6 Must-Have Handyman Insurance Policies

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6 Must-Have Handyman Insurance Policies

As a handyman business, it’s essential to have the right insurance in place for peace of mind and financial security.

Make sure you consider all aspects by looking into these six coverage options important for any home-services provider! General liability is just the starting point; workers’ compensation can help protect your employees from workplace injuries or illnesses, while commercial auto coverage takes care of vehicles used on company time – plus three more policies that cover those hard-to-be-prepared situations.

Get your protection locked down now so you’re ready should something unexpected come up later!

handyman insured for concrete work

handyman working in concrete with insurance policy protection

1. General liability insurance – The must-have handyman insurance coverage

General Liability coverage is the most essential business owner’s policy for handymen and construction businesses. This type of insurance can cover a variety of claims, including bodily injury, property damage, and advertising injury.

If a handyman’s work causes any kind of harm to another person or their property, General Liability Handyman Insurance can provide the financial protection needed to protect against such claims. Not only does it protect handyman contractors from legal costs associated with settling a claim, but also from possible financial ruin if that claim was to exceed the handyman’s assets.

Minimum Coverage Requirements

Handymen should have at least a minimum of $500,000 in basic general liability coverage. This will give them the protection they need if someone were to sue them for damages or injuries related to their work.

Additional Coverage Options

Personal and advertising injury protection can also be added to a handyman insurance policy, depending on the specific needs of each business. Personal injury protection provides additional financial protection against claims that may arise if a handyman’s work causes someone emotional distress while advertising injury protection helps cover libel, slander, or copyrighted material infringement claims related to promotional materials distributed by the handyman’s company.

Avoid Expensive Mistakes

Working without any kind of handyman insurance can be an expensive mistake. Not only could it result in costly settlements and/or penalties, but it also exposes handymen to potential lawsuits with no protection if they are found liable for an accident or injury caused by their work. Furthermore, some construction sites require contractors to carry certain levels of handyman liability Insurance before allowing them on the premises. Failing to meet these requirements can lead to hefty fines and/or loss of contract opportunities down the road.

Overall, having proper handyman liability insurance is essential for any handyman business looking to remain successful over the long term since it not only shields them from potential liabilities but also helps ensure that they can continue providing quality handyman services with confidence into the future.

In conclusion, a handyman liability insurance policy is a must-have for handyman businesses as it not only helps protect against losses related to accidents or injuries but also gives handymen peace of mind knowing that if something were to happen while on the job they would have some form of financial backup plan in place.

Pro Tip: Be Aware Of These Exclusions

  • Professional Services: Most policies exclude coverage for professional services such as supervision, inspection, quality control, and architecture are not covered and if something goes wrong; unfortunately your policy will not be able to help you.
  • Damage to property: Coverage does not provide coverage for claims made against your business due to damage or destruction of property owned by the business.
  • Contractual Liability: If you are sued by someone who you have a contract with, your insurance will not cover those damages. This is an important exclusion to be aware of, as it can leave you liable for any damages that may be awarded in a lawsuit.
  • Limited Coverage for Advertising Injury: Finally, another exclusion to watch out for is that it has limited coverage for advertising injury. This means that if you are sued because of something you said or wrote in your advertising, your insurance will only cover a portion of the damages. This is an important exclusion to be aware of, as it can leave you liable for a significant amount of the damages that may be awarded in a lawsuit.
handyman with general liability insurance fixing kitchen sink

handyman protected by general liability insurance while fixing a kitchen sink

2. Commercial auto insurance – protecting your vehicles from accidents or theft

Having business vehicles for a handyman business means that you need the appropriate commercial auto insurance. This type of insurance is essential to protect your business from any damage or loss caused by accidents, theft, or other unfortunate events. Not only does it keep your business safe and secure, but it ensures that all business purposes are covered under the policy.

Understanding your options

When choosing a commercial auto policy for your handyman business, it’s important to understand all the available options and determine which ones best meet your needs. For example, Comprehensive coverage protects handymen from losses due to events other than an accident such as fire, theft, or vandalism. Uninsured/Underinsured Motorist coverage can help offset costs associated with an accident involving another driver who does not carry enough coverage to pay for damages incurred by the handyman’s vehicle. Additionally, Personal Injury Protection (PIP) pays for medical expenses related to bodily injury caused by an automobile accident regardless of fault.

Having the right coverage in place helps handymen protect themselves financially against unexpected incidents involving their vehicle(s). Understanding all available coverages and selecting those that best meet your handyman business’ needs will ensure you’re properly protected in case of an emergency. Don’t let insufficient protection leave your handyman business vulnerable; make sure you have adequate commercial auto insurance in place today!

Kandymen should have auto insurance to protect against car collisions

Auto insurance critical for handymen in case of car accidents

Top 5 Commercial Auto Insurance Options

1. Liability Coverage

Liability coverage is the most basic type of coverage available for commercial auto insurance. This type of coverage protects you from financial responsibility if your vehicle causes damage or injury to another person or property.

2. Collision Coverage

Collision coverage helps to pay for repairs to your vehicle if it is damaged in an accident. This type of coverage is typically optional but may be required by your lender if you have a loan on your vehicle.

3. Comprehensive Coverage

Comprehensive coverage helps to pay for repairs to your vehicle if it is damaged by something other than an accident, such as theft, fire, or vandalism. This type of coverage is typically optional but may be required by your lender if you have a loan on your vehicle.

4. Medical Payments Coverage

Medical payments coverage helps to pay for medical expenses incurred by you or your passengers in the event of an accident. This type of coverage is typically optional but may be required by your state.

5. Uninsured/Underinsured Motorist Coverage

Uninsured/underinsured motorist coverage helps to pay for damages caused by an uninsured or underinsured driver. This type of coverage is typically optional but may be required by your state.

Handyman auto insurance protects against car theft and accidents

Auto insurance for handymen protects against car break-ins and accidents

3. Inland marine coverage in handyman insurance policy: protects your tools wherever you go

The tools and equipment used by handymen form an important part of their business. As such, it is essential to have coverage in place to protect them against theft, damage, or other losses. Inland marine insurance is specifically designed for this purpose and provides tools and equipment coverage to help safeguard the livelihood of a handyman.

