Carpenters Insurance in Maine
For existing or start-up Carpentry businesses in Maine looking for some help about Carpenters insurance in Maine for your business, we have assembled this short article that will help you answer these questions:
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How to find a carpenter insurance agency?
Do carpenters need professional indemnity insurance?
Do carpenters need insurance?
What kind of insurance do carpenters need?
We will also try to explain various steps you must take to turn your Carpentry business into a profitable reality.
Now that you chose to become a carpenter in Maine, you are joining one of the oldest and most honorable vocations with a history stretching back thousands of years. Maybe you came to this decision because it’s a tradition handed down through your culture.
Several people simply love to work with their hands and carpentry can be a fine way to do something you love and make a living at the same time.
But, a caution is required – do you really understand what are the necessary steps to turn a dream into a viable business?
If you were starting up fifty years in the past, all you would have required was a very basic set of tools, but business has evolved dramatically and now carpentry business in Maine need to be run in a completely different way.
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As well as simple hand implements, carpentry businesses in Maine now need advanced tools, which means you have to invest heavily in expensive equipment like lasers, precision lathes, and other hardware.
Your starting investment in the gear will be substantial, and so you have to consider to what could happen if the gear is vandalized. For this possibility, you should seriously be thinking about taking out enough insurance.
What kind of carpentry services are you selling?
The answer to this question will resolve what kind of, and how much, insurance you need.
In the carpentry sector in Maine, much of the demand for carpentry services comes from apartments located in the periphery.
This means you must have a means of transporting yourself and your equipment out to the workplace. This will mean you must ensure that your vehicle is adequately insured. You can read more about commercial vehicle insurance in Maine.
In Maine, there is also a lot of requirement for Carpentry services in damaged commercial buildings, requiring you to locate to temporary premises for semi-permanent work on-site.
Following from this, you could be storing your equipment in an unprotected environment. You should then safeguard your valuable assets with equipment insurance in Maine.
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It is essential to remember that when you are working on-site or in your own workshop, you are running your carpentry services as a business, and you need to carry all of the sorts of liability insurance we talk about below.
Why does a business require liability insurance?
Every business in ME carries risks of unplanned accidents, and so needs the basic kinds of liability insurance, to protect you in case something unexpected happens while you are working.
The most important kinds of basic liability insurance for businesses in Maine are:
General liability insurance / Public liability insurance
Public liability insurance for Carpentry businesses is important to protect you in case some accident causes injury to a person, or damage to their property.
If something happens while they are in the place where you are working, you could be sued for damages and the Maine court can judge that you are liable.
For Carpentry businesses, some of the most usual examples are trips and falls because you have many cables as well as tools in the place where you are working, and people are having to negotiate around the objects.
If anyone before, during or after you started working on a site has a fall, they may claim that your beams or tressels were placed dangerously, and sue for the damage or injury.
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You could be held responsible for the damage and if you lose the case you could have to pay large amounts of damages.
One problem for carpentry businesses in Maine is the possibility of fires started in the wood stored around the workplace.
It may catch fire if something inflammable comes into contact and the consequences could be total ruin of the whole workplace.
Also there is the instance of improper electrical wiring starting a fire.
Carpenters’ General liability insurance can cover your for all these conceivable claims.
Normally, new carpentry businesses should take around $1 million protection in public liability insurance for a single claim, and $2 million for the full year.
Professional Liability insurance / Error & Omission insurance for Carpentry businesses in Maine
Think about where you are contracted to repair a staircase in a large home, and an accident stops you from completing on time.
As a result, a party that was due to be held has to be postponed, and you end up being sued for the consequences
Now the customer could sue for any consequential costs, plus damages for loss of reputation and other such losses.
When a court decides against you, you will have to pay out the money from your own resources.
Apart from the stock of raw material there’s a large investment in your equipment and tools, workbenches etc.
Commercial insurance in Maine is especially designed to take into account the dangers that can end up costing you a great deal of money.
Maine is prone to special hazards when it comes to its work sites, and every business must take out the necessary cover to protect your property and contents against loss.
As well, the possibility of storms is increasing because of climate change, so every carpentry business owner should take care to get all the insurance necessary to cover even these remote possibilities.
Business Income insurance
As well as the upheavals of the pandemic, there have recently been developments in Maine that have hit the carpentry sector businesses hard.
Getting proper insurance is wise and it’s better to have it in place before any further calamity occurs, because you cannot simply hope that you will never be caught short again.
Can a carpentry business get temporary insurance if are you are not operating full-time?
Some insurance companies in Maine have begun to sell 24 hour insurance for carpenter liability covering where a carpenter can nominate a specific period when s/he needs cover, when they are not working full-time.
You will save your insurance cost by having lower premiums while still having the same risk cover.
You buy the cover for a monthly basis like monthly carpenter liability insurance and one day carpenter liability insurance covering a specific period, like a day, or for a month starting on the stated date.
The great effect for you is that you do not end up wasting money paying yearly premiums covering times when you are not looking for full-time insurance cover.
Do other self-employed enterprises like carpenters take out insurance?
General liability insurance is a essential type of insurance coverage for anyone involved in business operations in Maine that provide specialized labor and material services to their customers.
Carpenters carry very similar risks to General Contractors and Painters and Electricians, because of the need to be using special equipment out in the open.
These create higher risks of accidents happening to passers-by, and must covered by general liability insurance in Maine.
Many other general service providers, such as solar panel installers, plumbers, stagers are also subject to such risks in the workplace, and take out the proper insurance.
Average costs of these types of insurance in Maine
Although every enterprise is unique, there are enough examples of standard quotes from insurance companies in Maine for us to give rough guidelines.
Of course, you should always check with an insurance representative of what’s relevant for your business.
The list below is a rough estimate of average annual premiums for the main types of insurance retailers need in Maine and could change.
|Types of insurance
|General liability insurance
|$357 – $869
|Public liability insurance
|$341 – $722
|$413 – $1378
|Business income insurance
|$407 – $1014
|Commercial vehicle insurance
|$1692 – $3367
|$1030 – $2161
Where to find the right insurance
The best way to find the proper, and most affordable insurance in carpenters Insurance in Maine is to start internet searches that will point you in the right direction.
As well, talk to qualified insurance agents or brokers that can advise you on your best options.
You may also use the Maine Better Business Bureau offices and local newspapers.
Most independent brokers and agents work six days a week, with the following opening times.
Monday to Friday: 8:30 AM – 5:30 PM
Saturday: 8:00 AM – 1:00 PM