Being a handyman can be a rewarding and profitable job. It allows you to work for yourself, set your own hours, and be your own boss. However, with great reward comes great responsibility, and one of those responsibilities is having the right insurance coverage. So, how much does handyman insurance cost? This article will answer that question and more.
What is Handyman Insurance?
Handyman insurance is a type of insurance coverage that is designed to protect handyman businesses and individuals from financial loss due to accidents, injuries, or damages that may occur while performing handyman services. This type of insurance typically includes general liability insurance, workers’ compensation insurance, and commercial auto insurance.
General liability insurance provides coverage for third-party bodily injury and property damage claims that may arise from the handyman’s work. Workers’ compensation insurance provides coverage for employee injuries that may occur on the job, and commercial auto insurance provides coverage for accidents that may occur while driving a company vehicle.
Factors that Affect Handyman Insurance Cost
The cost of handyman insurance can vary based on a number of factors. Some of the most common factors that can affect the cost of your insurance include:
Factor |
Description |
Location |
The cost of insurance varies by state and region. Some areas may have higher premiums than others. |
Type of Work |
The type of handyman work you perform can affect your insurance premiums. Some types of work may be considered riskier than others. |
Number of Employees |
If you have employees, your premiums will be higher than if you are a solo operator. |
Revenue |
The more revenue your business generates, the higher your premiums will be. |
Coverage Limits |
Higher coverage limits will result in higher premiums. |
How Much Does Handyman Insurance Cost?
The cost of handyman insurance can vary widely depending on the factors listed above. However, on average, you can expect to pay anywhere from $500 to $1500 per year for a basic liability policy. If you need additional coverage, such as workers’ compensation or commercial auto insurance, your premiums will be higher.
It’s important to keep in mind that the cost of insurance can also depend on the insurance company you choose. It’s a good idea to shop around and compare quotes from multiple insurance providers before making a decision.
FAQ
Do I Really Need Handyman Insurance?
Yes, if you are a handyman, you need insurance. Accidents can happen, and if you are not properly insured, you could be liable for damages or injuries that occur while on the job. Having insurance can protect you from financial loss and give you peace of mind.
Can I Get by with Just Liability Insurance?
While liability insurance is an important component of handyman insurance, it may not be enough for every situation. Depending on your business needs and the type of work you perform, you may need additional coverage such as workers’ compensation or commercial auto insurance.
How Can I Get the Best Rates?
The best way to get the best rates on handyman insurance is to shop around and compare quotes from multiple insurance providers. You can also consider bundling your policies together, such as combining liability and workers’ compensation insurance, to save money.
What if I Can’t Afford Insurance?
If you are having trouble affording handyman insurance, there are still options available. Consider raising your deductible or reducing your coverage limits to lower your premiums. You can also look into financing options or payment plans to help spread out the cost of insurance.
What Happens if I Don’t Have Insurance?
If you don’t have insurance as a handyman, you could be liable for damages or injuries that occur while on the job. This could result in expensive lawsuits or medical bills that could bankrupt your business. It’s always better to be safe than sorry and have the proper insurance coverage.
Conclusion
Handyman insurance is an essential component of running a successful and safe handyman business. While the cost of insurance can vary depending on a number of factors, it’s important to have the right coverage to protect yourself, your business, and your clients. Shop around and compare quotes from multiple providers to get the best rates and ensure that you have the coverage you need.
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