Whether they are transporting their tools to a job site, operating in remote locations, or simply storing them away in the garage, handymen need a comprehensive insurance policy to protect their investments no matter where they are.

The term “inland marine” refers to physical property that insures damage or theft when transported over land or water. It can also be used to protect handymen’s tools and equipment when stored in offsite locations such as warehouses, garages, and job sites.

This type of coverage is important for handymen because it covers losses caused by unexpected events whether your tools were on-site with you or at an alternate location.

Inland marine insurance typically provides handymen with protection against a variety of risks such as fire, vandalism, theft, and other perils. Depending on the policy you choose, this coverage may also include extra benefits like replacement costs for damaged items and liability protection if someone is injured while using your tools.

Having the right equipment insurance is essential for handymen So don’t leave your equipment unprotected–make sure you have an adequate inland marine policy in place today!

Inland marine insurance protects handymen's tools on the job

Handyman with inland marine insurance for protection of tools on the job

4. Workers’ compensation insurance – protecting your employees from injury or illness

Whether you operate independently or hire employees, workers’ comp is an important business owners policy designed to protect handymen and their employees from injury or illness sustained while performing their duties. It covers medical costs, lost wages, and other costs related to unexpected illnesses or injuries that may occur on the job. The goal of workers’ comp is to provide handymen and their employees with financial security if an unforeseen accident happens while on the job.

Covering costly medical bills

Having workers’ comp in place is essential for handymen because it can help cover medical bills associated with workplace accidents, rehabilitation costs, and even financial losses caused by temporary or permanent disability. In some cases, handymen may also be able to cover lost wages if an employee cannot work due to injury or illness sustained while performing his/her handyman duties. In some states, this type of insurance may even provide death benefits to family members of a handyman employee who dies as a result of a workplace accident.

Potential legal actions against you

Unfortunately, many handymen are unaware of how important it is to have adequate workers’ compensation coverage in place. Without proper coverage options, handymen could be held liable for all medical bills and other expenses related to any work-related injury or illness which could prove costly for their business over time. Furthermore, failing to secure the necessary coverage can put handymen at risk of legal action from injured employees or their families if they attempt to collect damages from an uninsured handyman business.

State Ran Program Options

Fortunately, obtaining workers’ compensation coverage is easy; most states have programs available for small business owners that need assistance getting started with the process. By understanding your state’s policies and requirements you can make sure your employees are covered should something happen during their handyman duties. Protecting your handyman business and its employees through Workers’ Comp will give you peace of mind knowing you have done your best to keep everyone safe!

Top Inland Marine Exclusions

  1. Defective material or workmanship
  2. Losses resulting from the insured’s intentional acts or omissions
  3. Property damage due to war, hostilities, or nuclear risk
  4. Losses from the ownership, operation, maintenance, or use of any aircraft or watercraft
  5. Pollution and contamination
  6. Losses caused by governmental action, orders, regulations, or insurance
  7. Losses arising out of any dishonest acts committed by anyone associated with the insured’s business
  8. Losses caused by wear and tear, deterioration, atmospheric conditions, vermin, mold, insects or animals
  9. Losses due to confiscation, seizure, detention, and destruction by order of a governmental authority.
Workers compensation insurance protects handyman and employees on the job

Workers compensation insurance crucial for handymen and employees on the job

5. Professional liability insurance – covering any errors or omissions and advice given by your business

Professional liability insurance is an important policy that covers any errors or omissions in the advice given by handymen as part of their business operations. It is designed to protect handymen from any financial losses resulting from not providing accurate, professional advice to customers.

Are you providing consulting and/or advisory services to any projects or homeowners?

This type of insurance is especially important for handymen since they provide service and advice related to home improvement projects. In addition, handymen are often consulted on the cost of materials and labor associated with a project and they must be sure to make accurate estimates to avoid any potential legal disputes or costly lawsuits that could arise if a customer feels they have been wrongly advised. In addition to covering potential financial losses incurred due to negligence in the advice given by handymen, this type of insurance also provides handymen with protection against libel, slander, and other types of insurance claims.

Combatting the worries of legal accountability

Professional liability insurance can often cover legal fees and damages awarded to the customer if they are successful in their lawsuit against the handyman. This can provide handymen with valuable protection so that they can operate their businesses without fear of being held liable for any mistakes made on the job.

Examine your options and make an educated decision.

While professional liability coverage can help provide handymen with much-needed protection, they need to understand exactly what their policy covers and how it works before signing up for coverage. To ensure maximum coverage, handymen should research various policies available and compare different levels of coverage offered by each company before deciding which policy best meets their needs. By doing this, handymen will have peace of mind knowing that if anything unexpected happens—they won’t be left holding the bag financially!

Handyman with professional liability insurance protected on the job

Professional liability insurance essential for protecting handymen and their business on the job

6. Handyman Bonds – Protecting Your Business with a Quality Bond

Bonds are essential for protecting businesses against potential losses and liabilities that may be incurred due to the Handyman’s failure to meet the terms of an agreement or contract. These bonds typically guarantee projects will be completed on time, within a specified budget, and by the job specifications.

Contract Coverage:

A construction bond is a type of surety bond that provides coverage for any breach of contract by a contractor or subcontractor. If the contracting party fails to fulfill their obligations as stated in the contract, then the surety provider can step in and cover any financial damages or losses incurred by the client. The bonding insurance company agrees to pay out a certain amount of money if they determine that there has been a breach of contract on behalf of the contractor.

Attracting More Customers:

In addition to protecting against potential losses due to non-performance or malfeasance by contractors or subcontractors, having a surety bond in place can also help attract more business from bigger clients who prioritize working with trustworthy contractors only. A surety bond signals strength and reliability which gives clients additional peace of mind about hiring you for their projects.

Choosing an insurance agent with a focus on construction is critical:

When shopping for contractor bonds it is important to make sure you work with experienced professionals who understand your specific needs and know how to get you set up with the right solution that fits your budget without compromising on quality coverage. It is also important to find providers who offer competitive rates without sacrificing service quality since most contractors don’t need coverage for an entire year but only for certain projects/periods throughout their careers as independent contractors or subcontractors.

