As a carpenter in Hawaii, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Hawaii carpenters need, including costs based on our analysis of actual quotes from leading carriers.
Identify reputable top-rated carpenter insurance providers by reviewing our recommended options.
General Liability Insurance for Hawaii Carpenters
General liability insurance costs for Hawaii carpenters, based on our analysis of over 800 quotes:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $2,400 | 1.6% | $2,300 | 4% |
| $500K | $6,700 | 1.3% | $4,400 | 34% |
| $1M | $13,500 | 1.4% | $9,200 | 32% |
These premiums assume:
- Clean claims history (5+ years)
- Standard $1M/$2M coverage limits
- 10% subcontractor costs
- Revenue-appropriate employee count
Worker’s Compensation Insurance for Hawaii Carpenters
Worker’s compensation is mandatory for Hawaii carpenters with employees. Key data points:
- Average cost per employee: $23,060 annually
- Cost per $100K payroll: $8,320
Common carpentry classification codes:
- 5645: Residential carpentry (≤3 stories)
- 5437: Interior finish carpentry
- 5403: General carpentry
Additional Business Insurance for Carpenters in Hawaii
1. Tools & Equipment Insurance
- Annual premiums range from $200-$2,000
- Coverage limits typically between $5,000-$15,000+
- Per-item limit usually capped at $5,000
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
2. Commercial Auto Insurance
- Annual cost between $1,500-$3,050 per vehicle
- Standard limits of $100K per person/$300K per accident/$100K property damage
- Higher limits of $500K-$1M recommended for comprehensive protection
- Covers work vehicles and liability from accidents during business operations
- Required for business-owned vehicles
3. Surety Bonds
- Bond amounts typically range from $5,000-$25,000
- Premium costs for good credit: $100-$150 for $5,000 bonds
- Premium costs for fair credit: $150-$200 for $5,000 bonds
- Premium costs for good credit: $100-$300 for $10,000 bonds
- Premium costs for fair credit: $300-$500 for $10,000 bonds
4. Commercial Property Insurance
- Annual premiums range from $1,000-$5,000
- Coverage based on property value and location
- Protects workshops, lumber storage areas, and offices
- Covers fire, theft, vandalism, and weather damage
- Essential for businesses with physical locations
5. Business Owner’s Policy (BOP)
- Includes business interruption coverage
- Bundles general liability and commercial property insurance
- Lower premiums than separate policies
- Covers customer injuries and property damage
- Protects business assets and equipment
Get Hawaii Carpenter Liability with ContractorNerd
ContractorNerd streamlines carpenter insurance through:
- Data-driven quote comparison
- Specialized carpenter coverage expertise
- Multiple carrier options
- Efficient application process
- Ongoing policy management
- Claims advocacy support
Contact us for tailored quotes based on your specific carpentry business needs.