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Singapore's best insurance for carpenters. Broad cover from property & inventory damage, worker injuries, liability, & more.
Provide is the easiest way to get comprehensive Carpenters Insurance. Carpentry businesses are at elevated risk of inventory and property damage, particularly from fire. Woodworking employees are also prone to injuries. Make sure you get yourself covered against these risks. We’ll help you get comprehensive & affordable protection, so you can grow your carpentry business with peace of mind.
What does Carpenters Insurance cover?
| Coverage | Explanation | Importance for carpenters |
| Work Injury Compensation Insurance (WICA Insurance) | Covers your employees if they suffer work-related injuries/sickness. | Legally required for all manual workers (e.g. carpenters, goods packers), or workers who earn $2,600/month or less |
| Commercial Property Insurance | Covers your carpentry premises against major risks like fire, explosions, certain types of water damage, etc. Covers your inventory, renovations, fixtures and fittings, belongings, etc. | Critical |
| Public Liability Insurance | Covers you against liability to third-parties for property damage or injuries. E.g. customers who enter your business premises and slip and fall. | Very good to have |
| Business Interruption Insurance | Covers operating expenses if your carpentry operations shut down due to covered reasons, e.g. woodworking factory destroyed by fire. | Very good to have |
| Foreign Worker Medical Insurance | Covers medical costs for foreign employees. | Legally required for S-Pass and Work Permit holders |
How much coverage do I need for my carpentry business?
Commercial Property Insurance: You should have at least $100,000 in coverage. Make sure you have enough coverage to cover your inventory, renovations, equipment, fixtures and fittings, and all other contents in your business premises.
Public Liability Insurance: Carry at least $500,000 to $1 million coverage. Many commercial landlords will ask for these coverage amounts also.
WICA Insurance: Make sure you insure all your employees. As a baseline, MOM requires you to insure all manual workers, and all workers who earn $2,600/month or less. Manual workers include carpenters, cleaners, goods packers, drivers, etc. This is a legal requirement under the Work Injury Compensation Act (WICA).
Business Interruption Insurance: Do some calculations on the amount of gross profit you’d lose, if you weren’t able to run your carpentry business for 3-6 months. Have coverage that is at least equal to that amount. Many carpentry businesses will benefit by having at least $50,000 to $100,000 coverage.
Foreign Worker Medical Insurance: MOM requires all S-Pass and Work Permit holders to be insured with Foreign Worker Medical coverage. If the foreign worker is also a manual worker, you must have both WICA Insurance and Foreign Worker Medical Insurance for them.
What are some claims examples for carpenters?
Claim Example1: Employee suffers deep cut during woodworking:
One of your employees accidentally suffers a deep cut on their hand while cutting wood. They have to be rushed to A&E. Their medical bill ends up being $5,000. Since this is a work-related injury, you must compensate them for their $5,000 in medical expenses. You also have to pay the employee’s salary while they’re on MC for this injury. With WICA Insurance, your policy will cover these costs for you.
Claim Example 2: Carpentry premises catches fire
A fire breaks out at your woodworking premises. The fire rapidly spreads, owing to the large amount of combustible material lying around. The fire destroys $50,000 worth of inventory. It also destroys $10,000 worth of woodworking equipment. With Commercial Property Insurance, your policy will pay for these costs to help you recover from such a large loss.
Real life case 1:Tuas explosion caused by combustible particles in air
Real life case 2: Fire at Lim Chu Kang caused by wood waste
How much does Carpenters Insurance cost?
Carpentry businesses will benefit from a Carpenters Insurance Package. This is an all-in-one bundled policy. It covers many of the major risks that carpenters will face.
| Coverage | Coverage amount (example) | Premium |
| Work Injury Compensation Insurance (WICA Insurance) | $10 million common law annual limit $45,000 medical expenses cover per worker | From $29/month, for a comprehensive Carpenters Insurance Package deal |
| Commercial Property Insurance | $100,000 | |
| Public Liability Insurance | $500,000 | |
| Business Interruption Insurance | $10,000 | |
| Foreign Worker Medical Insurance | $15,000 cover per worker | From $6/month, per worker |
Why use Provide for Carpenters Insurance?
- Save up to 25% on your premiums
- Save time with our online platform to buy policies, file claims, & more
- Industry experts with 20+ years combined experience to provide tailored advice
- Available by phone 7 days/week