Calculating The Costs?

The cost associated with getting bonded varies depending on several factors such as the type and scope of work being performed, size of the project, number, and complexity of contracts, financial stability and creditworthiness of the applicant, prior claims history (if any), and other factors determined by underwriters at bonding companies. Generally speaking, contractors should expect to pay between 1-5% of their total yearly contract volume when obtaining contractor bonds.

Investing in your future:

By taking all necessary steps towards becoming bonded, you are making an investment in your future success as well as that of your clients who rely on your skill set and expertise when selecting you as a service provider.

Attract More Confident Clients:

By investing in quality contractor bonding services you can demonstrate your commitment not just towards completing projects but also towards meeting high standards of ethical conduct and professional integrity which is essential for gaining trust amongst clients and building a reputation over time among fellow professionals in your industry sector.

Popular Bond Types for Handyman

  1. License/Permit/Other Compliance Bonds
  2. Surety bonds
  3. Performance Bonds
  4. Payment Bonds
  5. Maintenance Bonds
Being bonded is essential for handymen to protect themselves and their clients on the job

Handyman bonding insurance protects against unexpected issues on the job

Consider These Tips Before Purchasing Your Next Policy!

Tip 1: Attention Online Shoppers: Be Cautious!

Before making an online purchase of insurance, it is essential to understand the coverage and security your policy provides. To ensure you get comprehensive protection for all that your business requires, be sure to consult a knowledgeable and reliable insurance agent and never purchase anything.

Tip 2: Is The Agent Knowledgeable About Handyman Insurance?

Research insurance companies that specialize in the construction, handyman work, and contractor industries. Consider their years of experience and customer satisfaction ratings.

Tip 3: Find Savings Through Bundling

If you’re looking to save on insurance costs, inquire about any discounts or bundle offers available. For instance, consider an umbrella policy that combines general liability and professional coverage into one package for extra savings!

Tip 4: Watching Out For The Hidden Exclusion

Make sure to take your time and read every detail of the paperwork before signing any document. Ensure that you thoroughly comprehend all exclusions, deductibles, limits, etc., before making a definitive choice on which insurance company is right for you.

Handyman with complete insurance coverage protected on the job

All-inclusive insurance crucial for handymen to protect themselves and their business on the job

Save money and avoid costly lawsuits by purchasing the right small business insurance for your handyman businesses

When it comes to protecting your handyman business, having the right insurance coverage is essential.

It is important to purchase the right type of small business insurance for your handyman business. Not only does it protect your tools, materials, and reputation, but it can also help you save money in the long run by protecting you from costly lawsuits or accidents that happen on the job.

When you decide to purchase coverage for your handyman business, look for an affordable policy that covers the types of risks you face as a professional. Make sure to research different policies and compare quotes so that you can determine which one offers the most comprehensive coverage at a reasonable price. Additionally, purchasing multiple policies may be worth considering if doing so offers better protection than one single policy would.

With the right insurance policies, you will be well protected from potential liabilities. Having the peace of mind that comes with a comprehensive insurance policy for your handyman business can help you focus on serving your customers and growing your business without worrying about unexpected financial costs or legal trouble. Investing in proper coverage for your handyman business is an important step toward success.

Right business insurance crucial for handymen to protect themselves and their clients on the job

Having the right business insurance ensures protection for handymen and their clients on the job

Unlock the protection your business needs by starting a proper insurance plan today!

At Citizens General Insurance Brokers, we understand the importance of finding the best handyman insurance companies that offer tailored options to meet your specific business needs. We have been in the industry since 2011 and are proud to save our clients money by connecting them with the best handyman insurance providers for their situation.

Our team of knowledgeable professionals that specialize in Cons can help you compare various policies so you can make an informed decision when choosing your insurance provider. With our expertise and assistance in the construction space, you can be confident that you will be getting the right coverage at a price that fits within your budget.

Don’t wait any longer – Get your Handyman Insurance quote today call us at 800-498-0884 for a Free over the phone quote!

 

Construction Insurance

Insurance Mysteries Decoded: What are Commercial Auto Symbols?

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Ever noticed how insurance rates get all the attention? This company can save you this and that company can save you that… and this company over here can do it in 15 minutes or less! Hey, we get it. Looking for the lowest rate for your business auto insurance can be very tempting. But when you’re shopping for insurance protection for your business, there’s another piece of the puzzle to consider.

What you actually get for that low rate. The bang for your buck.

Blonde woman holding a pink umbrella getting into a red car on a rainy day.

Imagine this: It’s a warm sunny day and you see that umbrellas are on sale. And you realize that you may need one sometime in the future, so it’s a good idea to pick one up.

Buying the lowest rate insurance without considering the coverage is kind of like buying the smallest and cheapest umbrella.

Before you make a decision based solely on a price tag, we’re going to give you the information you need to make the best purchase for your budget. Because the sun may be shining today, but eventually… It’s gonna rain.

Insurance rates are important, but so is your coverage. So here’s one thing you need to know when you’re shopping for commercial auto insurance: It’s all about the symbol.

What Commercial Auto Symbols Mean for Your Business

A commercial auto symbol is essentially a coverage code signifying which of your autos is covered, and who is protected when operating your business vehicles. Within the construction industry there 4 main symbols you’ll want to know.

Let’s decode them.

Decoding Symbol 1

Symbol 1 is going to provide you the broadest coverage for your commercial vehicles because symbol 1 is designated “any auto”; any auto you own, rent, hire, lease, and any non-owned autos. This coverage even includes your employees’ vehicles if they drive for business purposes.

Picture stepping outside in the middle of a huge rainstorm. With torrential rainfall pouring down from the sky, what kind of umbrella would you grab to cover you? When you have symbol 1 coverage, it’s like having a golf umbrella on hand to keep you shielded and unexposed during the storm.

Decoding Symbol 7

Symbol 7 is very common to commercial auto coverage, but this is a very limiting coverage. Think cocktail umbrella vs golf umbrella. Symbol 7 coverage may keep your drink covered while you’re caught in the rainstorm — but that’s about all.

