What is handyman insurance?

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Whether you’re hired to replace kitchen fixtures, install plasterboard in a client’s home, or perform general repairs at Fixer Upper, many things can go wrong during the job. You might accidentally knock over a can of paint and ruin your client’s antique furniture. Or maybe you get into a car accident on your way to work.

As someone with a wide range of skills, I can think of handyman insurance as small business insurance that can be customized to meet a wide range of needs.

Who Needs Handyman Insurance

As a jack of all trades, I can do anything from installing a TV to fixing gutters to fixing minor plumbing problems. It is difficult to predict the kinds of problems that can arise from such a wide variety of tasks.that’s why you need Best small business insurance..

Handyman insurance is worth considering if you perform tasks like the example below.

  • carpentry
  • Installing a ceiling fan
  • Concrete work
  • deck and patio
  • door installation
  • Installation of drywall
  • Electrical work (installation of lighting fixtures, etc.)
  • Floor installation and repair
  • framing
  • general maintenance
  • gutter cleaning
  • home security installation
  • moving furniture, etc.
  • Painting (interior and exterior)
  • Renovation (bathroom, basement, etc.)
  • plumbing repair
  • tiring
  • furniture staining
  • stonework
  • Waste and junk removal
  • installation of windows

What is the coverage of handyman insurance?

Handyman insurance is a handful of different policies. Types of small business insurance Protect your business from medical bills, lawsuits, damage to business property, and more from accidental injury to others.

A good place to start is business owner policy (BOP). BOP bundles three important coverage types and is typically cheaper than buying each coverage individually.

The contents of the BOP are:

business liability insurance

This is a core coverage type that covers property damage and accidental injury caused by others (excluding employees). For example, if you accidentally punch a hole in the wall while moving furniture, general liability insurance You can pay for the repair.

Liability insurance also covers legal costs, judgments and settlements if you are sued because of an accident. For example, if someone (other than an employee) is injured on site, liability insurance can cover their medical expenses and legal defense costs if you are sued.

commercial property insurance

This covers the physical location of your business and business equipment in the event of damage due to issues covered by the policy, such as fire or tornado. commercial property insurance Covers owned and leased equipment such as business records, inventory, office computers, office furniture, tools and supplies.

business interruption insurance

If you have to temporarily suspend your business due to a problem covered by your insurance, business interruption insurance Make up for lost income. This insurance, also known as “business income insurance”, covers issues such as loss of money due to theft, wind damage, temporary relocation, and damaged merchandise.

Other Small Business Insurance Types

Beyond standard BOP insurance, you can add additional coverage types to Handyman Insurance. We recommend that you consult with your insurance agent to ensure that you purchase only what you need for your handyman business.

Here are some common coverage types to consider:

commercial vehicle insurance

This covers cars, trucks and vans used for work purposes such as transporting tools and work materials to the job site.your personal auto insurance Business use of the vehicle is not covered.

The usual compensation types available in are: commercial auto insurance:

  • Personal Injury Liability. This covers accidental bodily injury to others caused by you or your employees.
  • Property Damage Liability. This pays for accidental property damage caused to others by you or your employees. For example, if you accidentally hit a client’s car while backing into a driveway.
  • Medical Expenses and Personal Injury Protection (PIP). This covers medical expenses for you and your passengers, regardless of who is responsible for the accident.
  • Collision insurance. This is paid to replace or repair your work vehicle if you or your employee are in a car accident.
  • Comprehensive insurance. This covers the cost of replacing or repairing work vehicles due to problems such as vandalism, theft, fire, flooding and falling objects.
  • Coverage for uninsured motorists (UM). This pays for medical expenses for you and your passengers if you are hit by someone who doesn’t have car insurance or doesn’t have adequate car insurance. In some states, you can add UM to cover damages to your vehicle caused by an uninsured driver.

commercial umbrella insurance

If you need additional protection on top of general liability insurance, consider purchasing Commercial umbrella insuranceFor example, if your handyman business is sued for $700,000 and the general liability limit is $500,000, umbrella insurance will cover the $200,000 shortfall.

equipment failure insurance

If you rely on certain tools or machines to do your handyman’s work, this type of insurance covers the cost of repairing or replacing your equipment due to unforeseen breakdowns. equipment failure insurance It does not cover normal wear and tear.

Employed and Non-Owned Auto Insurance

If you or your employees use a privately owned or rented car for work purposes, this covers property damage and injuries accidentally caused to others. For example, if you have an accident while commuting by renting a car, you will be compensated for the other driver’s medical expenses and car repair costs.

Inland marine insurance

Also known as “property in transit”, this covers mobile machinery and tools during transit to the job site. You can also add an installation floater warranty that covers your equipment, machinery and materials while you wait for installation.

Here are 2 types Inland marine insurance Things to consider for your handyman insurance business:

  • Contractor Tools and Equipment Insurance. If tools or equipment are damaged, lost or stolen, this covers the cost of their repair or replacement. For example, if someone stole your electric saw, this compensation will be paid to replace it.
  • Install floater insurance. This is intended for materials that are to be installed, stored or transported on site. For example, installation floater insurance covers floor tiles loaded into a truck for installation in a client’s home.

deposit

A security deposit may be required to obtain a business license or permit. The security deposit covers the cost of claims for defective or poor workmanship, theft and fraud.

Industrial accident insurance

in most states, Industrial accident insurance, even if it employs only one employee. This covers lost wages, medical expenses, and disability benefits if an employee becomes injured or ill while performing work-related duties.

What is not covered by handyman insurance?

Handyman insurance does not cover some types of problems. Common exclusions include:

Handyman insurance claim example

Below are examples of claim scenarios and the types of handyman insurance coverage that apply.

How much does handyman insurance cost?

Handyman premiums average $2,795 per year For policies that include general liability insurance, commercial auto insurance, and contractor tools and equipment coverage, according to Insureon.

However, handyman insurance premiums depend on several factors, including:

  • business location. The location of your business can affect the cost of your policy.
  • number of employees. The more workers you employ, the higher the cost of workers’ compensation insurance.
  • salary scale. This can affect the cost of business insurance.
  • your business assetsThe value of your work vehicle, equipment, tools, supplies and other business assets you own will also be considered.
  • Insurance coverage is required. The type and amount of coverage you purchase affects the price of your business insurance.
  • Deductible. A deductible is an amount that will be deducted from your insurance claim check. Increasing your deductible will reduce your premium. The lower the deductible, the higher the premium.
  • Previous billing history. Past business billing history is also taken into account when determining fees.

Handyman insurance cost example

Here are some examples of handyman insurance costs, depending on the type of coverage you purchase. Expenses depend on cost factors such as the need for insurance, if you employ employees, and other factors such as business assets.

How to Find the Best Handyman Insurance

Here are some tips for finding the best handyman insurance for your needs.

collect requested documents

Before you start buying handyman insurance, you need to make sure you have all the necessary information and documents. Also this:

  • Basic contact
  • what does your business do
  • Employed person
  • Location of business (if renting or owning a building)
  • Proof of long business
  • Estimated business revenue for the current year

bundle business insurance

A great way to structure your handyman insurance is through a Business Owners Policy (BOP). It summarizes the three main types of coverage: General Liability, Business Interruption, and Commercial Property. Bundling these policies together is usually cheaper than buying them individually.

You can add more coverage types as needed. For example, if he owns a business vehicle, he can bundle business auto insurance with his BOP.

to shop

Once you’ve gathered your paperwork and determined the type of coverage you need for your handyman insurance, it’s a good idea to compare business insurance quotes from several insurers. You can get a free business quote online or speak with an independent insurance agent.

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