There are many opportunities for handyman businesses in New Jersey. This state doesn’t require a handyman license. However, professionals offering these services need to procure a home improvement contractor license to do New Jersey handyman work.
Regardless of licensing, business insurance is essential to keep your handyman business protected. Below are the top five handyman insurance companies in New Jersey.
- The 5 best insurance companies for handymen in New Jersey
- Does New Jersey require handyman insurance?
- What types of insurance does a New Jersey handyman need?
- How much does handyman insurance cost in New Jersey?
- Options for finding inexpensive handyman insurance in New Jersey
The 5 best insurance companies for handymen in New Jersey
- CoverWallet: Best for quotes online
- biBERK: Best for simple digital process
- Hiscox: Best for handymen with unique needs
- Thimble: Best for temporary coverage
- NEXT: Best options for discount bundling
CoverWallet: Best for comparing quotes online
CoverWallet is an online broker that works with many insurance companies to offer quotes. However, they only provide quotes from businesses they partner with, so shopping around is still important.
Small business insurance is the main specialization of CoverWallet. Agents are available to help you decide which insurance you need. In addition, quotes are available for property, workers’ compensation, BOP, and additional policies.
In many cases, CoverWallet will provide immediate quotes for handyman insurance. However, they may need to receive more information depending on your location and needs.
biBERK: Best for simple digital process
biBERK has been in business since 2015 as an opportunity to get online business insurance quickly. While many other companies now do the same, biBERK remains one of the top options. Getting an online quote is easy and happens in less than 10 minutes. Afterward, you can purchase insurance just as fast.
Below, you can see that there are three plans available: Basic, Preferred, and Elite. It also includes property insurance for a home office in an owned building.
Hiscox: Best for handymen with unique needs
Next up is Hiscox, which offers business insurance for many different industries. They provide many policies that are useful for handyman businesses. However, they don’t specialize in particular industries, and only some industries are listed when you try to create an online quote.
For handymen, the best option will depend on what jobs you typically do. Speaking with an agent by phone can be an excellent choice since the person you talk with can give you specific policies that match your day-to-day tasks.
Thimble: Best for temporary coverage
Thimble offers general liability and commercial property insurance for handypersons. Getting a quote is simple and happens quickly. But what sets this provider apart is the length of coverage provided. We were able to choose between “less than a month” or “a month or more.” This is ideal for handymen who needs temporary coverage because some clients might require it before signing the contract.
We chose a general liability policy with two employees for more than a month.
NEXT: Best option for discount bundling
NEXT offers up to a 10% discount if you bundle policies together. Plus, the process to get a quote takes only a handful of minutes and is easy to get through. However, those with specialized businesses or unique needs may need to call and speak with a representative.
The quote below is for a handyperson business with $400,000 revenue on an annual basis and three employees.
What is handyman insurance?
“Handyman” insurance isn’t an actual product. However, those who act as handypersons will need specific small business insurance as protection from lawsuits. In addition, some clients expect you to procure insurance to do jobs for them.
Does New Jersey require handyman insurance?
Someone running a handyman business in New Jersey needs to have insurance. However, the type of insurance required can vary based on the projects you take. Many handypersons will need various kinds of insurance to ensure all aspects of the business are covered for accidents, lawsuits, and other issues.
If your handyman projects fall into the categories below, you will need to secure at least general liability insurance coverage for your handyman business:
- If you work in construction projects
- If you take works in apartment complexes
- If you have to wear a helmet at work
What types of insurance does a New Jersey handyman need?
As mentioned, most will want to get handyman insurance in New Jersey. Some of the types to consider include:
- General liability insurance
- Commercial property insurance
- Commercial auto insurance
- Workers’ compensation insurance
- Business Owners Policy (BOP)
- Tools and equipment coverage
- Inland marine insurance
General liability insurance for New Jersey handymen
General liability insurance protects you in cases of property damage or bodily injury to a third party. This is an essential type of insurance for the job since you will be in others’ homes. If something breaks or a client is injured while working, this insurance will keep you protected.
If you can only afford one insurance policy to protect your handyman business, let it be general liability coverage. Some clients might require you to show proof of this coverage before signing a contract with you and allowing your to do work in their homes.
Handyman commercial property insurance in New Jersey
If you own or rent space, commercial property insurance is essential. However, if you operate from your own home, you will not need it. However, you might need to have home-based business insurance coverage as an endorsement of your homeowners insurance policy.
Commercial property insurance covers equipment, buildings, and supplies you use in business. If your business is run out of a different location, you need commercial property insurance. If you rent a space for your business, your landlord will require you to show the proof of commercial property insurance. If you own your work office and have a mortgage, your mortgage lender require you to have commercial property coverage for the mortgage.
Learn more at the best commercial property insurance companies.
Handyman commercial auto insurance in New Jersey
When using vehicles for work, commercial auto insurance is needed. This includes driving to and from work sites. In addition, if employees make drives for you to run errands, they also need to have commercial auto insurance.
Handyman workers’ compensation insurance in New Jersey
If your business has any employees, workers’ compensation insurance is mandatory. Independent contractors should also have workers’ comp insurance. It covers employees for lost wages and medical expenses. It can also cover legal costs and offers death benefits to employees’ families.
Handyman business owners’ policy (BOP) in New Jersey
A business owner’s policy (BOP) mixes general liability insurance and commercial property insurance. This is only needed when you work somewhere other than your home. Business interruption coverage can also be added to the policy if you experience unstable income due to storms and similar issues.
Learn more at the best BOP insurance companies.
Handyman tools and equipment coverage for in New Jersey
When using expensive equipment as a handyman, you want to be sure your investment is covered. Regular tools, generators, power tools, excavators, and other items are costly, and you likely don’t want to be responsible for the cost to get new ones if damaged or stolen.
Handyman inland marine insurance in New Jersey
Handyman work takes you from one location to another. This covers items while you move from one site to the next. Tools and equipment coverage is a type of inland marine insurance. Commercial property insurance only protects you when the equipment is on your property.
Learn more at the best inland marine insurance companies.
How much does handyman insurance cost in New Jersey?
Prices can vary vastly for handyman insurance in New Jersey. Everything from your business’s building to your revenue can change the price. Some of the standard prices, based on Insureon, include:
- Tools and equipment: $15 each month
- General liability: $800 annually
- Commercial auto insurance: $150 each month
- Worker’s compensation: $315 each month
Shopping around is the best way to get low prices. First, however, provide accurate information to get realistic quotes for your business.
Options for finding inexpensive handyman insurance in New Jersey
There are several ways to make sure you get a fair price on the insurance you need.
- Shop around. Get quotations from several companies and evaluate them to determine the best-priced insurance that covers your needs.
- Review several quotes. Whenever you need to renew your insurance, shop around again. Prices may have changed, and you could get a lower price elsewhere.
- Look into discounts. If quotes don’t mention discounts, inquire about them. This applies whether working with an agent or online quotes.
Follow these steps to be sure you get the best prices on New Jersey handyman insurance.
Working as a handyman can be exciting and fulfilling. You choose what you do, when you work, and who you work for. Make sure you protect your business by having proper handyman insurance for your business in New Jersey.