With symbol 7 coverage, only those vehicles listed on the policy are covered in the event of an accident. If you need coverage for newly acquired vehicles, they need to be reported to the carrier within 30 days to be included. (Your policy may have different reporting deadlines, so be sure to check with your insurance carrier.) Do you ever have to rent a vehicle? Or do you have employees drive their own vehicles to run errands or make deliveries? Don’t expect symbol 7 to cover it.

Decoding Symbol 8

Symbol 8 refers to “hired auto” coverage. This includes any autos hired, rented, leased, or borrowed for business purposes. It does not cover autos borrowed or leased from your employees or members of your household.

Symbol 8 coverage can combined with symbol 7 to increase the amount of protection you have against auto accidents and incidents. Now we’re trading in our cocktail umbrella for a standard rain umbrella. You’ve got more protection against light rains and maybe even the occasional heavy storm, as well.

Decoding Symbol 9

This final symbol shields you from the risks that symbols 7 and 8 can’t cover. Symbol 9 coverage refers to the “non-owned” autos which are used for your business but aren’t owned, leased, or rented by you. This could be an employee’s vehicle which they drive when making deliveries or to transport tools to a construction site. It could also mean a vehicle that you borrow. Symbol 8 is like having another standard rain umbrella available when the storm hits, which you can use to keep someone else protected from the storm.

Which Symbol is Better?

Obviously, symbol 1 auto coverage provides the broadest protection for your business vehicles. Who wouldn’t want a golf umbrella on hand when a storm hits? Unfortunately, this wide-reaching coverage isn’t always available. But that doesn’t mean you have to be left exposed to the winds and rains, either.

You can bundle commercial auto coverage coverages to better protect you from the storms ahead.

Combining symbols 7, 8, and 9 is your best bet for the ultimate protection for your business vehicles if symbol 1 coverage isn’t available.

When you bundle these coverages you get protection for the business vehicles listed on your policy, hired autos which you rent or lease, and non-owned autos used for your business purposes. It’s like having a rain umbrella for you, one for your employees, and one for anyone who lends your business a car, too.

Additional Commercial Auto Coverage Options

Many carriers offer expanded coverage packages to further protect your business vehicles. One of the reasons we choose Amtrust commercial auto coverage for our contractors and business clients is the available coverage options they have available for your business. You can add roadside assistance, coverage against theft, and even glass breakage to your policy. Hey, it’s like having a pair of rainboots and a coat available for you, too!

Hint: It’s always a good idea to perform a review of your daily exposures and your current coverage. If you notice any leaks in your protection or areas where you are left exposed, let’s get you better coverage. Whether that means bundling some different coverage options together or adding an additional option, we can make sure that you’re not left out in the rain.

Rates matter. We get it. We want you to save on commercial auto insurance. But we also want you to have the best coverage available, too. Understanding commercial auto symbols can help you determine what the right insurance policy is for you, your business, and your budget; rain or shine.

Commercial Auto Insurance Just Got Easier Than Ever

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Making sure a growing business has the coverage necessary to protect against unexpected losses is an important task to any business owner. But waiting for what seems like forever to get a policy into place can be frustrating, to say the least.

Ask any business owner and they’ll tell you… time is money.

Luckily, you’re about to save some of both, because the way you get commercial auto insurance for your business just got faster (and easier) than ever.

Getting Commercial Auto: the Old Way

Until now, there was a lot of manual paperwork involved in order to get your commercial auto quote as insurance brokers and carriers sent completed applications and supplemental applications back and forth. The process was slow, redundant, and overall frustrating for everyone involved.

If you’ve ever had to wait for a commercial auto quote, you know exactly what that felt like.

Even after you received a quote, it may not have covered everything you needed it to. And if you needed to make changes, it involved additional underwriting, possibly even a change to your quote itself… and more waiting.

Ready for some good news? The old ways of getting a commercial auto quote are over.

Getting Commercial Auto Coverage: the Citizen’s General Way

Citizens can now provide instant quotes for your commercial auto coverage for up to 4 business vehicles.

If you need coverage to protect your light, medium, and heavy vehicles with local and intermediate travel radius, we can offer liability limits ranging from $300,000 to $1,000,000 combined single limit.

Here are some of the highlights of our new (faster and easier!) commercial auto insurance program:

  • New business? Certain newly acquired or formed organizations covered up to 180 days
  • Your employees are defined as an insured for autos rented in their own name (with your permission) in the conduct of your business
  • Blanket additional insured status when required by a covered contract or agreement
  • Increased supplementary payments for expenses incurred by you at our request
  • Fellow employee exclusion removed
  • Towing and labor cost covered if labor is performed at the place of disablement; limit $500 per disablement with no deductible
  • Increased temporary transportation expenses for covered theft of a private passenger auto (limits $50 per day / $1,000 maximum with 48-hour wait period)
  • Accidental airbag discharge recovery cost
  • Loss payee/lessee loan gap coverage for a covered total loss of an auto
  • Single deductible applies on multi-unit claims
  • Narrowed requirements for knowledge of loss
  • Blanket waiver of subrogation granted for an insured contract
  • Failure to disclose wording broadened for unintentional acts
  • Hired car physical damage coverage amendment of other insurance provisions as to covered autos and autos rented by individual employees in your business (you must have hired and non-owned auto coverage for this physical damage enhancement to apply)
  • Deductible waived for covered auto on glass if “repaired”
  • Limited personal effects coverage in covered auto up to $2,500 per loss with no deductible
  • Downtime loss coverage up to a maximum of $100 per day / 30 days
  • Rental Reimbursement coverage up to a maximum of $100 per day / 30 days
  • Diminishing deductible with loss-free policy periods
  • Insurance is primary and noncontributory

What Do You Need to Get a Quote?

You don’t have to spend all day digging up paperwork to receive a quote for your business vehicles. Actually, we don’t require very much from you at all.

All we need is your basic company into, your vehicle VIN numbers, and the limits you’re requesting in order to provide an instant quote.

When you request a commercial auto quote from Citizens General, you may very well be able to get same day indication, with a bind in less than 24 hours.

You just can’t get your business vehicles covered faster or easier than that.

