Insurance for Your Woodworking Business

Whether it is a fascination with the craft, or just wanting to work with your hands, running a woodworking business can be rewarding for many different reasons. Whether you are running a woodworking business on the side, or have decided to make it your full-time income, having insurance is an essential step.

What Insurance Does My Woodworking Business Need? 

Wondering what insurance your woodworking business should have? Below are some coverages that are common. Because every business is unique, you should talk with a local insurance agent to see what coverages your business should consider.

Business Owner’s Policy

If you are just getting started with your woodworking business, a BOP, or Business Owner’s Policy, maybe be worth considering. A BOP is a policy that combines both general liability and property insurance. If you are looking to select these coverages, a business owner’s policy may be more cost effective than purchasing these coverages separately.

General Liability Insurance  

General liability insurance helps to provide your woodworking business with protection for certain third-party liability claims related to your business’s operations (for instance, if someone was injured as a result of a trip and fall accident at your business’s location). Some general liability policies also include coverage for certain types of personal and advertising injuries, such as claims for defamation or copyright infringement.

Commercial Property    

Commercial property insurance can help protect your business against certain types of physical damage to your building and the contents within. Whether you own the building or lease the space, commercial property insurance is highly recommended. The following are some of the assets commercial property can help insure:

• Your building
• Your furniture
• Your inventory
• The equipment that your business runs on, like saws, tools, and planers
• Outdoor signage, banners, and other materials

Workers’ Compensation 

If your woodworking business has employees, Workers’ Compensation may be a state requirement. It can help cover medical bills for employees who are injured or become ill because of work related events. It can also help cover a portion of lost wages.

Professional Liability Insurance  

Sometimes called errors & omissions insurance, professional liability insurance can help protect you if a client believes that a mistake you made in connection with your professional services caused them harm and decides to sue you. In today’s legal landscape, depending on the nature of your woodworking business, it may make sense for your business to consider this coverage.

Pollution Insurance 

Even with prevention measures in place, pollution is still possible. As a business owner, you should take note that pollution coverage is a common exclusion in most general liability policies. Oftentimes you can purchase a separate pollution liability policy.

Compare Insurance Quotes for Your Woodworking Business 

Requesting quotes from different insurance carriers can be a time-consuming process. As a business owner, you are likely juggling day-to-day tasks.

Our local insurance agency works with over 100 different carriers, from New England based companies to national names. We can work with you to show you insurance coverage options for your business.

Wondering how much it will cost to insure your woodworking business? The answer can vary depending on:

• The number of employees you have
• Where your business is located
• The cost of your equipment and tools
• The coverages you choose

To get a picture of what it could cost to insure your business, reach out to our local insurance agency and request a quote. Starting the process is as simple as filling out our form here, or you can give us a call. From there, an insurance professional will connect with you to gather more information on your business.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.