Nearly every type of business needs some kind of business insurance coverage that is customized for that industry, and the handyman field is no exception. In fact, handymen, in particular, can benefit from insurance, because they frequently work in other people’s homes and have regular contact with the public. If you’re a handyman looking for an insurance quote, first take a look at the coverage you need.
Your handyman insurance policy needs to include certain types of coverage to fully protect you. The essential coverage options include the following:
- General Liability
- Inland Marine
- Commercial Auto
- Workers comp
Make sure you have at least general liability coverage as a handyman. But you can also add on other coverage options depending on your circumstances, with inland marine and commercial auto insurance being some additional coverage types.
How Much Is Handyman Insurance?
Your handyman insurance policy rate depends on a few factors: yearly payroll, gross sales, and state you are in.
Handyman Liability Insurance Explained
General liability insurance is among the most important types of coverage to have as a handyman. This coverage can protect your small business from any unexpected events that may be extremely expensive if you didn’t have insurance. For example, if you accidentally damage your customer’s property while trying to make repairs, general liability will pay to fix the issue so you do not have to pay for it yourself. Also, if your customer is injured as a result of you doing your job, general liability will pay for his or her medical bills and any other related expenses. Similarly, if your customers are injured at your place of business, general liability will cover the incident.
General liability provides other types of coverage you might not even think you need. For instance, if someone sues you over a problem with your advertising, general liability will pay for your legal fees. Additionally, if the property you rent for your business is damaged, this portion of your handyman insurance policy will pay for repairs.
Handyman Tools Coverage
As a handyman, your tools are a big part of your business. You can’t do your job without them, which means if you lose your tools or someone steals them, you will be out of work until you replace them. As you already know, tools can be expensive to buy. And if you use any major equipment for your job, that can be even more expensive. For example, items like generators and forklifts can cost thousands of dollars, which is why thieves often target them, to begin with. Your equipment might also become damaged in some way, and it is expensive to repair. If you cannot afford to replace or fix tools and equipment fast enough to avoid interrupting your job as a handyman, you need Tools Coverage as part of your handyman insurance policy. Whether you are renting your tools or bought them all yourself, you deserve to have some peace of mind if they ever get damaged or go missing.
Handyman Auto Insurance
Most handymen drive from one worksite to another as a regular part of their workday. However, your personal car insurance policy likely won’t cover your accident if it occurred while you were operating your vehicle for business purposes. This is why the right handyman insurance policy includes Commercial Auto Insurance coverage. This way, you know any vehicle damage or medical expenses caused by the car accident will be paid for by your insurance policy.
As a handyman, it’s important for you to have a surety bond as part of your insurance coverage. This guarantees your customers that you will complete the services they are paying you for, as no one wants to deal with a half-finished job in their home. Surety bonds are not only recommended but also are often required in certain areas. Even when they’re not required, they are encouraged, because many customers only hire bonded handymen. This means when you don’t have a surety bond in place, you may be missing out on a large segment of the market. Fortunately, handyman insurance makes it easy for you to get the surety bond you need.