Having coverage is half the solution; making sure you have the proper coverage is the other. Citizens General can offer you the full solution for your commercial auto needs; getting you the right coverage instantly.

The program mentioned above is available in the following States:

AZ, AR, CA, CO, CT, FL, GA, ID, IL, IN, KY, LA, MD, MN, MO, MT, NC, NH, NJ, NV, NY, OH, OR, PA, TN, TX, VA, VT, CA, WI

5 Ways to Get Lower Rates on Your Contractor Insurance

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Independent contractors and small business owners know that the best way to improve cash flow is to bring more cash in, and pay less out. Sounds simple enough, but the costs of doing business can’t always be negotiated down.
One way you can reduce your operating costs is by lowering the rates you pay on your contractor insurance.

Here’s how to pay less, without giving up coverage.

#1. Review Your Current Coverage

The first place you can look to lower your insurance rates is on the policies that you already carry. If you have fewer employees, have sold equipment, or have retired vehicles from use, you may be able to find potential savings in your current policies.

Be on the look out for these changes:

  • Employee roster
  • Equipment bought or sold
  • Vehicles no longer in use
  • Type of construction work performed

Any changes in your business could mean a lower rate is available. Examine your existing policies, or talk to your broker to see where you can save money on your existing coverage.

#2. Calculate Before a Claim

Before you file a claim, take a quick moment to calculate and consider…

Can you afford a minor loss?

The number of insurance claims you file can impact the rate you pay. If you are considering filing a claim for a small incident, ask yourself if you can afford the loss.

If the answer is yes, you may save more money in the long run with lower contractor insurance premiums.

If your favorite hammer was stolen from the bed of your truck on the way to work, you can probably replace it without a claim.

If you were involved in an auto accident on your way to the jobsite, and you are facing vehicle damage, lost and damaged equipment and tools, and possible injuries to yourself, an employee, or a third-party…

Make the claim.

One way you can reduce your operating costs is by lowering the rates you pay on your contractor insurance.

Here’s how to pay less, without giving up coverage.

#3. Increase Your Deductibles

If you decide that paying out of pocket for small losses is an affordable option to prevent premiums from increasing, the next logical step is to increase the deductibles on your policies.

Take the biggest deductible amount you can afford.

Usually, a higher deductible means a lower premium rate.

The amount you save in annual premiums may be more than enough to cover your higher deductible when you finally do need to file a claim for a big-ticket loss.

#4. Don’t Let Coverage Lapse

Construction can sometimes be a seasonal profession, and it could be tempting to let certain coverages go in between projects, or during off-seasons.

If you want to save money, don’t do that.

Letting coverage lapse can actually lead to increased rates. It can also put you at risk for not getting coverage in the future.

Many insurance companies offer premium discounts for no-lapse coverage.

Determine the best policies that you need for your contractor business, and keep your policies active. Stopping and starting policies won’t save you money, and it can cost you even more in the long run.

#5. Combine Coverage

If increasing cash flow and protecting your profits is a priority, then there is a very good chance that you will use more than one contractor insurance policy to protect your business. And that gives you one golden opportunity to save some money with very little effort.

Combine your coverage.

Most insurance companies will offer a discount to you when you combine, or bundle, your coverage. Combine a general liability policy with an inland policy, for example, and you receive a discount on the premiums for both.

Talk to your broker about the ways you can bundle coverage on:

Saving money on your insurance rates gives you more cash flow for your business. And who doesn’t want to see more cash?

Remember…

Combine your policies together, review them regularly to make sure they fit your current business needs, increase your deductibles, don’t make claims for the small stuff, and be sure to maintain your coverage at all times.

Contractor Insurance Quote

Most Important Insurance for Photographers

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Photography business insurance isn’t the most striking topic on the internet, we’ll admit that. It can be especially un-fun for free-wheeling creative types who would much rather be out in the world working their craft.
Unfortunately, ignoring business insurance can be the death blow for a photography business.

Why?

Photographers face unique business risks.

High quality camera equipment is expensive to buy and equally expensive to replace if it’s damaged. Many photographers take their art from the studio out into the world, and place their expensive equipment at the mercy of the elements.

If you’re working with clients, you’ve got a whole other set of potential risks to worry about. People are notoriously fickle, and have been known to cause trouble when their special event isn’t photographed exactly as they’d have imagined it should be.

 

 

Since there are so many types of insurance, and so many types of photographers, we’ve made it simple to figure out what you’ll need to worry about with this list of insurance types most important for any photographer.

If you’re concerned with your own specific specialty, check out our 60-second photography business insurance wizard to see where your photography business faces the most risk.

Otherwise, here’s a list of the most important lines of insurance any photographer will want to consider:

Business Owner’s Policy (BOP) for Photographers

The simplest way to get broad coverage for your photography business is to buy a Business Owner’s Policy. It’s also called a BOP. A BOP combines three common insurance coverages most important to protect nearly all small businesses. It usually includes:

  • General Liability – this would come in handy if your business is sued as a result of property damage or injury that occurred as a result of your photography work. Imagine a client came to your studio and tripped over a light cord, fell and broke her arm. Or if you’ve got employees, general liability would cover any damage they caused while they were representing your business. And if you ever get sued for copyright infringement of someone else’s work, there’s coverage to have your back.
  • Commercial Property – all that expensive photo equipment you use to take photos edit your work is protected in your BOP under commercial property. Whether your own or lease a studio, the building and the items, your lights, props, cameras, computers, and other necessary equipment is covered.
  • Business Interruption – what would happen if your studio burned down, or flooded. Your equipment would be covered under your commercial property policy, but you’d have a hard time making a living while you waited for new equipment to arrive, or repairs to be made. Business income insurance covers the income you’d lose if you couldn’t operate your photography business because of some type of damage to your studio.

Extra Photography Insurance Options for Add Protection

With the basics covered, you might want to look at a few extra layers of protection that are particularly helpful in the photography industry.

Workers’ Compensation Insurance

If you have even one employee working for your business, you’ll need to know if your state requires you to carry workers’ compensation insurance. Most states require this, and it helps cover the cost of injury or illness for employees, including medical care, lost wages, and more.

