How much insurance do carpenters and joiners need?

Your insurance requirements depend entirely on your business needs. Public Liability Insurance is a core policy, but whether a business needs £1 million or £5 million in cover depends on the work it carries out. The level of Tools in Transit Insurance depends on the value of your tools, and the level of Personal Accident Insurance or Income Protection Cover you require depends on how much you want to receive if you become injured and unable to work.

You may wish to have incredibly well-rounded cover, such as protecting your business from paying out for legal representation in the event of payment disputes, or if you wish to receive a lump-sum payment if you’re forced off the tools with Income Protection Insurance, or if you want to protect your laptop and phone with Gadget Insurance. But you can get by with just £1 million of Public Liability cover if that’s all that you need. It depends on the level of financial protection you want to give your business.

What factors affect the cost of carpenters and joiners insurance?

Several factors affect the cost of an insurance premium: the risk level of your trade, your business’ turnover, the number of workers you employ, your claims history, your experience, the type of work you carry out, and the cover you want to take out.

We’ve put together a handy in-depth guide on how insurers determine which trades are riskier than others.

Is more cover always better?

More isn’t necessarily better. Your level of cover depends on your business needs. If you’re working solely on small domestic properties, you may only need £1 million in Public Liability Insurance. Still, if you’re looking to take on contract work or work for local councils, you may need a higher level of cover. Rhino offers up to £5 million in Public Liability Insurance - take a deep-dive here.

The same goes for any cover that you may want for your tools. If you’re starting as a carpenter or a joiner, you'll likely have less equipment than someone who has worked in the industry for 20 years, so you may only need £1,000 worth of cover compared to a more experienced carpenter who may need £5,000. But remember, you'll need proof of purchase, such as receipts or invoices, when making a claim should your tools be stolen.

Please note: Tools in Transit Insurance is an add-on policy to Public Liability Insurance, and cannot be purchased as a stand-alone product.

Do you need different levels of cover for different jobs?

When taking out insurance, you should take out the appropriate amount of cover for the various types of jobs your business does. If your business requirements change during the 12-month cover period, you can speak to the team at Rhino to make the necessary change. Increasing your cover level will result in a higher premium. Likewise, a decrease in cover would result in a lower premium.

Can carpenters and joiners get cheaper insurance?

Rhino’s Public Liability Insurance for carpenters and joiners starts at £6.07 per month and can be purchased online or by calling the team on 0116 243 7904.

Rhino offer a broad range of products that help protect self-employed carpenters and joiners from the various pitfalls you might face when running a business. These include:

• Employers’ Liability Insurance - £6.07 per month

• Professional Indemnity Insurance - £19.60 per month

• Tools in Transit Insurance - £4.74 per month

• Legal Expenses Insurance - £7.08 per month

• Personal Accident Insurance - £7.42 per month

• Income Protection Insurance - £5.52 per month

How can Rhino help find you the right level of cover?

With ease. Just pick up the phone and call the team on 0116 243 7904, Monday to Friday, 8.30 am to 5.30 pm. Or, if you know what cover you need, jump online and get a quote now.