Most homeowners will need a handyman at some point. You’re a jack of all trades, highly skilled in many different aspects of home maintenance. From fixing rickety stairs and porch railings to repairing leaky toilets, your job can take you into a wide array of risky situations.
Because you face risk on a daily basis, it’s important to make sure your business is safe in case you have an accident. That’s where handyman insurance comes into play.
The right insurance can keep your business safe from lawsuits and damages that may otherwise leave your business bankrupt.
It can be challenging to decide what coverage your small business needs if you’re new to the realm of handyman insurance.
There are a lot of questions to ask yourself when purchasing insurance:
- Does your state require you to be insured?
- How much will it cost?
- What policies do you need?
These handyman insurance facts can help answer your questions so that you get the coverage you need.
13 Things You Never Knew About Handyman Insurance
- Handyman insurance is actually a bundle of different insurance policies, such as general liability and commercial auto insurance. By combining different types of coverage, your insurance protects exactly what you need it to.
- Being insured can open doors. Many companies offering large contracts will require the contractors and handymen who bid on them to have general liability insurance. Some private homeowners may require you to have handyman insurance as well.
- If you use your own truck for work, your personal auto insurance might not cover an accident that happens while you’re on the clock. You may need an additional commercial auto insurance policy.
- Did you know that a slip-and-fall lawsuit can cost up to tens of thousands of dollars? Your general liability insurance protects you from accidents involving a third party- and as a handyman you face many hazards that can lead to an accident. It only takes a second for a tool that’s left out to become a tripping hazard.
- General liability insurance typically doesn’t cover claims related to your professional services- it only covers accidents. You’ll need professional liability insurance to cover errors and omissions when you’re at fault.
- Inland marine insurance is a bit of a misnomer- it actually has nothing to do with boats! It was originally designed to protect goods shipped over land, but it can be an invaluable way of protecting your tools and construction equipment. This policy covers your tools while they’re in transit or being stored at your home or jobsite.
- If you advertise yourself as “insured”, the state of California requires you to specify what type of coverage you carry. Make sure you’re familiar with advertising laws in your state.
- In fact, your state may require you to tell your customers whether or not you’re insured. For example, California requires all licensed general contractors to inform their customers, in writing, whether or not they’re insured.
- Handyman insurance doesn’t have to break the bank. By bundling your policies together and purchasing them all from one specialist broker, you can save money on your monthly premiums.
- You can factor your insurance premiums into your pricing. Charging an extra $1 per hour can offset the cost of having insurance. Being insured makes you a safer choice for your customers to work with, and many people will be willing to pay for the extra peace-of-mind.
- Did you know that filing more claims raises the odds that your rates will go up? Having a good risk management plan can help you avoid filing claims and save money.
- Letting your coverage lapse can make handyman insurance more expensive in the long run. You could be held liable for any accidents that happen while you’re uninsured. Even worse, if you have a history of letting your coverage lapse it could be hard to get a broker to insure you at an affordable rate.
- Most states require businesses with even just one employee to carry workers’ comp insurance. As a handyman, you most likely work alone, but if you need to hire an employee make sure you know what your state’s laws are.
You invest a lot in your business. Taking the right safety precautions is an important part of that investment. You wear a hardhat when you’re on the job, keep your workspace clean, and make sure you have the qualifications to complete the jobs you take on. All of this keeps you and your customers safe.
Handyman insurance is just another basic safety precaution to safeguard your business.
Lawsuits and financial damages can add up fast. By thinking ahead and getting the coverage you need, you can make sure a small accident doesn’t turn into a disaster.