Carpenters Insurance

As the owner of a carpentry business you take on many responsibilities. You probably spend most of your time at one job-site or another another. Whether you work with corporate customers or residential clients,you must keep track of each project and all of the details.  As part of of those details, you must make sure your business is fully protected.  Risk and liability can arise in many ways and you need to have the right  types of commercial insurance.  You need to make sure you cover other third partes in case they are injured as a result of the work you perform and make sure you cover yourself and your own employees in case of an accident or injury.

As an independent agency, FirstCapital can help you find the right insurance as we write insurance from various carriers through the business relationships that we have formed. Unlike other Insurance agencies FirstCapital is owned and operated by a practicing attorney in California who will provide a FREE RISK ANALYSIS AND POLICY REVIEW as part of their search for insurance.

  • Fast Quotes
  • Competitive Rates and Premiums
  • Quotes, Binding Authority and Insurance Certificate in Minutes
  • Surety Bonds

One Unique aspect of the construction business is the Action Over Claims that can render your business self-insured for injuries to your employees and the employees of your subcontractors notwithstanding any workers’ compensation insurance you may have.  If your current agent has not spoken to you about such gaps in coverage, or you do not know or understand what an Action Over Claim is, you need to call us immediately as we can insure you are covered under such instances.  Don’t be shy call us.  Most contractors do not know about Action Over Claims until it is too late and they are on the hook for all the damages of an injured worker.  But, remember you can insure against such risks.

Unlike many agencies we can generally write insurance for New Businesses and for those with a gap in insurance coverage.  Others won’t even consider you claim but we can generally write such insurance. Certainly any insurance history you have and time without claims will be considered as a credit to your advantage when the underwriters consider your premiums.

GENERAL LIABILITY INSURANCE (CGL)

All independent carpenters and small carpentry companies should carry general liability insurance. This coverage helps protects you from unexpected events, problems and potential hazards. If you work from a carpentry shop that customers visit, general liability protects you if someone gets hurt while they’re there. It also protects you if the customer’s property is damaged on your premises. It protects you from losses that might arise due to natural disasters, product liability and advertising liability as well. This is a solid, all around insurance plan for small businesses that grows with your needs.

BUSINESS OWNERS POLICY

A business owners policy (BOP) includes general liability and expands to cover business property as well. This insurance plan can be tailored to meet the specific needs of your carpentry company.

  • Equipment Breakdown – Whether you work from a stationary location or you go to each individual job, when your equipment breaks down it can be costly. Repairing or replacing the equipment may not be in the budget, and you can lose income if machines aren’t working as well. A BOP protects you from these types of failures by covering the costs of repairing or replacing your professional work equipment.

  • Buildings and Contents – When you work from a shop you rely on having the building available and fully functional so that your business can operate. You also may have important physical assets inside such as office furniture and workshop machines. A BOP can take care of the costs that come up when your buildings and their contents are damaged or destroyed, such as from a natural disaster.

  • Business Income and Extra Expense – If your business structures or content are destroyed you can lose a lot of income due to not being able to perform your work. A BOP can provide for lost business income or help you with the added expenses of renting temporary work spaces and machines.

  • Products and Completed Operations (Included in General Liability) – As acarpenter there may be times when you complete a job but it comes back with problems at a later date. If this happens, a BOP can be there to help.

  • Electronic Data – A BOP helps cover the expenses involved with recovering lost electronic data files that are critical to the operation of your business.

  • Newly Acquired or Constructed Buildings – As your business grows you may decide to add more workshop space or an area to display work to potential customers.

  • Valuable Papers Protection – If you keep valuable papers in your office, such as original blueprints or contracts, a BOP can protect you if those are damaged or destroyed.

  • Employee Dishonesty Coverage – Employee theft or dishonest practices is an unfortunate fact of business. Your BOP policy can protect you from losses caused by unauthorized credit card uses or funds transfers and tangible property theft among other things.

