Handyman Insurance

As a handyman, you do more than fix cupboards and perform general carpentry. You run a company! Insurance isn’t mandatory for most handymen unless you’re a licensed contractor, but it’s a vital part of running a business.
 
The right insurance means your company won’t declare bankruptcy or face preventable financial hardship due to a lawsuit. Your business insurance plan is ready to take action and pay for costs on your behalf.
 
Some clients mandate that you have insurance, especially your corporate ones. The right policy shows your clients you’re a professional. Having it prepared further shows you came to the table ready. It means you thought through your business risks and took steps to mitigate them. This show of professionalism proves to your prospects that you’re the person they want to work with.
 
Don’t think that business insurance only benefits you when you make a claim. It actually provides value every day. When your business is insured, you have peace of mind that a legal claim won’t throw your company into a spiral.
 
An angry client that threatens to sue or a mistake you made on the job won’t keep you up at night. Whatever happens, you know you’ve taken the proper steps to mitigate your risks. This peace of mind as a small business owner is priceless.

You face many dangers as a handyman. Imagine you install a shelf for your client. You drill holes into the drywall to secure the shelf during the process. A pretty easy job. But after you leave, the shelf falls because it wasn’t tightly secured.
 
The shelf’s fall breaks your client’s television and home theatre system. The client then comes to you for compensation — $4,300 is what they need to replace whatever your faulty shelf installation broke.
 
Other risks arise from cases of bodily injuries and property damage occurring during your work. Suppose you’re bringing your toolbox into a client’s home. You accidentally wave it a bit too hard, and it damages the expensive fountain in their front lawn. Your clients expect you to pay the repair or replacement costs for their fountain, which is upwards of $5,000!
 
Or, suppose you’re doing some carpentry work. Outside of the client’s home, you’ve prepared heavy-duty machinery to cut wood and fix other materials. You’re using an outlet that’s pretty far away, but you have an extension cord.
 
If the mailman or a neighbour doesn’t notice your cord and trips over it, they might injure themselves. These injuries would require medical expenses and other fees. As a result, the injured person might sue your business to compensate for these costs because you left your power tool cords out in the open.
 
Your van usually contains all the equipment you need to do your work. There are wrenches, drills, hammers, and more. The culmination of these tools can cost thousands of dollars. If someone breaks into your van when it’s parked and steals all your equipment, you might suddenly need to spend thousands on replacing the tools you use daily. This is another way your business could face a sudden financial fallout.
 
The right insurance ultimately remedies the financial consequences of all these situations. That’s why insurance is so vital for your business. The right policy means you won’t face surprise costs resulting from a lawsuit and/or damaged, destroyed, lost, or stolen equipment.

Handyman business insurance costs vary between companies. Find out what it costs for your handyman business by getting a free quote from our online portal.
 
We determine your monthly handyman insurance premiums based on several factors:

• Number of employees: The more employees, the more significant risks your company faces and the more expensive your insurance is.
• Project type: If your company only does residential work, it faces different risks than a handyman business that does residential and commercial jobs. As a result, costs vary between these two types of business.
• Years of experience: The longer you’ve been in the game, the more you understand how to run your business. As a result, your insurer might provide a lower premium.
• Company history: Some insurers examine whether your business has had prior legal troubles and/or insurance claims. Previous issues could signal more risks to insuring your business.
• Location: Different cities or towns could change your insurance rate.
• Policy details: When you buy a policy, you need to select your coverage amount, deductible, and more. These selections change your premium—for example, the higher your policy limit, the more expensive your policy is. Or, the higher your deductible, the more affordable your policy.
• Annual revenue: How much your company usually earns can show the size of your business, and insurers consider this to provide you with a fair insurance rate.