Why Handymen Need Insurance
A handyman business is a valuable service to homeowners and businesses. Individuals that hire handymen have endless lists of projects that they can never accomplish. Handymen are valuable because you often have experience and know-how in multiple areas of expertise. As a handyman, you believe in doing the job right the first time and delivering quality work. That concept should apply internally as well. Set yourself up for success in the beginning by buying business insurance. Insuring your handyman business means you are financially protecting your well-being in the event of claims or lawsuits.
A handyman or handyperson is a person that can fix a variety of items, particularly around the house. Tasks a handyman is usually asked to do can include trade skills, repair work, and a variety of maintenance work.
Risks Handymen Could Face
You rely on tools, equipment, and customers to stay in business. Each of these also opens you to many risks on a daily basis.
- Failure to Complete a Project: Just like contractors, handymen are expected to complete a project on time and within budget. If you fail to do so, customers can file lawsuits claiming you didn’t meet contract obligations or that your failure caused them harm in another way.
- Injury: Working with tools and equipment leave you privy to serious injuries to yourself, employees, and any nearby individuals.
- Oversight on a Project: Some projects require more attention to detail than others. If you are tasked with installing a garage door that later malfunctions and damages a car or person, you are responsible.
- Bad Advice: If you offer advice to a customer that they take but doesn’t deliver what you said it would, they can hold you financially responsible for any negative impact.
- Stolen Equipment: Often times handymen leave equipment in their vehicle or at a job site unattended over lunch or overnight. If you return to find your equipment missing or your vehicle is broken into, it isn’t cheap to replace it all.
Types of Coverage Handymen Need
Even if you are the sole employee, you need insurance. Every handyman business needs general and professional liability in addition to commercial property. Since you drive to job sites, you also need business auto. If you travel with equipment in your van or truck, you should also have inland marine insurance.
- Professional Liability: Protects you against accusations of failure to complete a project, errors or oversights, and bad advice. This policy pays to defend, settle, and investigate the scenario under question.
- Health Insurance: Employees want health insurance, and you need it as well. It pays cost for non-work related injuries and sickness.
- General Liability: Covers slip and fall incidents, slander, libel, advertising injury, and third party property damage or injury claims. The policy pays to defend your business, repair any damage, medical expenses, and settlement costs that arise.
- Inland Marine: Just like commercial property insurance protects your equipment and tools at your location or the job site, Inland Marine protects it while in transit. It covers the costs to replace or repair business property stolen out of a vehicle or if it falls out an unlatched back door in the middle of the highway.
How Much Does Handymen Insurance Cost?
The cost of insurance for handyman businesses varies across carriers. To calculate your premium, carriers want to know professional experience, qualifications, contract language, and whether you supply materials for projects. You can also request a quote for handyman insurance online today by filling out our form below.