From fixing a loose window to setting up a shelf, handymen know all about home repair. They also know that there are inherent risks that come with the business, which is why having a tailored and affordable handyman insurance policy could help offset future financial losses arising from covered events.
“Handyman insurance” or “handyman business insurance” are not actual policies, but commonly used phrases to describe business insurance policies that may help prevent future financial losses for covered events for handymen and similar contracting businesses.
Handyman insurance could help with on-site covered accidents or injuries. For example, damaging the client’s wall or causing a fall due to a spill. It may also help cover the costs of covered traffic accidents involving your company’s vehicle or of replacing stolen equipment.
Infinity Insurance Agency Inc. (IIA) works with handymen to help them find a budget-friendly business insurance option that takes their needs into consideration.
Who needs handyman business insurance?
Most handymen businesses, including one-person operations, can benefit from having a tailored business insurance policy, including:
General handyman businesses
These can be a single-person or multiple-employee venture. Their services include general repair and maintenance. These services can include furniture or appliance installation, light fixture replacements, vent filter replacements, wall or door repairs, etc.
Specialized handyman services
Specialized handymen businesses, as the name suggests, offer more focused or high-skilled services. These include minor plumbing or electricity services, tile installation, deck or roofing services, painting, etc.
Subcontractors and part-time contractors
You may offer your handyman services to a bigger repair business or another company, such as an office or retail business.
Subcontractors and part-time contractors such as specialized painters, roofers, or licensed repair people, often perform specialized tasks. Since these handyman businesses work for another company, they are exposed to legal and financial risks.
Whether you perform small tasks, complex repair services, or both, you may come across an unwanted event. Delivering an unsatisfactory job, damaging a home or a contracting business, causing a client’s injury, or even getting into a traffic accident with your business vehicle may come at a high cost. Business insurance for handymen may help in such instances.
Why do I need handyman business insurance?
A handyman business insurance policy could help with the following issues:
- Your business causes property damage: Your business could be liable for repairs, refunds, and lawsuits if you damage the client’s property. For example, you could accidentally break pricey appliances or damage a pipe, causing a flood.
- A client gets injured on site: If you or an employee fails to post adequate signage or to inform the clients, someone could fall or slip on a wet floor or over your tools. This could result in high medical costs.
- Your state may require insurance: Most states require commercial auto insurance, which covers certain costs related to traffic accidents involving your company vehicle. Additionally, depending on the company size and type of contracts they bid on, some states require contractors to carry liability insurance to get licensed.
- You may lose contracts or jobs: Some clients will require proof of insurance before hiring handyman businesses, including contractors and subcontractors. Carrying an insurance policy can help you avoid losing these jobs.
- Your company vehicle is involved in an accident: Personal auto insurance doesn’t generally cover traffic accidents involving your business vehicle. If you drive a car for business purposes (except commuting to work), you may be liable for injuries and damages after an accident.
As you can see, carrying an insurance policy could be the difference between being able to handle a covered event or facing big financial losses that could affect your handyman business’s growth and reputation.
How much does handyman insurance cost?
A few factors influence how much you will pay for handyman business insurance:
- The type of your business: Handymen who deal with higher risks, such as those handling chemicals or power tools, might need higher insurance coverage.
- Your location: Business insurance requirements, including commercial auto insurance, vary by state.
- Your deductible: The deductible, which you choose, is the amount you pay before the insurance policy kicks in. Make sure you can pay the deductible in case of a covered event, though, since the insurance policy kicks in after you pay it.
- Your business profile: The size and age of your business, the number and type of vehicles used, licenses or certifications you hold, any previous claim history, etc., may affect how much coverage you need and its cost.
To get a handyman liability insurance quote, call Infinity Insurance Agency at 1-855-478-3705 or get a free business insurance estimate online.
Why choose Infinity Insurance Agency, Inc. (IIA)?
Handymen and contractors choose IIA because our agents understand their business insurance requirements and can help you choose an option tailored to your business needs.
Our friendly agents offer Spanish-bilingual support and are ready to answer your insurance questions. Additionally, IIA offers personalized coverage options, affordable plans, and rates from multiple carriers at once.
What coverage does a handyman need?
Your handyman business may benefit from the following types of business insurance:
Commercial general liability insurance
Commercial general liability insurance can help offset the costs that come with property damage or when a third party is injured because of your actions.
This type of insurance may help cover the costs of a client’s injury if they tripped on a ladder you left on the site, or if one of your power tools damages a piece of expensive furniture, for example.
Commercial auto insurance
If you drive a truck or vehicle to get to contracting sites or to carry equipment, you most likely need commercial auto insurance, otherwise known as business auto insurance.
This type of coverage may help cover the costs arising from injuries to a person or repairs to a car when your company vehicle is involved in an accident. For instance, if you are a subcontractor and your truck gets into a crash, depending on your policy, this type of coverage may help pay for auto repairs to the other person and for your own repairs.
Get a handyman business insurance quote below!