You started your handyman business because you have a specialized skill set, an ability to repair or maintain just about anything, and an entrepreneurial spirit to build and grow your own business. And part of being a business owner is understanding how to protect your business from the risks that go along with your particular industry with the right insurance at an affordable price.
Here’s how to get the perfect handyman insurance coverage to keep your hard-earned assets where they belong.
#1: Choose Your Handyman Insurance Coverage
Your business is unique, so your insurance coverage shouldn’t be one-size-fits-all. Why should you pay the same premiums as a construction company business owner if your operation is completely different?
While you may not need the protection of every single contractor insurance policy under the sun, here are a few of the policies you should consider carrying:
Let’s face it: every job you do is at someone else’s home. Which means your risk of causing property damage or an injury to a third-party is through the roof. If you happened to start a fire, damage a floor, cause some serious water damage, or break a brand new appliance, general liability insurance could be your answer.
General liability insurance can cover the costs of lawsuits and claims from third-party injuries and property damage. This may be the base policy for most business insurance protection plans, but for your line of work, it’s an essential tool to protect your assets from lawsuits, lawyers fees, settlements or even judgements against you.
You may use your personal vehicle as your “work truck,” but that doesn’t mean your personal auto insurance is going to protect you if you are at fault in an accident while driving for work purposes. If you want to avoid a situation where your claim is denied after you’ve been found at fault for an accident resulting in property damage or injuries, you may want to consider commercial auto coverage.
Commercial auto protects autos that you use as combination personal-work vehicles, as well as any autos that you buy or lease under your business name. And with the amount of miles you put on your auto, and the risks you face every time you get on the road, you may want to seriously consider adding commercial auto protection to your handyman insurance package.
You can increase your handyman insurance policy limits with umbrella insurance, so you don’t have to worry about a small accident becoming a big financial problem. Umbrella insurance gives your handyman business a larger safety net in case something goes wrong -- at a very affordable price.
If you were at fault in an auto accident and the total amount of medical bills and auto repairs exceeded your commercial auto limits, you would be responsible for the remaining amount. Umbrella insurance kicks in once you’ve reached the limits of your underlying policy. Limits start at $1 million and move up from there.
Additional Handyman Insurance Policies
Depending on your business model, you may also want to consider additional policies such as:
- Tools and Equipment
- Cyber Liability
- Professional Liability
#2: Get Covered
Once you’ve decided on the best policies to protect your business, it’s time to get covered. Citizens General Insurance Brokers can get you an accurate quote for your handyman insurance needs, whether it’s general liability, commercial auto, or more. Once you’ve reviewed your quote, we can help you complete an application online, or on the phone with one of our customer support specialists. In most instances, you can get a quote and be insured in the same business day.
#3: Start Saving
Want to know a secret? We know that paying for insurance isn’t as exciting as buying a new tool, investing in a new website, or even getting a new pair of work boots. So we want to make getting handyman insurance as painless and affordable as possible.
Here are some tips on how to save money on your policies; when you sign up, and as you continue with your coverage.
- Avoid Coverage Lapses: Letting coverage lapse can cost you in the long run. When you stop and restart insurance coverage again and again, you begin to look like a risk to insurance underwriters. That can lead to fewer options and higher premiums. Many insurance companies offer premium discounts for no-lapse coverage, so keep covered to keep your premiums nice and low.
- Combine Policies: It may take more than one policy to adequately protect your assets from the risks of your trade. But the good news is that most insurance companies will offer you a discount when you combine multiple policies, such as general liability and commercial auto.
- Drive Safely: There’s a number of benefits to slowing down and paying more attention on the road. If you can avoid accidents, you can avoid claims. And the longer you go without an accident or commercial auto claim, the more you can save on your insurance premiums.
Insurance. You’ve gotta have it if you want to successfully run a business, and find financial success as a handyman. But that doesn’t mean it has to be complicated or expensive, either. Insure your business with the right policies at the right price, and you can get back to work knowing that your assets are safe and you are protected, no matter what comes your way.