Running your own handyman business requires highly personalized people skills and attention to detail. Even as your business grows and adds employees, you must continue to interact personally with your customers to ensure they are happy with your services. Keep all of the hard work, time and effort you’ve invested into your business safe by protecting it with the right kinds of small business insurance.
General Liability Insurance For Handy Person
General liability insurance is designed to help protect small businesses like yours from unexpected events and hazards. Whether you work exclusively at your client’s locations or you work from a public office or shop, you can be held liable if a customer is injured or their property is damaged on your worksite. General liability protects you from those hazards, as well as potential damage from natural disasters, product liability and problems generated from your advertising.
Business Owners Policy (Bop) For Handyman
A business owners insurance policy, or BOP, protects your company from the loss of tangible and intangible assets. It includes general liability and you can add a number of custom coverage options that fit your business’s needs.
- Equipment Breakdown – If you use specialized equipment in your handyman business, such as a power drill or air compressor, a BOP can protect you from losses if the equipment breaks down.
- Buildings and Contents – If you operate your handyman company from an office space that gets flooded in a storm, the expense of making repairs and cleaning up the mess may be too much to handle.
- Business Income and Extra Expense – When your primary workspace must remain closed for repairs, a BOP can cover the expenses involved with renting temporary space or provide for losses in income due to the closure.
- Products and Completed Operations (Included in General Liability) – When you perform work for your customers, sometimes things can go wrong at a later date. If you sell products or complete projects that later cause harm to your customer in some way, a BOP will take care of the damages.
- Electronic Data – Most modern companies keep important business information in electronic form. If your company’s data is damaged or destroyed, a BOP can help cover the expenses involved with replacing those files and specialized software applications that are critical to your business operation.
- Employee Dishonesty Coverage – As your business grows and you add employees, there may come a time when one of the employees steals from your company. Whether they take tools or cash, or they arrange shady kickback deals with friends, your company suffers from the financial losses.
Business Auto Insurance For Handyman Workers
As a handyman, your business involves lots of driving from one jobsite to another. If you are in an auto accident while driving for business purposes, a commercial auto insurance policy can help cover the costs of damages.
Workers Comp Insurance Policy For Journeyman
When your company is ready to hire additional employees, whether a secretary to help schedule work projects or additional apprentice handymen, you are required by law to provide workers comp insurance. Workers comp coverage pays the employees expenses if they are ever injured while working.
Surety Bond For Handyman
A surety bond is a guarantee that you will provide the services you’ve contracted for. You may be required to have your company bonded because of local ordinances, or you may find that your customers will not hire you until you are bonded.