Handyman Insurance —
Essential Safeguards
for Your Services
Protect your handyman services with tailored insurance solutions specifically crafted to address your trade’s challenges.
Whether you’re an independent handyman or manage a larger team, our insurance options provide the peace of mind you need to concentrate on delivering quality work while minimizing concerns about unforeseen issues.
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Why Handymen Require Insurance
Handyman work involves various tasks, often carrying substantial risks. Without adequate insurance, a single incident can lead to severe financial consequences. Handyman insurance is crucial for your business, safeguarding against:
- Injury Risks: The nature of handyman work includes various physical activities, which can lead to accidents and injuries. Workers’ compensation insurance covers medical expenses and lost wages if your employees suffer injuries while working.
- Property Damage: As a handyman, you operate in clients’ homes or commercial properties. Accidental damage, such as a tool causing harm or breaking a window, can lead to costly repairs. General liability insurance protects your business by covering these claims.
- Legal Liabilities: If a client or another party claims that your work caused damage or injury, legal fees and settlement costs can be overwhelming. Liability insurance for handymen shields you from these potential legal challenges.
Common Causes of Handyman Accidents
The handyman profession involves a range of physical tasks, which increases the risk of injuries. Without the right insurance, an accident on the job could result in significant medical bills and legal consequences, jeopardizing your business. Having handyman insurance is a responsible choice for your company, employees, and clients.
- Falls: A significant number of handyman accidents stem from falls, often leading to severe injuries.
- Cuts and Lacerations: Handling tools and sharp objects increases the likelihood of cuts and other injuries.
- Electrical Incidents: Working with electrical systems can pose risks, including electrocution or fires if not handled correctly.
- Equipment Failures: Malfunctions or improper use of tools can lead to accidents and injuries.
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Coverage Options for Handymen insurance
To ensure you have comprehensive protection, handyman insurance should cover various aspects of your operations. Here’s an overview of the primary coverages available for handymen:
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General Liability:
Since handyman services involve working at client sites, accidents may occur. General liability insurance protects your business from lawsuits arising from injuries or property damage while you’re performing work.
For instance, if a visitor gets hurt at a job site or if your work inadvertently damages a property, this coverage helps pay for medical expenses, repairs, and any legal costs that arise, safeguarding your business from significant financial loss.
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Workers’ Comp:
Given the diverse hazards faced by handymen, workers’ compensation insurance ensures your team’s medical bills and lost wages are covered in case of work-related injuries. This not only supports your employees but also helps you stay compliant with legal requirements, thereby reducing your risk of lawsuits.
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Equipment Coverage:
Your tools and equipment are vital for your services and represent a substantial investment. Equipment insurance covers loss, theft, or damage to your tools, ensuring you can replace or repair them quickly and maintain the continuity of your operations.
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Commercial Auto:
Handymen often use vehicles to transport tools and materials to job sites. Commercial auto insurance covers vehicles used for business purposes, protecting against damages from accidents, theft, and other incidents.
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Custom Solutions:
Every handyman operation has its unique needs and risks. We provide customizable insurance plans tailored to your specific requirements, whether you’re a solo operator or oversee a larger crew. We can incorporate additional insured parties, high-risk activities, or specialized equipment into your policy, ensuring comprehensive coverage without unnecessary costs.
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Handyman Insurance Rates And Coverage
This table displays typical rates and coverage for Handyman General Liability
for $1 Million/$2 Million Policy.
| State | Coverage | Guard | Travelers | Liberty Mutual | Next Insurance | Nation Wide | Tokio Marine |
|---|---|---|---|---|---|---|---|
| IL | 1M/2M | $1046 | $1027 | $977 | $989 | $980 | $953 |
| IN | 1M/2M | $1039 | $986 | $981 | $1032 | $1016 | $985 |
| CA | 1M/2M | $1464 | $1456 | $1421 | $1452 | $1362 | $1403 |
| PA | 1M/2M | $998 | $952 | $997 | $969 | $955 | $1012 |
| WA | 1M/2M | $1002 | $1002 | $969 | $968 | $954 | $1047 |
| GA | 1M/2M | $978 | $1009 | $1000 | $974 | $1025 | $959 |
| CO | 1M/2M | $1427 | $1364 | $1355 | $1389 | $1434 | $1439 |
| TX | 1M/2M | $980 | $1044 | $984 | $974 | $990 | $953 |
| LA | 1M/2M | $1418 | $1410 | $1415 | $1387 | $1364 | $1365 |
| FL | 1M/2M | $1152 | $1165 | $1183 | $1214 | $1224 | $1202 |
| NY | 1M/2M | $1539 | $1554 | $1478 | $1552 | $1550 | $1496 |
Annual premium above includes unlimited certificates of insurance.
Rating assumes $50,000 – $100,000 gross revenues for Handyman/general contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
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Handyman Insurance Cost
Handyman Insurance costs are directly related to the type of work that your company does. If your company deals with high-risk installations and fixes, you might pay a higher rate than someone who does tiling or touch-up painting work. It is not hard to purchase liability insurance with affordable coverage from the best handyman insurance companies if you have the right agent to help with the purchase. For general handyman liability insurance, you can expect to pay $40 – $80 per month (roughly $450 – 1000 per year).
Hence, you are not paying too much if you are in this range. Please note that the goal of buying insurance is to limit the risks if you end up causing damage to your client’s property or to a third party.
However, many different things are evaluated by handyman insurance companies in determining insurance coverage before coming up with an insurance rate. These things include:
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Your Type of Business
The inherent risk in your business plays a considerable role in determining how much you will pay for a rate. Those with more dangerous roles will inevitably pay more.
Just imagine how much more likely are the medical expenses of a handyman that does roofing as opposed to a simpler work like painting.
