Carpenters have some specific insurance needs based on the risk associated with the construction industry, the following checklist will help you understand the risks.
1) Product Liability Product Recall
The use of lower-quality materials, not following specifications or building codes and Defective work may result in substantial bodily injury or property damage claims. Make sure your policy has you covered.
2) Fire and Perils General Property
The materials used like wood, sawdust, chips, shavings, adhesives, paint, lacquers, solvents and stains etc, increases the fire load and fire risk exposure in the premises and at the contract site. Tools are often stored on utes or left onsite overnight, are they covered?
3) WorkCover or Workers’ Compensation
If you have employees you need to check the local workers compensation requirements for your state. In some states if you are self employed or a working director you may not qualify for workers compensation, you have to consider if you get sick or injured and can’t work for a period of time how would it impact your financial situation, if you don’t qualify for cover maybe look at Income Protection Insurance.
4) Machinery Breakdown
Could you continue to work if your machinery was damaged, destroyed or broke down? Get our team to look at cover to get back on the job a quick as possible.
5) Public Liability
Onsite your exposure to the public may be limited, however work away from premises is a major risk. Third parties may be injured by work activities, machinery or falling materials.
Still not sure talk to the team 1300 046787
Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.
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