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How much does insurance cost for carpenters?

Carpenter insurance costs depend on your policy limits, your business risks, the value of your equipment, and other factors. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs 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.

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

Learn more about general liability insurance.

Workers’ compensation insurance icon

Workers’ compensation insurance costs for carpenters

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 more about workers' compensation insurance.

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Commercial auto insurance icon

Commercial auto insurance costs for carpenters

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
Generic policy limit: $1 million

Learn more about commercial auto insurance.

Contractor’s tools and equipment coverage icon

Contractor’s tools and equipment insurance costs for carpenters

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
Generic policy limit: $5,000

Learn more about contractor's tools and equipment coverage.

Professional liability insurance icon

Professional liability insurance costs for carpenters

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, protects carpenters from client lawsuits claiming unsatisfactory, negligent, late, or incomplete work. A carpenter may be able to combine professional liability insurance with a general liability insurance policy for increased savings.

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

Learn more about professional liability insurance.

Get free quotes and compare policies with Insureon

At Insureon, our construction and contracting insurance agents work with top-rated U.S. carriers to find coverage that fits your carpentry business, whether you operate independently or hire employees. Apply today to compare quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in the unique risks facing carpenters.

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