One of the biggest obstacles standing between a handyman and the right insurance coverage is often concern over the price. Citizens General is committed to making sure that the handyman insurance you need to protect your business from financial hardships at rates you can afford..
If you want to lower the costs of insurance for your handyman business, here are a few tips that can lower your rates without sacrificing coverage.
5 Ways to Save Money on Handyman Insurance
#1: Have a Risk Management Plan
The more claims you have, the more expensive your insurance premiums will be. The best way to save money is to be proactive and avoid an incident in the first place. Filing too many claims can lead to an unnecessary jump in rates, which makes having a good risk management plan vital.
Evaluate the risks associated with the work you’re doing. Are there any fire hazards on your job site that you haven’t accounted for? Is there any loose material or unsecured flooring a customer or employee could slip and fall on? Evaluating your risks, determining how much they could cost you, and then implementing safety procedures and policies to manage those risks will help you avoid a claim and save money on your premiums.
#2: Keep Your Driving Record Clean
Save money on your commercial auto policy by making sure that you and your employees have great driving records. Your insurance company will use your driving record to determine how likely you are to have an accident and thus what your premiums will be. Make sure you hire employees with good driving records both to decrease the likelihood of an accident and to save money on your premium. You’ll also want to make sure you practice safe driving techniques yourself- this will save you money on your commercial auto policy just like it saves you money on your personal auto policy.
#3: Take Good Care of Your Tools
Do you keep your tools locked up in your truck, or do you leave them out to have easy access to them? Make sure your costly equipment isn’t a sitting duck for thieves and vandals. Lock your tools up in your truck or in a toolbox when they’re not in use. When you’re hiring employees, make sure you conduct background checks and look for a history of theft. Taking a few minor precautions can help you avoid a claim and save money on your Inland marine insurance.
#4: Have an Excellent Safety Program
Even if you are a small operation, your safety program is important- it can directly affect how much you pay for workers compensation. A good safety program ties into your risk management program. It will help you eliminate workplace hazards to prevent the accidents that will raise your premiums. If you have an employee, make sure he/she knows which steps to take to keep themselves and their work environment safe.
#5: Combine Your Policies
Take advantage of any discounts you’ll get for bundling your policies together. Most insurance providers offer you discounts for combining multiple policies. For example, if you’re interested in general liability, commercial auto, and inland marine insurance, speak with your broker about combining your coverage. This can be highly cost effective.
Following these tips can help you make sure you get excellent coverage at an affordable rate. For more information on how to get the best coverage for your handyman business without breaking the bank, get a free quote today.