As a handyman, you’re known for your versatility in home repairs and renovations. You may specialize in plumbing, carpentry, electrical work, or a combination of trades. While you aim to provide quality service and keep your clients happy, accidents can happen on the job. That’s why it’s important to have handyman insurance to protect your business and your clients.
What is Handyman Insurance?
Handyman insurance is a type of business insurance designed to protect handymen from liability in case of accidents or damages that occur during their work. It typically includes general liability insurance, which covers third-party injuries and property damage, as well as other optional coverages such as professional liability and workers’ compensation insurance.
General Liability Insurance
General liability insurance is the most common type of handyman insurance. It provides coverage for bodily injury, property damage, and personal injury claims that arise from your business operations. For example, if you accidentally damage a client’s property while working on their home, your general liability insurance can help cover the costs of repair or replacement.
General liability insurance can also cover medical expenses if someone is injured on your business premises or as a result of your work. This can include slip-and-fall accidents, injuries caused by faulty equipment, or other accidents that occur on the job.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, can protect you from claims of negligence or errors in your work. This coverage can be particularly important if you provide design or consulting services in addition to your handyman services.
For example, if you make a mistake in your design or installation that causes damage to a client’s property or results in injury, your professional liability insurance can help cover the costs of legal fees, damages, and other expenses associated with the claim.
Workers’ Compensation Insurance
If you have employees working for you, workers’ compensation insurance can provide coverage for their injuries or illnesses that occur on the job. This can include medical expenses, lost wages, and other costs related to the injury or illness.
Workers’ compensation insurance is typically required by law in most states if you have employees. Even if it’s not required, it can be a valuable way to protect your employees and your business in case of accidents on the job.
Why Do Handymen Need Insurance?
Handyman insurance is an essential part of running a successful and responsible business. Here are some reasons why you need handyman insurance:
Protect Your Business
Handymen face a wide range of risks on the job, from accidents and injuries to property damage and lawsuits. Without insurance, you could be liable for all the costs associated with these risks, which can be financially devastating for your business.
With handyman insurance, you can protect your business from these risks and ensure that you can continue to operate even in the face of unexpected expenses or legal claims.
Protect Your Clients
Accidents and damages can happen on any handyman job, no matter how careful you are. Even a small mistake or oversight can lead to costly repairs or injuries for your clients.
Handyman insurance can help protect your clients from these risks by providing coverage for third-party injuries and property damage caused by your business operations. This can give your clients peace of mind and help you maintain a positive reputation in your community.
Meet Contract Requirements
If you work for larger businesses or contractors, you may be required to carry certain types of insurance as a condition of your contract. This can include general liability insurance, workers’ compensation insurance, or other types of coverage depending on the nature of your work.
By carrying the necessary insurance, you can ensure that you are eligible for these types of contracts and can continue to grow your business by working with larger clients and businesses.
How Much Does Handyman Insurance Cost?
The cost of handyman insurance can vary depending on a number of factors, including the type and amount of coverage you need, the size of your business, and your location. Generally, the more coverage you need, the higher your premiums will be.
According to Insureon, the average cost of a handyman insurance policy is around $500 to $800 per year for general liability coverage. Adding professional liability insurance and workers’ compensation insurance can increase your costs, but they can also provide valuable protection for your business and your employees.
How Do I Get Handyman Insurance?
If you’re ready to protect your business and your clients with handyman insurance, here’s how to get started:
1. Assess Your Insurance Needs
Before you start shopping for insurance, it’s important to assess your insurance needs based on your business operations, size, and location. Consider the types of risks you face on the job and the likely costs of any accidents or damages that may occur.
Once you have a clear understanding of your insurance needs, you can begin to shop for the right coverage and policy limits.
2. Compare Policies and Prices
There are many insurance providers that offer handyman insurance, so it’s important to compare policies and prices from several different providers. Look for providers that specialize in small business insurance and have experience working with handymen and similar trades.
When comparing policies, pay attention to the coverage limits, deductibles, and exclusions to make sure you are getting the right coverage for your business.
3. Purchase Your Policy
Once you’ve found the right insurance policy and provider, you can purchase your policy online or through an agent. Make sure you understand the terms and conditions of your policy and have all the necessary paperwork and documentation.
4. Review and Update Your Policy Annually
Handyman insurance needs can change over time as your business grows and evolves. It’s important to review your insurance policy annually and make any necessary updates to ensure you have the right coverage.
Conclusion
Handyman insurance is an important part of protecting your business, your clients, and your reputation in the community. By understanding the types of coverage available and the costs involved, you can find the right insurance policy to meet your needs and keep your business running smoothly.
Type of Coverage |
Description |
|---|---|
General Liability |
Covers third-party injuries and property damage |
Professional Liability |
Covers errors and omissions in your work |
Workers’ Compensation |
Covers employee injuries and illnesses |
FAQ
What is handyman insurance?
Handyman insurance is a type of business insurance designed to protect handymen from liability in case of accidents or damages that occur during their work. It typically includes general liability insurance, which covers third-party injuries and property damage, as well as other optional coverages such as professional liability and workers’ compensation insurance.
What does general liability insurance cover?
General liability insurance covers bodily injury, property damage, and personal injury claims that arise from your business operations. It can cover costs associated with accidents, negligence, and other issues that may arise on the job.
What does professional liability insurance cover?
Professional liability insurance, also known as errors and omissions insurance, covers claims of negligence or errors in your work. It can help cover legal fees, damages, and other expenses associated with claims of design or installation errors.
Is workers’ compensation insurance required for handymen?
Workers’ compensation insurance is typically required by law in most states if you have employees working for you. However, even if it’s not required, it can be a valuable way to protect your employees and your business in case of accidents on the job.
How much does handyman insurance cost?
The cost of handyman insurance can vary depending on a number of factors, including the type and amount of coverage you need, the size of your business, and your location. Generally, the more coverage you need, the higher your premiums will be.
How do I get handyman insurance?
To get handyman insurance, you can assess your insurance needs, compare policies and prices from different providers, purchase your policy, and review and update your policy annually to make sure you have the right coverage.