Interior Carpenters Liability Insurance
Interior carpenter liability insurance is written to cover the exposure and the risks that you, as a carpenter, take on the job each day. While it may be satisfying work, your business is also risky. When an inevitable mistake does get made you want your liability insurance to be there for you.
If your insurance is underwritten by a financially sound, reputable company, you should have no problem being made whole after a loss.
Expenses Liability Insurance Will Pay For
Your GL (General Liability) policy serves as the key part of your insurance program. It will pay out on the following:
- Reasonable defense fees being charged by the court, attorneys, witnesses, etc.
- Any settlement that is reached
- Any judgments ordered by the court
- The cost of your time as you do work on your case
- Any bond premium
Anyone performing tasks or activities for your business is covered. This could be employees, yourself, partners, directors, officers, stockholders, spouses and family members. As long as you officially authorized the work, they’re covered.
Coverages Included Under Your General Liability Policy
There are several coverages that come with your GL policy—some you probably are aware of and some you might not be familiar with.
Bodily Injury: If you have a claim against your business for BI, it could get costly. Bodily injury protection occurs when an individual is injured while on your premises. It pays the medical bills, court-required compensation and loss of services compensation claimed by the injured party.
Property Damage: PD refers to any property that is made useless because of damage caused by someone in your company. It pays the bills to repair the property as well as the loss of use amount, if necessary.
Products and Completed Ops: If you used construction material that is later found to be sub-par or did work found to cause damages, products and completed operations coverage will handle those claims.
Medical Payments: These bills are paid regardless of who is at fault. This section of the policy is set at lower limits and the payments are made immediately in the hopes of avoiding a more costly lawsuit.
Personal and Advertising Injury: If you infringe on a copyright or a trademark, or make libelous or slanderous comments about a competitor in your business advertising, this coverage will handle the claim.
Damage to Premises Rented to You: Any damage that occurs to any space you rent or lease will be paid for by this coverage.
Interior Carpenter Liability Insurance Claim Scenarios
- Scenario 1: A homeowner hires an interior carpenter to install new cabinetry in their kitchen. During the installation process, the carpenter accidentally damages the homeowner’s existing countertops, and the homeowner files a liability claim against the carpenter for the cost of the damage.
- Scenario 2: An interior carpenter is working on a job site and accidentally injures a fellow contractor. The injured contractor files a liability claim against the carpenter for medical expenses and lost wages.
- Scenario 3: An interior carpenter installs a new staircase in a home, but fails to properly secure it. As a result, the staircase collapses and causes injury to a family member living in the home. The family member files a liability claim against the carpenter for their medical expenses and any other damages.