What is Handyman Insurance?
Handyman Insurance is typically a general liability insurance policy. Sometimes this policy is also called an artisan contractors insurance policy or a business owners insurance policy. In its simplest form, the policy is designed to protect a handyman business from lawsuits as a result of their work.
Who needs Handyman Insurance?
Anyone who performs work as a handyman contractor needs liability insurance. Whether you have no employees or 25, liability insurance is a must have. It is also typically a requirement to become a licensed contractor.
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What does handyman insurance cover?
Handyman liability covers your business from accidents involving your active projects and projects after they are completed.
*Some policies offered by our competitors will exclude your projects once they are completed. This is a huge coverage gap and not worth the minor savings*
Bodily Injury Liability:
Coverage for when someone is hurt as a result of your work. Example, you are working and someone trips over your extension cord and sues you.
Property Damage Liability:
Coverage for Damage to someone else’s property as a result of your work. Example, you are painting and knock over a bucket of paint and damage the carpets etc.
Medical Payments:
Coverage for the immediate medical attention of an injured part. Not an employee. Example: covers the medical bills for the person that tripped over your extension cord without them suing you.
Products/ Completed Work:
Coverage for your work after you finish the job. For example, you hang kitchen cabinets and they fall off the wall and hurt someone or break the stove underneath.
Fire Legal Liability:
Coverage for fire or explosion to a property rented or loaned to you. Example: You rent a small shop to keep your tools and your burn the building down.
Personal Injury / Advertising Injury:
Coverage for non-tangible injuries. Example: You used someone else’s copyright protected advertisement in your own advertising, and the sue you.
How much does handyman insurance cost?
Handyman liability insurance varies in price but it is typically rated on a per employee basis. Starting at $450 in CT and $700 in New York, it is an affordable safeguard for your business.
Where to get handyman insurance quotes?
Their are lots of places to get handyman insurance quotes. I would suggest an independent insurance agent or broker. An independent insurance agent can work with multiple insurance companies to get a variety of quotes with different levels of coverage.
Using an independent agent takes a lot of the headache out of purchasing insurance. Plus by using an independent agent like GRBM to survey the insurance marketplace we provide you a quote while saving you time and money.
Do Handyman contractors need vehicle insurance?
If you are using a vehicle in your business, whether it’s a pickup or a van. If you are using it for business you should have a commercial auto policy.
The coverage offered by a commercial policy differs from a personal policy. A commercial policy has coverage included that would typically be excluded on a personal auto policy.
Do Handyman contractors need equipment insurance?
If you have equipment that is valuable you should purchase coverage for that equipment. Contractors tools and equipment coverage is inexpensive and covers for theft along with many other loss situations.
Do Handyman contractors need worker’s compensation insurance?
By law, if you have employees you need worker’s compensation insurance. Additionally if you are being hired by another contractor you will often be required to have the coverage even if you have no employees.
Do Handyman contractors need umbrella liability insurance?
Typically, No. A standard One Million Dollar liability policy is usually sufficient. Umbrella policies provide excess or additional limits of liability.
Unless you are taking on major projects, which would be abnormal for a handyman. An umbrella policy is probably not necessary after considering the cost.
Bottom Line:
You need several types of insurance for your Handyman business. Let us provide you a simple and easy path to getting the right coverage at the right price.
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