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Are you in the United States looking for handyman insurance? If so, our insurance team at Contractors Liability® is ready to answer some common questions for you and provide you with a free quote as well.
The pipes under the sink burst during a bout of cold weather. The house’s old wiring becomes faulty and parts of it must be replaced. Every once and a while, something goes wrong with a fixture in our house like this, and professional repairs are required to get things back to working order. The humble but talented handyman is who people call upon for help if wrapping things up in duct tape doesn’t work.
Contractors Liability wants to provide a long-term fix for those who provide us with long-term fixes when it comes to their insurance plans. Choosing handyman-specific insurance policies saves money while guaranteeing that you have the coverage you need when you need it.
What is What is Handyman Insurance?
Accidents are part of what drives your line of work. You’ve seen holes in drywall, sinks dismantled by someone trying to find a lost earring, toilets with plumbing nearly a century old, and much more. Therefore, it’s safe to say that you probably understand that everyone makes accidents once and a while – including handymen when they’re on the job. When you make a mistake in a professional setting, however, it is important to have access to coverage that can prevent you from paying directly for any damages that are made. Handyman insurance can cover accidents like the ones described below and so many more.
- Injuries to the Body: 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.
- Damages to the Property: Any alteration that was not originally intended by the requestor is categorized as property damage.
- Example: A painting job commissioned by a call center accidentally causes damage to that call center’s carpeting, forcing the center to replace it.
- Personal Injury: This type of injury negatively affects the emotional or reputational state of a party unrelated to the drywall company.
- Example: Your company takes longer than expected on a bid, causing the company that contracted you to lose business.
- Advertising Injury: Advertisement injuries are any sort of action taken against a company in a business setting, such as copyright infringement or libel.
- Example: Your logo was intentionally created to look like a rival’s logo, so now your rival is suing you for copyright infringement.
- Medical Payments: When a third party is injured because of an event directly related to your company, often you will have to compensate the third party for the resulting medical payments.
- Example: Improper protection around a water heater you installed causes burns to a client. Their medical bills will be covered by your company.
Handyman Insurance Cost
Handyman insurance cost is directly related to the type of work that your company does. If your company deals with high-risk installations and fixes, you might end up paying a higher rate than someone who does tiling or touch-up painting work. However, many different things are evaluated by insurance companies prior to coming up with an insurance rate. These things include:
- Your Annual Revenue. This is a relatively simple concept. The number of jobs your company takes on, as well as the number of employees you retain, are directly correlated to your gross income, as well as the amount of risk associated with your company.
- Your Type of Business. We mentioned this before, but the risk that is inherent with 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.
- Age of Company. If you are part of a company that has existed for at least a generation, there is a good reason for insurance companies to lower your rates. A history of trust among customers shows companies that they do not make consistent mistakes, which means there is less of a chance that you will need to file any claims in the future.
- Personal Preference. Insurance companies can personalize packages for you, which means that additional plans like auto insurance can hike up the cost. While package combinations can sometimes lower your overall rate, it’s always best to work with an insurance agent on this to see what option will work the best for you.
Of course, all personal policies will differ, and insurance agencies go through many more considerations before helping you decide on a policy rate. Working with a licensed insurance agent, like the ones at Contractors Liability, is the best way to ensure fair rates for the coverage you are looking to possess.
Why Should Handyman Companies Choose Contractors Liability?
Generic insurance agencies are great for some things, but they won’t understand handyman services like an insurance agency who dedicates their service to general contractors and the dedicated people who maintain the places we depend upon to work and live. We also offer the following, in addition to our applied knowledge of insurance and contract work:
- Affordable rates from A-Rated insurance providers
- Licensed insurance agents available when you need them
- Customizable packages based on your line of work
About Handyman Insurance
I have more than one employee working for me. Are they covered by my handyman insurance?
Handyman insurance covers only third parties. If you want to cover your employees, you will need to do some research into worker’s compensation packages. The knowledgeable insurance agents at Contractors Liability can assist in finding a package that works for you and your employees.
Can I be fined for not having handyman insurance?
Handyman insurance is a type of general liability insurance, which means it is required in most states for contractors to hold general liability insurance prior to making a bid. If you live in one of these states, working without this form of insurance can cost you a hefty fine. Even if your state doesn’t require it, most clients will not allow you to place a bid without having it. For more information on your state-specific laws, contact Contractors Liability and we’ll guide you through all the information we have on the subject.
How can I lower my insurance payments?
While the factors that impact handyman insurance rates and limits are mostly out of control, it is possible to come up with the most cost-effective package for your company by determining what kind of coverage you need, then working with your insurance history from there.
The people that everyone depends upon to stay safe at home or at work deserve fair general liability coverage. If you’re a handyman looking for comprehensive coverage, contact Contractors Liability or call us at (866) 225-1950 for a 5-minute quote.
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