Insurance coverage is necessary for virtually every type of business, including handyman businesses. In fact, handymen have a higher than average need for insurance: they are regularly in homes or businesses, have regular contact with the public, and any mistakes they make can cause incredible problems for the customer down the road. If you need an insurance quote for your handyman business, contact us for an estimate; we’ll guide you through what products you need.
What Type Of Insurance Handymen Need
The typical insurance policy package for handymen includes a few specific coverage options to ensure that you are fully protected. Some of the essentials you are likely to see include:
- General Liability
- Tools Coverage
- Auto Insurance
These are the most important types of insurance for a handyman to have, but other insurance coverage options may also be helpful. These depend on what type of work you tend to do. Building insurance and cyber liability are the most common add-on insurance policies.
How Much Is Handyman Insurance
Handyman insurance policy prices vary depending on where you live and what coverage you need. Your business’s history of work may also affect the prices. As you’re building a business plan, you can start with these numbers for budgeting purposes:
- General Liability Insurance for a handyman could start from around $500 per year.
- Tools coverage for a handyman starts at $200 per year to cover $10,000 of tools.
- Auto Liability Insurance for a handyman could start from about $900 per year for a pickup truck.
Since the actual cost of insurance for handyman businesses varies so much, the best way to determine your cost is to call us and get a direct quote.
How To Get Handyman Insurance
For many of our customers, they know they need insurance, but aren’t sure how to get it. Our goal is to make it simple for you to get the insurance you need to run a safe and solid business. Contact us with your business information to get an accurate price. We are happy to help you find the right policies to protect your business.
Handyman Liability Insurance Explained
As a handyman, general liability is probably the most critical type of coverage to have. This coverage is designed to protect your small business from events such as damage to your customerтАЩs property, injuries to your customers due to your job, or customers being injured at your place of business. So if you accidentally damage your customerтАЩs home, or a customer gets hurt because of piece of your equipment in the home, general liability might help to pay for medical bills or additional repairs.
General liability also protects you against legal fees. Remember that if your business is sued, even if the suit is baseless, you’ll need to pay for a lawyer to defend yourself. This can help if your company is sued to do an advertising statement, for example. Your general liability insurance may also help pay for damage to any office space you rent.
Handyman Tools Coverage
You can’t do work as a handyman without your tools. If they break, are lost, or are stolen, you will be unable to work until they are replaced. High quality tools are also expensive. Items like generators and forklifts, for example, are particularly expensive – which makes them targets of thieves.
Tools can also be damaged, which can also halt your work until they are repaired. Some policies may have Tools coverage that can help you repair or replace your tools, letting you get back to work as quickly as possible. This can keep your business solvent, since you won’t have big delays on finishing projects, or big gaps in income.
Handyman Auto Insurance
Most handymen spend a good chunk of their time on the road, driving from one worksite to another. Your personal auto insurance policy, however, probably wonтАЩt cover an accident that occurs when you are using your vehicle for business purposes. This is why you need to include commercial auto insurance in your handyman policy. Then, you will be protected against vehicle or medical damaged caused during a car accident while you’re driving for business.
When you are looking for work as a handyman, many customers will ask if you have a surety bond. While these bonds are not strictly necessary for all work, they can help you get the best jobs; many businesses will require you to have one before you can work with them.
A surety bond guarantees your customers that you will complete the services for which they are paying; no one wants to end up with a half-finished renovation or repair in their home. Handyman insurance makes it easy to get surety bonds as part of your insurance package. These are a few of the surety bonds that may help you get the best customers possible:
- Handyman Contractor’s License Bond
- Contract Bond
- Performance Bond
- Janitorial Bond
- Dishonesty Bond
- ERISA Bond (For Directors and Officers)
- Bid Bond