COMMERCIAL AUTO INSURANCE

Business auto insurance protects your company if there is an accident. It can cover vehicles used for business purposes even if they are not company vehicles.  You also may need Inland Marine Insurance which can protect equipment that is not intended on the road and other personal business property associated therewith.

WORKERS’ COMPENSATION INSURANCE

Workers’ comp insurance is required by law when you have employees. It protects you and them from having to pay for medical care and expenses if they are hurt on the job. We also will advise as to Action Over Claims as mentioned above.  Most Workers Compensation insurance exclude third party claims. Many time the General Contractor, or hiring contractor have created an unsafe workplace for the subs an they are responsible as third parties for the injuries to your employees or the employees of your subcontractors.  If the General Contractor or the Hiring Contractor has a Hold Harmless Clause in your contract (most do) that can put the legal responsibility for such claims back on your plate even though you have worker compensation.  You need to guard against such risk.  If you currently have an insurance agent they probable have never mention such risk or gaps i your current insurance.  Call us (818) 451-3878 and we can fully explain these types of risks that are very prevalent in the construction industry.

SURETY BONDS

Surety bonds act as guarantees that you can fulfill a contract. You may be required to be bonded before you can win a government or large corporate carpentry contract.

FAULTY WORKMANSHIP

Your General Liability Policy probably does not cover Faulty Workmanship.  Most construction companies, contractors and tradesmen aren’t even aware that such coverage is available.  When there is a mistake on the job arising out of faulty workmanship, materials or products you incur a major cost to fix such problems – not to mention the damage to your reputation and lost business as a result.  Your best move is to fix the problem.  With Faulty Workmanship coverage you hedge your losses for such mistakes.  You will have the ability to cover the cost of the mistake and your client gets the job done right.  You have saved your reputation and the client will call you again.

CALL US FOR A FREE RISK ANALYSIS AND POLICY REVIEW BY AN ATTORNEY

(818) 451-3878

Contractors General Liability Insurance Coverage and Faulty Workmanship

Look Closely.  Your General Liability Policy probably does not cover Faulty Workmanship.  Most construction companies, contractors and tradesmen aren’t even aware that such coverage is available.  When there is a mistake on the job arising out of faulty workmanship, materials or products you incur a major cost to fix such problems – not to mention the damage to your reputation and lost business as a result.  Your best move is to fix the problem.  With Faulty Workmanship coverage you hedge your losses for such mistakes.  You will have the ability to cover the cost of the mistake and your client gets the job done right.  You have saved your reputation and the client will call you again.

Here are some examples based on work class

  • 98304 Paint Exterior (3 Stories & Under) – After completing the exterior painting of a house, the paint begins to peel and deteriorate. Thus, the entire house must be re-painted.
  • 91340 Carpentry – Residential Failure to obtain a permit or meet building codes and building department requires removal of the work performed
  • 92478 Electrical – Within Buildings Installation of wiring, switches, breaker, or fixtures that are either insufficient or in contravention with plans and specifications requires replacement
  • 94569 Floor Covering – No Tile Improper installation of vapor barrier may cause warping and require replacement of exotic wood flooring
  • 95647 Heat/AC  – no LPG While replacing an HVAC unit, faulty installation of the new unit causes the heat exchanger or compressor to fail, requiring costly repairs
  • 99746 Tile/Stone Installation – Crooked, hollow sounding, or uneven tile, or tile used in contravention of the plans and specifications requires demolition and replacement of the tile

Almost all policies exclude and do not cover such occurrences.  The Faulty Workmanship endorsement is unique and hard to find.  Call us for a free consultation on your risk management.  Our Staff attorney will talk to about your exposure.

FirstCapital Insurance Services

(818) 591-1755

Commercial Lines – Business Insurance

Business Insurance: Product Optionsblacksmith

Whether you have a small business as a carpenter, Auto repair shop, electrician, landscaping, retail store, etc…, or a larger company involved in manufacturing, car dealership, import/export, etc.., you will rest easier knowing your assets are covered by the appropriate insurance policies.  We provide access to the policies business owners need, such as.

