How much does insurance cost for carpenters?

Carpenters pay a median premium of less than $70 per month, or $835 per year, for general liability insurance. This policy provides protection against third-party injuries, third-party property damage, and advertising injuries.

Carpenters can often save money by bundling general liability insurance with commercial property insurance in a business owner’s policy (BOP).

Median cost per year: $835
Policy limit: $1 million per occurrence
Deductible: $500

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

The median cost of workers’ compensation insurance for carpenters is less than $290 per month, or $3,470 annually. This policy, which is required in almost every state for businesses with employees, can help cover medical fees and lost wages for work-related injuries and illnesses. 

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

At a median rate of about $150 per month, or $1,805 per year, commercial auto insurance provides coverage for vehicles your carpentry business owns. This policy can help pay for property damage and medical costs in an accident. It also covers vehicle theft and damage caused by weather and vandalism.

Median cost per year: $1,805
Policy limit: $1 million 

Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.

Carpenters pay a median premium of about $15 per month, or $170 annually, for contractor’s tools and equipment coverage. A form of inland marine insurance, this policy helps cover the repair or replacement of a carpenter’s lost, stolen, or damaged tools and equipment.

Median cost per year: $170
Policy limit: $5,000 

Learn which coverage limits to choose and more on Insureon's contractor's tools and equipment insurance cost analysis page.

Carpenters pay a median premium of about $90 per month, or $1,065 per year, for professional liability insurance. This policy, also known as errors and omissions insurance (E&O), protects carpenters from client lawsuits claiming unsatisfactory, negligent, late, or incomplete work.

Median cost per year: $1,065
Policy limit: $1 million per occurrence
Deductible: $750

A carpenter may be able to combine professional liability insurance with a general liability insurance policy for increased savings.

Learn how to reduce your premium, which coverage limits to choose, and more on Insureon's professional liability insurance cost analysis page.

Construction businesses and contractors pay a median premium of about $8 per month, or $100 per year, for surety bonds. A surety bond reimburses your client if you're unable to fulfill the terms of a contract or other agreement.

Median cost per year: $100
Bond amount: $10,000

Learn how to reduce your premium, which bond amount to choose, and more on Insureon's surety bond cost analysis page.