It also covers the legal fees if you’re sued by an employee or their family for a work related issue.

Commercial Auto Insurance

Chances are you or your employees occasionally need to transport equipment to or from a photo shoot or consult with a potential new client. Did you know your personal vehicle probably isn’t covered if you’re using it for work purposes?

If you own a vehicle that you use (even occasionally) for the purposes of running your photography business, you’ll need to make sure you’ve got a business auto policy to cover you in the event of an accident.

If all this seems confusing, you can easily get some quick answers by using our 60-second photography business insurance wizard to see which insurance lines you need most, and which you can probably worry about some other time.

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Freelancing Isn’t Free: Protecting Yourself in a Gig Economy

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Throwing off the chains of the traditional 9-5 in favor of freelancing freedom is a popular dream these days. And thanks to a modern connected economy, remote work and virtual meetings are the norm, making it easier for more people to find their stride as a free agent.

This independent career choice brings with it the freedom to make your mark as well as your living. But, as any seasoned freelancer will tell you—freelancing is far from free.

Freedom and independence as your own boss balances itself with challenge and risk.

While you trade structure for freedom, and reliance for independent choice, you also assume liability, and become vulnerable without the safety net of your employer’s insurance policies and legal accountability for your actions.

The trade isn’t always pretty for those who are not prepared to face the reality that their side hustle or paid passion project is truly a business—which comes with the responsibility of treating it like one.

If you want to keep enjoying your professional freedom…

Here are 3 simple ways to insulate yourself against liability as a freelancer, and protect your future as an independent business person.

1. Create a Legal Business Structure

Whether you realize it or not, your freelance work counts as a business. You’re a sole proprietor, by default, the moment you earn enough money to require reporting it to the IRS.

The problem with being a sole proprietor, is the liability. Your personal assets become fair game, should any unhappy client decide to sue you.

Creating a legal entity draws a clear line between your personal and business life on paper, protecting your personal assets in the event you’re sued for something work related.

Small business owners have many options when it comes to converting from a sometimes-1099 contract worker to a legit business owner with something to protect. LLCs, S-corps, C-corps, and more. Just a quick search online will provide lots of articles on how best to structure your freelance business, and the IRS website has details on the tax implications and registration requirements for each type of business. Of course, a chat with your tax accountant or attorney is always a safe place to start too.

2. Purchase Small Business Insurance

Now that you have a formal business, it’s time to protect it. Before you even consider taking on a client, or doing uninsured work that could come back to haunt you, take control of your risk and reduce your liability with an insurance policy.

Small business insurance isn’t typically expensive, and in most cases, you can get a policy in place quickly online by answering a few questions about your industry and business structure.

Depending on what sort of work you do, you’ll likely be considering a combination of the following coverages:

Often, a Business Owner Policy (BOP) is available for you to purchase, which packages all the coverage you need in a tidy package, minimizing the cost of buying each policy individually.

An insurance broker who specializes in freelancer insurance policies can help you determine what coverages are right given your situation, and they’ll know what the best way to procure those coverages is.

3. Always Use Contracts

Nobody likes lengthy, wordy, legalese contract jargon, but it’s the stuff of sweet dreams and comforting reassurance if you find yourself with a nightmare client on your hands.

Many veteran freelancers swear by contracts, and for good reason. They protect both you and the client/customer by outlining exactly what services will be provided and what will be paid.

A professionally written contract for your services not only makes you appear more professional, it is a deterrent to would-be problem clients, who will be less likely to cause trouble if they’ve entered into the relationship with clear terms in place.

Should you ever find yourself up against a project with a bad-apple client, you’ll have a written contract in hand to help you quickly resolve any issues. Typically, a problem client will back down from an argument quickly when they come face-to-face with the agreed upon terms written in black and white.

You might already be using contracts if you work on a third-party platform, such as Fiverr or Upwork, which automatically provide built-in guidelines and rules as part of their service fee. If not, you’ll need to devise your own from scratch. Legalzoom offers affordable contract solutions for freelancers who want extra assurance.

Freelancing is a great way to experience professional freedom, and make a great living while you’re at it.

But remember:

The more business success you experience, the more you’ll have to lose. Take a moment and consider what you’ve got at stake, then get to work putting these three steps into action so you can ensure your continued status as an independent and free agent.

Contractor Insurance Checklist

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Contractor insurance can cover just about every aspect of your trade, protecting you, your business, and your assets from unexpected (and costly) events. From an unintended auto accident to an unhappy customer or an injured employee, contractor insurance defends against the risks that could permanently put you out of business.

Because every accident, incident, and act of nature is an opportunity for a lawsuit or monetary loss that could bring down everything you have worked so hard to build.

Contractor Insurance Checklist for General and Subcontractors

Whether you’re a general contractor, subcontractor, or construction business owner, your investment is at risk. One single accident or incident could cost you everything.

Luckily, you can easily defend your construction business with the right insurance coverage. So you can keep blazing ahead, building your future.

Use this checklist to find the contractor insurance policies that you simply can’t afford to ignore.

General Liability

In today’s litigious society, any small accident or incident could result in a lawsuit. Which is why general liability insurance should be the foundational policy of any contractor insurance coverage.

General liability protects you from third-party lawsuits in the event someone has experienced injury, bodily damage, or property damage as a result of your business.

The legal costs for litigation averages anywhere from $3,000 to $150,000, according to a 2005 SBA report.

A general liability policy for your business can cover the costs of a lawsuit that could cost your business in legal fees, lawyer’s fees, settlements, judgements, and even the high price of business interruption. When you have general liability coverage, your out of pocket expenses are typically the cost of your deductible — far less than the cost of litigation.

Inland Marine

The equipment you invest in doesn’t stay in one spot. Protect your mobile tools and equipment with inland marine insurance.

As you move your tools and mobile equipment from one project site to the next, the risk for damage or loss increases. Luckily, inland marine coverage goes where your equipment goes. Like the power tools you take to the construction site.

Workers’ Compensation

Do you use subcontractors to get the job done or do you have employees? Even a single, part-time worker could mean you need workers’ compensation insurance.

