As a jack of all trades, you face various risks, regardless of the type of handyman job you are doing.
Therefore, whether you are laying shingles on a roof or potting plants in a client’s yard, you need to protect yourself and your business with handyman insurance.
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Handyman insurance covers you for several different things, hence the cost of handyman insurance will vary depending on the type of coverage you opt for.
What does Handyman Insurance Cover?
When choosing the best insurance for your handyman business, you will be spoilt for choice, but here are the most common ones to consider.
General liability insurance coverage is the most basic form of handyman liability insurance and offers protection if someone other than you or your employee is injured or for damage of property that does not belong to you.
Clients generally do ask if you have general liability insurance before awarding you with their project and this is also a requirement by some states.
General liability insurance can help pay for property damage, medical payments, legal fees and judgments, and/or business equipment that is lost or stolen.
Commercial Auto Insurance
If you use a vehicle for your handyman business, then you should opt for commercial auto insurance.
Sure, you may currently already have auto insurance on your vehicle, but that policy will not cover your vehicle for theft of contents or damage to it if it is used for commercial purposes, that is for your business operations.
If you are a one-man-show, then you can skip this type of policy, but if you have employees in your handyman business, even part-time, you definitely need to check this box.
As the name suggests, workers’ compensation insurance offers coverage for your employees if they are injured on the job.
In some states, it is mandatory to get workers’ compensation insurance if you have more than a certain number of employees.
Workers’ compensation can help pay for lost wages, medical bills including prescriptions, and employer liability.
Tools and Equipment
As a handyman, you already know that tools are not cheap, and even the smallest replacement can burn a hole in your pocket.
If your tools are lost or stolen, whether from the job site or your home, handyman, equipment insurance will help cover replacement costs.
Commercial Property Insurance
Commercial property insurance covers property that you either own or lease for your business operations.
If your business property has been broken into or is damaged due to windstorms or other natural disasters, commercial property insurance will cover costs related to replacement and/or repair.
How Much Does Handyman Insurance Cost?
The cost of handyman insurance varies across companies and depends on a few factors, including the types of projects you work on, the location of your projects, vehicles you use for work, etc.
For example, if you are in a risky profession such as roofer or welder, then you can expect to pay more in handyman insurance premiums.
Cost is always a big consideration when you are a handyman, especially if you are just starting.
The cost of handyman insurance also relies greatly on the amount of coverage you choose.
If you just want general liability insurance, your policy price will be much less than if you were to opt for commercial auto and workers’ compensation.
Your job as a handyman is risky to yourself and others, which it is becomes highly important to get some sort of protection.
The price of handyman insurance depends on several different factors, but regardless of the costs involved, you should buy some level of insurance to save yourself from getting into a financial bind.