability policy read like this example: $100,000/$300,000. The way liability limits is:
- The $100,000 means that up to that amount will be paid on each individual claim—called an occurrence.
- The $300,000 means that up to that amount will be paid for all the claims totaled up on the policy (aggregate).