Joinery can be a risky business.
Timber joinery is a specialised industry, providing critical windows and doors, flooring, cabinetry and much more for buildings and homes across New Zealand. Although it often flies under the radar, the joinery sector holds an important place in the world of both domestic and commercial construction. Producing quality timber joinery is no simple task, requiring specialised machinery and woodworking tools as well as human skill and craftsmanship.
Risks associated with joinery
Making timber joinery involves an array of woodworking practices and equipment. As in any such setting, there are risks involved that can be mitigated with the use of safety equipment, training, and safe conduct. The primary concerns for anyone working in joinery include:
● Fire. In a workshop situation, fire is a primary risk due to the machinery and electronics in close quarters with a lot of wood (fuel). Insurers receive many fire-related claims each year from this industry.
● Workplace injury. This is a concern for anyone in joinery or similar industries. Making joinery involves the use of complex machinery, tools, and equipment. While safety measures greatly reduce the risks, no person or machine is infallible.
● Burglary. This is a risk that just about any person or company takes on when they own property, and woodworking equipment is costly and time-consuming to replace.
Insurance options for the joinery sector
Businesses will find they need a combination of different covers to be, well, covered. These are some of the most important insurances for woodworking joinery companies.
Liability
While ACC in New Zealand does cover the majority of workplace injury claims, there are some cases in which an employee’s injury can incur costs to a business. For example, if there is a serious workplace incident the business as a whole may be required to shut down for several days resulting in loss of revenue, due to an OSH investigation. In these cases, having a relevant insurance policy to pay out the loss is a huge relief to business owners, as well as the potential day-to-day liabilities of employing staff and running a business.
Liability insurance will also cover any costs accrued by employees or products causing third-party damage. This is further protection for joinery businesses against the expenses that come with accidents of many kinds.
Buildings, Plant and Equipment, and Stock
It’s important for any company to ensure their assets are accounted for with adequate insurance cover in case of damage or destruction—by fire, as an example. This includes any premises, all equipment and machinery, and all other contents such as any stock kept at the place of business. For a woodworking company, stock may mean crucial supplies of wood, hardware, and other components.
Business Interruption
A fantastic safety net for any business, this cover will minimise the financial impact of any insured interruption to your usual operations through a variety of circumstances outside of your control. If, for example, you did experience a workshop fire, business interruption insurance would mean that you would be covered for loss of income or temporary premises.
Motor Vehicle
Company vehicles are essential in many industries. Woodworking businesses rely on vehicles to transport materials and finished products—among other things—making commercial vehicle insurance just as important as policies for personal vehicles. Any business with vehicles as a crucial part of operations should have cover that will pay for damage or theft as well as third-party cover in case an employee is at fault in an accident.
The insurance broker advantage
As experienced insurance brokers and members of the NZbrokers national group, Runacres can find and tailor relevant insurance packages for specialist businesses including those in the joinery trade. No insurance solution fits everyone, a fact of which our team is well aware. We use local knowledge, industry experience and our connections with insurance providers large and small to ensure that our clients are getting cover that fits their needs.
For woodworking and joinery businesses, having the best insurance cover can mean the difference between shutting down when struck by difficulties and coming out the other side intact. Runacres Insurance has the expertise in this specialist sector to ensure that our clients’ stock, tools, machinery, and business continuity are protected. Get in touch with the team to discuss a package that will see your joinery business through the unexpected.