The Types and Requirements for Handyman Insurance Policies
If you’re an unlicensed tradesman, you might also be called a handyman. If you run a handyman business, then you will need what’s called Handyman Insurance. This set of insurance types refers to the liability and property coverage that handyman must have. You can expect this grouping to include six different types of insurance but at least general liability insurance coverage, workers’ compensation, and equipment coverage.
It’s important to remember that the type of work a handyman performs on the job site will determine the insurance they need. Also, handyman businesses already perform higher risk work than other types of jobs. A handyman business owner’s work finding the right coverage is hard, but here’s a great starting point.
Six Handyman Insurance Types
Within the USA, there are no strict requirements for a handyman business’s insurance. As such, it’s up to the business owner to consider the risks their business faces. A great starting point for insurance policies is to look at handyman insurance coverages are general liability insurance, workers’ compensation, commercial auto insurance, equipment protection, builder’s risk or inland marine, and finally liability insurance.
General Liability
General Liability Insurance Coverage is great for protecting you against property damage to the home or job sites you worked on, subcontractors’ work, incomplete work, medical payments from accidents, and injury from advertising. It’s the perfect way for a handyman to protect the client’s healthy, pets, and property.
Workers’ Compensation Insurance
Worker’s Compensation insurance coverage is business insurance made for helping the handyman business when an employee receives bodily injury gets hurt. It helps to cover the medical bills, hospital time, prescriptions, special treatment, or rehab to missed income to help the employee that is hurt.
Commercial Auto
Though single person handyman teams might not need this type of insurance can be perfect for small business or large companies with a fleet of trucks. A business owner’s policy for commercial auto will help protect against theft, damage, and accidents to the truck.
Equipment Protection
Similar to commercial auto, equipment protection keeps your business in good shape by helping protect against stolen or vandalized equipment. Normal wear and tear are excluded. Be sure to know the worth of your tools so that you can replace them if the worst happens.
Builder’s Risk
Builder’s risk is also called inland marine insurance and helps to cover the equipment and materials that are being transported or stored. Inland marine helps to protect from theft, vandalism, and weather loss. Without builder’s risk, you would have to pay for all new equipment yourself should something go wrong. Due to the cost of this insurance, many choose only get what they need when they need it rather than buy in bulk as they could lose more.
Umbrella Liability Insurance
This type of handyman liability insurance’s name is a very good image for what it does. Umbrella insurance extends the coverage that your insurance policies have by another million dollars per claim. Due to this, it’s often something that larger businesses have rather than smaller business.
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