*The type of work will also affect the cost of workers comp if you hire employees.
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Age of Company
If you are new in business, you will generally pay more for insurance than a company that has been in business for several years with no claims. When you are new in business, the insurance company cannot determine how well you operate compared to other small business owners. In many instances, an insurance provider will not issue policies or only do so with additional premiums.
You can pay lower rates if your company has been around for decades because its age implies whether customers trust the company and how frequently it makes mistakes.
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Personal preference
Insurance companies offer personalized packages, and additional plans can increase the cost. In some cases, you can pay a lower rate by combining packages. Many websites can give you customized quotes in just a few minutes.
If you do not have enough experience, you can get the help of an insurance agent at Contractors Liability to determine which package is suitable for your business. Furthermore, you just have to answer some questions to get a quote. And if you are not comfortable with that, you can talk to one of our agents.
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Your Annual Revenue
This concept is straightforward. Your annual revenue determines the cost of your insurance because it is directly related to the number of jobs you get and the number of employees you have. The higher those numbers, the higher the risk associated with your company.
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Business Owners Policy (BOP)
Most insurance companies offer a Business Owners Policy or BOP. They generally are cheaper than if you bought the same coverages individually, and offer different insurance packages that may have additional coverage options than regular handyman insurance policies.
They generally cover costs for loss of business equipment, injuries at your physical location or job site, and other commercial property such as tools and equipment.
For example: if a client trips and falls at your office. As a result, they sustain bodily injury and incur medical costs. You will have coverage for any legal expenses and possible judgments or settlements for the injured person.
The downside to these policies is that they are not flexible and may not provide business owners the necessary coverage, such as specialized equipment coverage.
Furthermore, different companies offer different included coverages. No two companies’ offerings have the same one. You must go over your coverage with your agent, so there are no coverage gaps.
Your handyman insurance cost is determined by the factors listed above. Some of them you have control over. Using best practices and paying attention to safety, your general liability and workers’ compensation premiums can be kept to a minimum. If you do not provide handyman services consistently, perhaps you do not need handyman insurance, as insurance is required only for a licensed contractor.
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What Does Handyman Insurance Cover?
Here are some of the more common accidents that handyman insurance covers, as well as some handyman-related examples of these accidents.
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Bodily Injury:
These injuries consist of any bodily harm suffered by a third party as a direct result of something that you or an employee did.
Example: An unsecured faucet handle flies up and hits a customer in the face, causing a black eye and facial bruising. The insurance policy will pay for any legal expenses in representing you. They will also pay for any settlements or judgments that are paid to the injured party.
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Property Damage:
You or one of your workers causes injury to your clients or a third party’s property damage.
Example: You are putting on a new roof when high winds cause materials to be blown off the roof and onto vehicles parked on the street.
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Advertising Injury:
Advertisement injuries are any sort of action taken against a company in a business setting, such as copyright infringement or libel.
Example: A business competitor claims your logo is so similar to theirs that it is misleading customers and causing confusion between your businesses. Now your competitor is suing you for copyright infringement.
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Medical Payments:
These are small amounts paid normally as a good will gesture. They are paid without any regard to the insured’s liability. It is usually $5,000.
Example: A customer is at your office and a car crashes into the waiting room. The client is injured. Your general liability insurance for handyman may pay out $5,000 as a good will gesture.
Here’s What Contractors Think
Frequently Asked Questions
At ContractorsLiability.com, we have all that. Plus, it is easy to get a handyman insurance quote. Generic insurance providers treat customers who look for commercial insurance the same, regardless of their profession, which can lead to problems. We make it a point to understand contractors. We make it a point to work exclusively with them and explain the coverage options. That will ensure your next insurance policy will have all the coverage you need.
As a general rule most States do not have any insurance requirements for Handymen. You should however at the very least have Handyman Liability insurance. Liability insurance is your basic business insurance. If you need to pull a permit or register with a City or Town for a job they will in most instances require you provide them with a certificate of insurance showing you have general Liability coverage, they may also require you provide a surety bond.
You will need to check in your local area what the requirements are. They vary greatly from town to town.
Once you have a policy with ContractorsLiability.Com we can provide you Certificates of Insurance (COI) in less than an hour in most cases. The COI lists the various types of insurance you have on one page.
The typical COI lists the different types of business insurance you have. So the various types of insurance coverage you may have such as general liability, workers compensation, tools and equipment(also known as inland marine insurance), professional liability and commercial property insurance.
We can also list additional insureds on the COI. These can be the clients you are doing work for or any municipal entity that may require a COI for a permit or registration.
It is easy to get a handyman insurance quote at ContractorsLiability.com. Generic insurance providers treat customers who look for commercial insurance the same, regardless of their profession, which can lead to problems. We make it a point to understand contractors. We make it a point to work exclusively with contractors and explain your coverage options. This will make sure your next insurance policy will have all the coverage you need.
We work on your behalf to keep your insurance cost affordable. We only write policies with the best handyman insurance companies. All the time we make sure that you have the coverage you need to protect your commercial property and personal assets that you worked so hard to obtain are protected.
By studying their unique needs, we have the power to provide the most comprehensive and custom-tailored insurance plans available today. In addition, we offer the following:
- Affordable rates from A-Rated insurance providers.
- Licensed insurance agents available when you need them.
- Customizable packages based on your line of work.
Before choosing an insurance company, be sure that they have the following:
- They’re a licensed insurance agent.
- Work with A-rated insurance companies to ensure that you get a service that you can trust.
- They aim to provide you with the lowest price for the best coverage out of any of their competitors.
Talking to other handyman service providers is also a good idea. Your insurance coverage and cost may not be the same as theirs, but you’ll have an idea of what other handyman services are paying for their insurance coverage.
