Insurance for Handyman
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What Insurance Do Handyman Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why does a Handyman 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.
What 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 it 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.
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 easy online application.
Do I need Workers Compensation for my Handyman Business?
If you have employees you need Worker's Compensation, but this depends on the state where you provide handyman services. Usually, the state requires your business to carry Worker's Compensation insurance if you have at least 2 employees. It's a good idea to check your state requirements.