Helpful Handyman Insurance Tips

Insurance can be an exciting investment in your handyman business. It allows you to complete high-quality work for your customers knowing that you and your finances are protected in case something happens. In fact, your customers want to know that you’re insured. It means you’re concerned about safety, and makes your business a better investment for them.

Want to know how to get the most out of your coverage and put your handyman coverage to work for you?

These tips will help you make sure your Handyman Insurance benefits you, your business, and your customers.

#1: Factor Your Handyman Insurance Premiums Into Your Pricing

People will pay more for a reliable handyman, and your insurance premiums don’t have to hurt your bottom line. Budgeting for your insurance by accounting for it in the hourly rate you charge your customers, just like you would your other business expenses, will help your business’s financial stability. For example, if you’re paying $1,000 a year for insurance, adding another fifty cents or dollar per hour to your rates will help you cover the costs of your premiums. Quality insurance gives you a competitive edge in the market- make sure you adjust your rates accordingly.

#2: Advertise Your Insurance

As a handyman, having insurance gives you a competitive advantage with your potential customers. They want to know that they won’t be liable if an accident happens while you’re working on their property. Being insured can give you a more professional image, so don’t be afraid to use it in your advertising. Note on your website, business cards, and ads that you’re insured. It’ll give your potential customers peace-of-mind, and may even encourage them to pick up the phone and give you a call instead of your uninsured competitor.

#3: Provide Customers With Your Insurance Info

According to the California State License Board, contractors are required to provide their customers with their insurance company’s name and phone number so that the customer can insure their project will be covered under the insurance policy. While you may not be licensed as a contractor, you may hear this question all the same. Request a certificate of insurance to have on hand whenever you meet with a client, and you can show your proof of insurance at the drop of a hat.

#4: Have Written Safety Procedures

Written safety procedures are a great way to demonstrate your commitment to safety to both your employees and your customers. Avoiding claims is the best way to keep your premiums low, so having a written safety manual for your employees to refer back is an important addition to your safety-conscious business practices. Furthermore, a customer may ask you about your safety practices. After all, they want to make sure the job is done well and that no damage is done to their property. Having a written document to show them emphasizes your professionalism and your commitment to the integrity of the job at hand.

#5: Don’t Let Your Coverage Lapse

Because insurance is so important for the safety of your business and your relationship with your customers, you don’t want to let your coverage lapse. There are several reasons this could happen, including late payments or intentional cancellation.

If an accident happens after you’ve let a policy lapse, the consequences could be as dire as if you were never insured. Insurance generally only covers accident that happens during your policy period, and if your coverage lapses then you may not have that policy anymore, leaving you be on the hook for the damages.

Plus, letting your coverage lapse may not actually save you any money. If you have a history of lapses in your coverage, it may be difficult to find someone who will insure you at the same rate as before. A company prone to lapsing can be seen as a risk. If your coverage has lapsed, talk with your insurance broker about your options so that you can make sure the work done during the gap in your policy is covered.

Handyman Insurance is a wise investment. It protects the interests of both you and your customers, and gives your handyman business a competitive edge. Make sure your customers know that you’re insured, for both their benefit and yours. Maintaining your coverage and making sure you’re marketing yourself as insured and getting your customers the information they need will help you reap the benefits of your investment.

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