The construction industry is a high-risk one. Your employees are more at risk for illness or injury than the barista who made your coffee this morning. A slip, fall, or other accident could mean lost wages and costly medical bills for your employees.

Workers’ comp protects your employees from the high costs of medical treatment and lost wages in the event they’re injured or become ill while performing their job. Providing workers’ comp insurance is not only the right thing to do for your employees, in most states it is also required by law.

Commercial Auto

A contractor’s vehicle has many roles to fill. It’s a satellite office, a break room, a tool shed, and an equipment transporter. Your work truck (or van or suv) may even pull double-duty as your personal vehicle during the weekend; towing your family boat, picking up groceries, or taking the little league team out for ice cream after the game.

But don’t expect your personal auto coverage to work as hard as your truck does.

If you’re involved in an accident or have an auto claim while using your vehicle for business purposes, your personal auto coverage generally won’t cover it.

You’ll typically need commercial auto if you want to cover:

  • Autos used primarily for business purposes
  • Autos that are registered or leased to your business
  • Autos that your employees are driving

Don’t rely on personal auto insurance to protect your work autos from the risks of the road; commercial auto insurance is an important policy for contractors who spend more time out in the field than sitting in an office.

Commercial Property

Do you own or rent the building your construction business uses for your day-to-day operations? Either way, commercial property insurance is your key to defending it.

  • If you rent, commercial property can protect the stuff that’s inside your building, such as equipment, furniture, materials, and supplies.
  • If you own, commercial property can protect the building itself as well as the stuff that’s inside it.

No one ever plans for a fire, busted pipe, storm damage, theft, or vandalism. But with commercial property, you won’t have to pay the price for damage or loss to the place and things you need to operate.

Tip: Running your construction business from home? Even home-based businesses need a little extra property coverage. A standard homeowners insurance policy won’t always fully cover the business tools and equipment that you’ve got at home. Ask your insurance professional about a rider to your homeowners policy to protect your business investments.

Builders Risk

This one’s for the general contractors. A builders risk insurance policy protects your investment in a project during the course of construction, which is why it’s also referred to as a course of construction policy.

If a fire broke out on a residential project and destroyed the work you had already completed, as well as some valuable tools kept onsite and materials you’d already purchased, builders risk would be there to help you recoup your loss.

Builders risk policies are typically project specific and written on a 3-month, 6-month, or 12-month term. The coverage remains with the project until construction is completed.

Tip: There are any number of parties with an “insurance interest” in a project – including subcontractors, engineers, or anyone else who could lose out on labor, materials, supplies, and potential profits if there was a loss during construction. Builders risk policies are generally obtained by a project owner, developer, or general contractor who will list anyone with an insurable interest as a “named insured.”

General contractors should consider this policy as part of their contractor insurance checklist, but subcontractors should remember that they’ll want to be included as a named insured on any builders risk policy taken out by a general contractor or project owner.

Umbrella Coverage

Extra coverage is often overlooked but an umbrella policy could be one of the most important contractor insurance policies available. Umbrella insurance is there to protect you in the event of a claim that exceeds your policy limits.

Imagine the worst case scenario. An accident leads to severe third-party injuries and a lawsuit. The final result is a million dollar claim for court costs, judgements, and medical bills against your general liability policy. Your policy limit is only $500,000. Which means you’re left footing the bill for the other half a million.

Umbrella insurance can be applied when a covered claim exceeds the limits of an eligible underlying policy, like a general liability policy.

In the example above, your general liability policy would cover the million dollar claim up to its limit – $500,000 — and then your umbrella insurance would kick in to cover the remaining half a million dollars.

And all you’ll be responsible for is the cost of your policy deductibles.

How many of the above business insurance policies do you currently carry?

Chances are, you may have just discovered some holes in your contractor insurance defense plan. When you’ve worked hard to build up your construction business you want to protect it completely. Compare this checklist to your current insurance protection. If you’re missing any of the policies listed above it may be time to fortify your defenses so you can keep building your business without worry.

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7 Ways Contractors Can Save On Commercial Auto Rates

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But just because your construction business needs to have commercial auto insurance, doesn’t mean you have to overpay for good coverage.

Here are seven ways you can save on your insurance rates, and put some extra cash back into your business where it belongs.

1. Hire Solid Drivers

Will your employees be driving your truck, vans, or other business vehicles? Then you want to be smart in your hiring practices and look for people with clean, solid driving records (You can check a would-be employee’s driving record through the DMV).

Drivers with spotty records will come with higher premiums, and some carriers will even decline to cover the driver should they operate one of the vehicles.

But drivers with clean records can save you money. And give special notice to potential employees who are authorized to operate commercial vehicles; drivers with a commercial license can get you even lower rates.

2. Choose a Higher Deductible

One easy way to lower your monthly premiums is to raise your deductibles. The extra money that you save on premiums each month will often make up for the larger deductible amount in the event you need to file a claim.

3. Install GPS on Fleet Vehicles

Many insurance companies will offer you a lower rate on commercial auto when your fleet vehicles have GPS systems installed. GPS systems tend to reduce the amount of claims due to vehicle theft, reckless driving, and misuse of vehicles. When employees know a GPS system is on the company vehicle they are using, improved driving behavior often follows. Fewer claims due to GPS means lower rates for your fleet.

4. Evaluate New Purchases

Think twice before paying top dollar for that new work truck or fleet vehicle. The higher the value of an automobile, the higher the premium will be. To get the true price of that new work truck, look at the price of the vehicle plus the price of its annual premium.

5. Update your Policy

Have you retired vehicles or lost employees this year? Don’t forget to update your commercial auto policy so you aren’t paying to cover vehicles not in use, or the drivers no longer operating them. Keeping your policy updated means you only pay premiums for the vehicles and employees that you need to cover, and can likely put a few extra bucks back into your business.

And while you are updating your policy, ask your insurance provider what kind of discount you can get for combining other policies with your commercial auto. Citizens General offers a 10% discount off both your general liability and your auto policies if you combine both.

6. Don’t let your Policy Lapse

When times get tough or work slows down, it can be tempting to try cutting corners. But letting your auto coverage lapse during off-season or slow times can actually cost you more money.