General Liability Insurance

The cornerstone of most risk management plans, General Liability Insurance steps in when a third party sues over bodily injuries, property damage, or advertising injuries. A “third party” can be anyone who you don’t employ. GL Insurance can cover legal costs, medical damages or replacement property expenses.

Commercial Property Insurance

Because most small businesses rely on some sort of office space, equipment, or inventory, Property Insurance is another key piece in your risk management arsenal. It pays to repair or replace insured property when it has been damaged or lost in a covered event, such as a fire, windstorm, or theft.

Business Owner’s Policy (BOP)

A Business Owner’s Policy (BOP) is offered generally to small businesses. By combining two popular coverages – General Liability and Property Insurance – a BOP keeps your client’s rates low while still providing them with basic liability and property coverage. Some BOPs also include Business Interruption Insurance, which covers lost revenue when a property claim forces your client’s business to temporarily halt.

Commercial Auto / Hired & Non-Owned Auto Insurance

Commercial Auto and Hired & Non-Owned Auto Insurance protect the vehicles you use to conduct business. Commercial Auto covers the vehicles you own, both when they are damaged and when they cause damage. Hired and Non-Owned Auto Insurance covers liability for damages caused by the vehicles your client rents, leases, hires, or borrows for business purposes.

Cyber Liability InsuranceLaptop_Keyboard_by_TomvdW

Any company that relies on the Internet for their business should carry Cyber Liability Insurance. It covers the costs associated with data breaches, such as notifying clients affected by the attack, hiring forensic services, and rehabilitating your public image after the breach. Certain Cyber Liability policies can cover your client’s legal expenses if they are liable for a third party’s data breach.

Errors & Omissions (E&O) Insurance

Errors and Omissions Insurance protects against claims of professional negligence. If a disgruntled customer alleges they suffered a significant monetary loss because of incorrect or incomplete work, E&O Insurance pays for your client’s legal expenses.

Professional Liability Insurance

Professional Liability Insurance kicks in when a third party sues, claiming a financial loss because of your error, malpractice, or misrepresentation. Basically, if a customer or business partner sues for negligence, Professional Liability covers attorney fees and settlements or judgments.

Employment Practices Liability Insurance

Employment Practices Liability Insurance protects your client when they are accused of unfair hiring practices. If an employee – prospective, former, or current – makes an allegation of wrongful termination, sexual harassment, or discrimination, EPLI covers your client’s litigation expenses (e.g., lawyer fees and settlements).

Workers’ Compensation Insurance

If you have employees, state laws may require you to carry Workers’ Compensation Insurance . This coverage is twofold. The first part pays for medical expenses and lost wages when an employee suffers an occupational illness or injury. The second part, called Employers’ Liability Insurance, provides coverage when the employee alleges negligence led to the work illness or injury.

Umbrella & Excess Liability Insuranceumbrella 2

These two policies are very similar in that they strengthen the protection of General Liability, Employers’ Liability, and Commercial Auto / Hired and Non-Owned Auto coverage. Umbrella Liability Insurance can be applied to all three policies when their limits have been exceeded and you need more coverage. Excess Liability Insurance can only be applied to one of these three policies.

Liquor Liability Insurance

Most states have dram shop laws that hold a business liable when owners or employees serve alcohol to a visibly intoxicated patron who harms others. That means if a customer kills someone in a drunk driving accident after drinking alcohol your business provided, the deceased’s family members could sue. This makes Liquor Liability Insurance essential for any business that manufactures, serves, or sells alcohol.

Special Event Insurance

Special Event Insurance addresses your liability when hosting a short-term event, such as a sports tournament or a client outing. If an attendee or spectator ends up getting hurt or suffering property damage, Special Event Insurance kicks in, paying for medical expenses or damaged property. If the third party chooses to sue, Special Event Insurance pays your legal expenses.