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What is handyman insurance?
Handyman insurance covers individuals and businesses for damages to client property that are a result of providing handyman services.
It can also cover you for damages to the physical location of your handyman business, if you have one, from things like fire and theft. It will also protect you if your business location is burglarized.
It also pays for client injuries that happen at your business location.
Who needs handyman insurance?
People who provide handyman services should consider this coverage. It's particularly important for anyone who has a contractors license, or is thinking about getting one, works at heights, or uses heavy equipment.
If you consider yourself working as a handyman and answer yes to one of the following questions, you'll need to have at least handyman liability insurance coverage, or usually referred to as general liability insurance:
- Does your state require insurance to conduct home repairs?
- Do you plan to work in apartment complexes that require proof of insurance before you can get started?
- Are you planning to work on bank-owned properties?
- Are you planning to get a contractor’s license?
- Do you do plumbing and electrical work?
- Do you have to wear a helmet when you work?
What kind of business insurance do handymen need?Depending on the size and the nature of your handyman business, you may need one or more of the following coverages:
- General liability insurance: Or also called handyman liability insurance. Most, if not all, handymen should have this coverage since you or your employees work in other third party's properties and may cause damages to them. General liability insurance covers these damages. Learn more at the best general liability insurance companies.
- Commercial property insurance: If you operate your handyman business out of a physical space and you store valuable equipment in that space, you may need this coverage. Commercial property insurance covers the business properties (building and equipment stored in the building) against the covered risks. Learn more at the best commercial property insurance companies.
- Tool and equipment coverage: If you operate your handyman business out of your home, and you have valuable equipment, you may want to consider this coverage particularly for your equipment, instead of a commercial property policy. Tool and equipment coverage will be cheaper than a full commercial property policy.
- Business Owners Policy (BOP): It is likely that you may just want to have a BOP policy. It is a simple policy for any small businesses, including handyman. A BOP policy combines the coverages of both general liability and commercial property in one. It is also cheaper than buying two separate policies. Learn more at the best BOP insurance companies.
- Workers compensation insurance: If you have employees, even just one, you are required by the state law to have workers comp insurance. It pays for medical, disability benefits, death benefits, and lost wages, and more when your employee gets injured or become ill at work. Learn more at the best workers comp insurance companies.
- Commercial auto insurance: If you use a vehicle for business reasons, you need to have commercial auto insurance. If you drive from one client's home to another for your handyman business, you must have commercial auto insurance. Personal auto insurance doesn't cover it and you may get into trouble with your personal auto insurance carrier. Learn more at the best commercial auto insurance companies.
- Commercial umbrella insurance: If you have commercial clients, ie. apartment buildings, office buildings, or restaurants, etc. in your handyman insurance, you is likely to be required to have this coverage. Most commercial clients will require you to have commercial umbrella insurance coverage before signing a contract with you. This policy will pay out after you have maxed out the coverage in your general liability insurance policy. Learn more at the best commercial umbrella insurance companies.
Why handymen need insurance?
In many cases, handymen are actually required to have business insurance coverage, at least general liability insurance.
While having business insurance coverage may increase the operations cost of the handyman business, the truth is that you really can’t afford to be without it.
Ask yourself: Would you be able to pay to repair a client’s house if you cause significant damage to it or the legal and settlement costs if you’re sued by a client over harm to their property?
Typically, these expenses are large enough to put a handyman out of business. However, handyman liability insurance would pay them if any of these things ever happen to you.
How much does handyman insurance cost?
Handyman insurance is relatively inexpensive. The typical handyman liability policy, or general liability insurance policy, runs between $350 and $1,000 per year (or $29 to $83 a month).
The premium depends on a number of factors, including where you live and work, the services you offer, business size and the number of employees you have if you own a handyman business.
Top states where most most people are looking for handyman insurance
Below are the top states where most people are looking for handyman insurance:
- Florida: Learn more at the best handyman insurance companies in Florida
Why buy handyman insurance from BravoPolicy?
Great question! Here are three good reasons:
- You’ll probably pay less for your handyman insurance with BravoPolicy. Our customers save 20% on average.
- We can get your small business covered in about 10-15 minutes.
- You can manage all of your business insurance needs through our online portal. No paperwork needed. No need to wait on the phone for hours to speak to customer service.
Handyman insurance FAQs
Is there any limit to the amount of damage a handyman business policy will cover?
Yes, your policy will come with coverage limits. You can choose a limit based on the types of properties you work on and the damage risks you face. If an insurer does not offer enough protection for you on a handyman business policy, you can add umbrella coverage to it. If you have a commercial client such as apartment buildings or restaurants or offices, they may likely require you to have umbrella coverage anyway.
What if I operate my handyman business out of my home?
Even if you operate your handyman business out of your home, you still need handyman liability coverage, or a general liability insurance policy. This is usually required by your clients. The handyman liability coverage policy will protect you from the damages to your client properties.
Operating your handyman business out of your home will make it less likely that you’ll need a commercial property insurance policy. However, it’s a good idea to get coverage because your homeowners coverage will not protect you if business equipment is stolen or damaged. You need to add an endorsement to your homeowner insurance policy. Or you can have a separate policy covering your equipment and tools.
Does the handyman insurance policy cover your own injuries?
No. You will need workers compensation insurance to protect you and your employees if you’re ever injured on the job. Be sure that you need to have workers comp coverage for each of your employees, regardless if you are full time or part time. Learn more at workers comp insurance: the latest changes you need to know.
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