Insurance companies often provide rate discounts for continuous coverage. And when you let your policy lapse, your rates can often be higher when you decide to pick it back up again.

And don’t forget the high price you pay if your work vehicle or employee isn’t covered in the case of an accident. With an estimated five-million accidents occurring every year in the U.S., your work truck is at risk every single time you pull out of your driveway.

7. Pay your Premium Upfront

Construction can be a cyclical-business, with busy seasons that are more profitable and slower seasons where money is tight. Want to make this a money saving advantage? Most insurance providers will allow you to pay your annual premiums upfront, and will give you a reduced rate as an incentive, which can be up to 10% off. When business is booming and cash is flowing in, pay off your premiums for the year and you won’t have to worry about making monthly payments in the slower seasons.

Your work vehicles work hard for you. Skimping or skipping on insurance coverage for them is not an option. But you can insure your trucks, vans, and other fleet vehicles and still save money. Don’t overpay for your coverage, and put some cash back into your business instead.

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Commercial Liability Insurance Coverage in 3 Easy Steps

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Have you been wondering how to get commercial liability insurance for your business? No matter what product or service your provide, commercial liability coverage is the foundation of insurance protection, keeping your assets where they belong – in your business bank accounts.

As a business owner, you know the threat of a lawsuit is real. One small incident or accident can lead to big trouble.

What are your chances of your business facing a lawsuit? With over 100 million cases filed in US state courts every year, the chances of your business being sued are good. And that’s bad news for business owners, when even something as small as a slip and fall accident can cost you an average of $20,000.

For many small businesses, coming up with that kind of cash could be devastating.

That’s why commercial liability insurance can benefit you, no matter what your business is or how you operate it.

Commercial liability insurance covers your business from the costs of lawsuits arising from:

  • Third-party injuries
  • Third-party property damage
  • Product liability
  • Advertising injury (libel, slander, and defamation)
  • Copyright infringement

 

Lawyers’ fees, court costs, settlements, and judgements can add up quickly, whether you are at fault or not. Your commercial liability (also known as business general liability) policy will cover these costs, so you don’t break the business bank trying to pay them yourself.

Every day that you operate without liability coverage, you are running the very real risk of having to pay the high costs of a lawsuit yourself. Luckily, you can get your business covered quickly, so you can rest easy and focus on the important things: like growth and profitability.

How to Get Commercial Liability Insurance

Follow these three easy steps, and you will be covered before you can say “low annual premiums.”

Step 1: Get an Instant Online Quote

An insurance quote will be an estimate of how much total insurance coverage you’re getting, and what that will cost you in annual premiums. If you would like any extra coverage added to your policy, you can get a price estimate for those “riders” at the same time.

Getting a quote is fast and easy.

Fill out a few simple forms with information such as your name, and the state in which you do business, and you will receive your quote via email. Give your quote a quick review, and then you’re ready for step #2.

Step 2: Complete Your Application

Once you’ve reviewed your quote, it’s time to complete your application for coverage. Don’t worry, we know that you are busy, and we don’t expect you to take the day off to come to our office. Instead, we bring the application to you. You can complete an application online at Citizens General, or over the phone with one of our in-house professionals.

If you do speak to one of our agents in person, feel free to ask about other options available to you to increase insurance protection for your business. You may even get some ideas on how to lower your insurance premiums, so don’t hesitate to pick up the phone. No time to chat? No problem. The online application can be filled out on your time, and submitted when you are ready.

With general liability coverage, you won’t need to chase around paperwork all day just to complete your application. If you live in a state where a contractor license is required, we will need that information. If you have any prior losses, we’ll ask for a loss runs report from prior carriers. If neither of these situations applies to your business, your application process will go even faster.

When your application is complete, it’s time to move to step 3.

Step 3: Sign and Submit Payment

Your completed application will be sent to an insurance carrier for approval, and then we will get you a bit of paperwork to sign. Once again, we know that you have a business to run. That’s why Citizens General makes it easy to sign your documents and submit payment. With our Docusign process, you can sign your documents electronically from the comfort of your home office, your bustling warehouse, or from a tablet in an airport. We will work with you from wherever your business needs you to be.

Once you have submitted your signed documents and payment, everything is sent off for processing on our end, and you don’t need to do anything more. Congratulations, your business has a safety net, and you can stop worrying about a potentially devastating lawsuit ruining everything you’ve created.

You have Liability Coverage. Now What?

Business general liability coverage can protect you from third-party lawsuits for injury and damages to someone’s person, property, or even reputation. But it doesn’t cover professional errors, employee injuries or discrimination suits, fraud, cyber theft, accidents with your work vehicle, or damage to your business property.

If there are other business risks that keep you up at night worrying, you may want to consider additional policies to fully protect your business investment. Combining additional business insurance policies to your general liability policy is not only a great way to further protect your business, it’s also an easy way to save on your premiums. Here are some other policies you may want to consider:

Workers’ Comp: If you have employees, workers’ comp insurance benefits can pay for their medical expenses and missed wages if they are injured or become ill while working.

Professional Liability: Service professionals can protect themselves from the high costs of defending against third-party financial loss lawsuits with professional liability coverage.

Commercial Auto: If you, or any of your employees, drive a vehicle for business purposes, you may need commercial auto to cover your vehicles in case of an accident.

Commercial Property: Commercial property coverage is meant to protect the building that your business rents or owns, as well as the stuff inside it, in the event of a fire, theft, damage, or vandalism.

Cyber Liability: If you handle sensitive customer information, including Social Security numbers or credit cards, you could be a risk to a data breach or hack. Cyber liability may cover the costs of notifying customers, credit monitoring, or your defense against an identity theft lawsuit.

Business Interruption: Business interruption claims are generally more expensive than property damage claims. Business interruption coverage may cover the costs of inventory held-up across the country, or even business lost while you are spending time defending yourself against a lawsuit.

Whether it is a stand-alone commercial liability policy, or if commercial liability is just the foundation of your protection, getting this essential coverage is a quick, easy, and convenient process. Get your quote today, and you can be covered in no time at all.

Not sure exactly what policies your business needs? Check out our business insurance tool to get a quick, individualized assessment of the insurance policies that can best protect your business.