Handyman Business Insurance: Protecting Your Business and Clients

Running a handyman business can be a profitable and fulfilling endeavor. However, with every business venture comes risks. As a business owner, you want to protect not just your business, but also your clients. This is where handyman business insurance comes in. In this article, we will discuss the importance of handyman business insurance and what it covers, as well as some frequently asked questions about insurance for handyman businesses.

What is Handyman Business Insurance?

Handyman business insurance is a type of insurance coverage that protects handyman business owners from various risks that may arise in the course of their work. This type of insurance coverage can also protect clients from any damages that may occur while the handyman is working on their property.

Handyman business insurance typically consists of several different types of insurance, including:

Why You Need Handyman Business Insurance

Here are some of the reasons why every handyman business owner should consider getting insurance:

To Protect Your Business and Assets

Handyman business insurance can help protect your business and personal assets from damage or loss. Without insurance, you could be held liable for any accidents or damages that happen while you or your employees are working on a job site. This could lead to costly legal fees, settlements, and damages that could eventually bankrupt your business.

To Comply with Legal Requirements

Depending on your state or local laws, you may be required to have certain types of insurance coverage, such as workers’ compensation insurance, in order to operate your business legally.

To Build Trust with Your Clients

Having insurance can help build trust with your clients. When clients see that you have insurance, they know that you are a responsible business owner who cares about their safety and satisfaction.

What Does Handyman Business Insurance Cover?

The coverage provided by handyman business insurance can vary depending on the specific policies you choose. However, here are some of the things that are typically covered:

Bodily Injury

If a client or another person is injured while you or your employees are working on a job site, your general liability insurance can provide coverage for medical expenses, legal fees, and damages awarded in a lawsuit.

Property Damage

If you or your employees cause damage to a client’s property, your general liability insurance can cover the cost of repairs or replacements.

Errors and Omissions

If you make a mistake while working on a job site that results in financial loss or damages for your client, your professional liability insurance can provide coverage for legal fees and damages awarded in a lawsuit.

Work-Related Injuries or Illnesses

If one of your employees is injured or becomes ill while on the job, workers’ compensation insurance can provide coverage for medical expenses, lost wages, and other related costs.

FAQs about Handyman Business Insurance

What factors affect the cost of handyman business insurance?

The cost of handyman business insurance can vary depending on factors such as the size of your business, the types of services you offer, your location, and the deductible and coverage limits of your policies.

How much general liability insurance should I have?

The amount of general liability insurance you need depends on the size of your business and the types of risks you face. As a general rule, most small business owners opt for at least $1 million in general liability coverage.

Do I need professional liability insurance if I already have general liability insurance?

Yes, you may still need professional liability insurance even if you have general liability insurance. Professional liability insurance specifically covers errors or omissions made in the course of your work, while general liability insurance covers bodily injury and property damage claims that result from your work.

Can I save money on handyman business insurance by bundling policies?

Yes, many insurance providers offer bundle discounts if you purchase multiple policies with them. For example, you may be able to purchase a general liability insurance policy and a commercial auto insurance policy together at a discounted rate.

How do I choose the right insurance provider for my handyman business?

When choosing an insurance provider for your handyman business, it’s important to look for one that has experience working with small business owners in your industry. You should also compare coverage limits, deductibles, and prices from multiple providers in order to find the best policy for your business’s needs.

Overall, handyman business insurance is a necessary investment for any business owner who wants to protect their business and clients from potential risks. By understanding the different types of coverage available and working with a reputable insurance provider, you can ensure that your business is protected and prepared for whatever challenges may arise.