Handyman Insurance
The handyman trade is a great business. There is no shortage of work, it can be rewarding, and you most likely get to be your own boss.
But like any business, the handyman trade has some risks. And to be successful in a handyman business, you want to protect yourself from those risks. That’s where handyman insurance comes into play.
In this article, we will talk about some of the risks a handyman business carries and what type of insurance you need to protect yourself from those risks.
It is best to not make the mistake of thinking that because you are a small business owner or even just a one man show sole proprietorship that you don’t need insurance for your business.
You do need handyman insurance. 40 percent of small businesses do not reopen after a major loss.
Don’t let that happen to your business. Handyman insurance can make sure your business can survive an insurance loss.
Here are a few risks that handyman insurance can protect you from:
- Lawsuits if you injure someone or damage their property while working
- Theft of equipment or tools
- Other damage to equipment or tools
- Damage to your handyman vehicle form an accident or other covered insurance loss
- Loss of income if your business can’t operate due to an insured loss
Any one of these risks could drive your business out of business. Handyman insurance is a must to protect you, your business and investments.
What kind of handyman insurance do you need?
Commercial General Liability
Commercial General Liability insurance is a must. This insurance should be purchased by all handyman operations whether you are a one man shop or have 50 employees.
Commercial General Liability insurance will protect you and your business if you are found responsible for causing injury to someone or for damaging someone’s property.
Some jobs may require you to carry liability insurance. This is one of the most affordable types of handyman insurance.
The cost is based on the annual receipts of your business. When you purchase a policy it’s a good idea to know what you make in a year or what you are projecting for an annual income, so your policy can be rated properly.
Commercial Vehicle Coverage
If you have a work vehicle registered to your handyman business, you must have a commercial auto policy.
A commercial auto policy will cover your vehicle if it is damaged in an accident or by some other event such as weather or a falling object.
It can also offer you coverage for your medical bills of you are injured in an accident. It also contains liability insurance if you are responsible for injuring someone else or damaging their property in an accident.
If you use your personal vehicle for business purposes, you may be taking a risk if you have a claim. Personal auto polices don’t cover any type of business use. If you are not sure if you need a commercial auto policy for your handyman business, you should talk to Balsiger Insurance today.
Workers Compensation Coverage
Workers Compensation requirements vary by state. This coverage pays for medical costs if your employees are injured on the job. Some states may require you carry Workers Compensation even if you don’t have any employees.
Workers Compensation can also provide coverage for yourself if you are injured on the job. If you do have employees, you will need to make Workers Compensation part of your handyman insurance.
If you have employees, Workers Compensation is necessary. If your employees are injured while on the job, Workers Compensation coverage will pay for their medical bills and provide some disability payment to the employee while they are unable to work.
Not only does this coverage provide benefits to your employees, it also protects you by ensuring you are not sued for the cost of an employee’s injuries and inability to work.
If you have employees, talk to a trusted insurance professional about putting a Workers Compensation insurance policy in place for your handyman business.
Inland Marine Coverage
As far as handyman insurance is concerned, Inland Marine coverage can be useful. This type of coverage offers protection for your tools and equipment as it is moved around from job site to job site.
Inland Marine policies come in two forms:
- A named peril policy protects your tools and equipment form a certain group of perils or risks.
- An all peril policy or open risk policy can protect your equipment form all perils except those that are specifically excluded.
Inland Marine coverage can be invaluable for a handyman business – tools are expensive, and short of your own know-how they are the lifeline of your business.
Get your business insured properly with the help from Balsiger Insurance agent by calling today. We can go over your current insurance policies and the different types of handyman insurance that you will need to be properly protected.
What is the right handyman insurance for your business?
There are many options for handyman insurance. Coverage for your handyman business must be customized to fit your operations. Your business may need only Commercial General Liability and Workers Compensation, or you may need a full range of professional liability coverage, including Inland Marine and Commercial Auto insurance.
It is best to talk to an insurance professional like Balsiger Insurance about handyman insurance for your business. Our insurance agents can help you get free quotes and then select just the right contractor insurance coverage for your needs at a cost that’s affordable for your business.