Working as a cabinet maker, you are presented with many risks from the moment you pick up your tools. Protecting your business against unplanned challenges, like an accident or a claim, should be considered as part of your risk management plan and can be done easily with the right kind of business insurances in place. Regardless if you are self-employed, a sole trader or a contractor, there are business insurance options to suit your business and its needs.
Let’s take a look at what is often one of the most important types of insurance for cabinet makers, Public Liability insurance.
What is Public Liability insurance*?
Typically one of the most well-known insurances in the trades industry, Public Liability insurance is one of the main types of insurances to consider when protecting your cabinet making business.
It is designed to provide protection for you and your cabinet making business if a customer, supplier or a member of the public brings a claim against you after they are injured or sustain property damage as a result of your negligent business activities. It will cover legal fees and compensation costs associated with that claim.
You may take all the care in the world, following safety guidelines by the book and ensuring your workspace is safe, but the unfortunate reality is, accidents can still happen. A simple incident could be enough to cause havoc not only to your business’ reputation but also where it hurts most, your back pocket.
Why do Cabinet Makers need it?
If your business activities were to cause a situation for a claim to occur, without having Public Liability insurance in place, you may be held financially liable for any resulting legal expenses or damages. Even if you are not found liable, the legal defence costs could be enough to send you out of business for good.
Working with tools and chemicals to create your cabinet masterpieces, isn’t a task without risk. For example, you may be working at a client’s home installing cabinets, they trip over an extension cord for your tools and injure themselves, or you might accidentally spill chemicals damaging their carpet.
While it not only gives you peace of mind knowing that there is protection in place for when disaster strikes, Public Liability insurance may also be a requirement if you are working under a contract or as a condition of entry to a worksite. If so, make sure you have your Public Liability insurance policy sorted before you pick up the tools and that you have the right level of cover required.
What can happen if your business is left uninsured?
Public Liability insurance is a common type of business insurance that different kinds of businesses take out as protection. Operating as an uninsured cabinet maker is a risky move, especially if you take the time to understand the associated costs involved with a claim.
If you accidentally caused property damage or injury to a third-party through your negligent business activities, the legal and compensation costs if awarded could cause financial devastation for your business as you would be held personally financially liable. This could put your personal assets, like your home and belongings, at risk if a claim against you succeeds and you do not have other means to pay the award amount. Having Public Liability insurance in place means you can access assistance with a claim, providing support throughout the whole process.
The first steps will involve your insurer, investigating the claim made against you to help determine what you may or may not be responsible for. Your Public Liability insurance covers your reasonable legal costs, even if you are not found negligent.
At BizCover we care about helping Australia’s small businesses get protection. We deliver hassle-free insurance solutions for cabinet makers, so when things don’t go to plan (knock on wood) you have peace of mind knowing your business is covered. Get in touch today to access quotes from some of Australia’s top insurers and arrange your cover in minutes.
