As a handyman, you’re no stranger to tackling many tasks—from fixing leaky faucets to installing shelves. But when it comes to protecting your business, there’s one important thing you shouldn’t overlook: choosing the right insurance coverage.
In this blog, we’ll explore the core coverage options available for handyman businesses. Whether you’re just starting out or have been in the industry for years, understanding these options is essential. After all, the right insurance policy can safeguard your business against unexpected risks and provide peace of mind.
Let’s find the perfect policy that fits your needs!
Core Coverage Options for Handyman Business Insurance
Every handyman business has unique needs, but some core insurance options provide a vital safety net for most:
- General Liability Insurance: This is the cornerstone of any handyman’s insurance plan. General Liability Insurance for handyman business protects from financial losses if someone (other than your employees) is injured or their property is damaged because of your work. This could include anything from a customer tripping over a tool to accidentally damaging a client’s countertop during repairs.
- Workers’ Compensation Insurance: If you employ any workers, including part-time helpers, Workers’ Compensation Insurance is mandatory in most regions. This insurance covers medical expenses and lost wages for your employees if they are injured while working for you.
- Commercial Auto Insurance: If you use your personal vehicle for business purposes, your standard auto insurance policy likely won’t cover work-related accidents. Commercial auto insurance or specialised handyman vehicle insurance provides the necessary coverage for your business vehicle, protecting you from liability in case of accidents while driving to and from job sites or carrying tools and equipment.
Additional Considerations:
Beyond these core options, several other insurance types can provide valuable protection depending on your specific business:
- Tool and Equipment Insurance: Safeguards your valuable tools and equipment against theft, damage, or loss.
- Inland Marine Insurance: Provides coverage for tools and equipment while they are in transit, protecting them from damage or loss while travelling between jobs.
- Business Interruption Insurance: Helps cover lost income and expenses if your business is forced to close temporarily due to a covered event (e.g., fire damage to your workshop).
- Errors and Omissions Insurance (E&O): Also known as professional liability insurance, this protects you from financial losses if a client claims your work was negligent or caused them financial harm due to errors or omissions.
Click here to read how important it is for handymen to get insured and protect their business from the unseen.
Custom Handyman Insurance Policies and Benefits
While core coverage options provide a solid foundation, a pre-packaged plan might not always fit your unique needs as a handyman. This is where custom handyman insurance policies come in.
These customised plans offer a range of benefits that can significantly enhance your business’s protection. Moreover, a custom policy is the best handyman insurance because it allows you to pick and choose the coverage you truly need, potentially saving you money in the long run.
Benefits
- Flexibility for Specific Needs: Imagine you specialise in electrical work. A standard policy might cover basic property damage, but it wouldn’t necessarily address potential electrical code violations or specific equipment needs. A custom plan can be tailored to your specific services (electrical, plumbing, carpentry) ensuring you have the right coverage for potential risks associated with your expertise.
- Cost-Effectiveness: Custom plans might seem expensive at first glance. However, the beauty lies in their ability to eliminate unnecessary coverage. For example, if you don’t own a company vehicle, you wouldn’t need commercial auto insurance included in your plan.
- Reduced Risk of Gaps in Coverage: Pre-packaged plans might have exclusions you wouldn’t anticipate. Customising your policy ensures you’re not left vulnerable to uncovered risks specific to your business.
- Enhanced Claims Process: With a clear understanding of your business operations, a custom plan can streamline the claims process in case of an incident.
- Potential for Discounts: Loyalty discounts or bundling multiple coverages into a custom plan can lead to cost savings.
The importance of consulting with a reputable insurance agent is essential when choosing the best insurance for handyman business. They can help you assess your risks, navigate the different insurance options, and create a custom plan that meets your specific needs.
Don’t wait until an unexpected event leaves you scrambling. Get a FREE quote for a custom handyman insurance policy from Tradies365 today!
When to Consider a Custom Handyman Insurance Policy
Here are some key situations where a custom plan is the smartest move:
- Offering Specialised Services: Do you go beyond basic repairs and tackle specialised tasks like appliance repair, roof installation, or intricate carpentry? A pre-packaged plan might not cover the specific equipment or potential liabilities associated with your expertise. A custom policy can be tailored to your niche, ensuring you have the right coverage for the risks you face every day.
- Owning Expensive Tools and Equipment: High-powered tools, delicate instruments, and specialised equipment are essential for your work. Standard business insurance often falls short in protecting these valuable assets. Imagine a stolen laser level or a damaged diagnostic tool – a custom policy with specialised equipment coverage can ensure you’re not left financially stranded.
- Regularly Transporting Tools and Equipment to Job Sites: The risk doesn’t stop at your workshop. While your tools are on the move, they’re vulnerable to theft or damage from accidents. Standard plans might not cover tools in transit. Inland marine coverage, a feature often missing from pre-packaged options, can be seamlessly included in your custom plan, protecting your livelihood even when your tools are on the road.
Beyond these specific scenarios, consider a custom plan if:
- You’re expanding your business: As you take on more employees, offer new services, or acquire additional equipment, your insurance needs evolve. A custom policy can be easily adapted to keep pace with your growth.
- You operate in a high-risk environment: Does your work expose you to greater risks of theft, property damage, or natural disasters? A custom plan can be designed to provide the necessary level of protection specific to your location and operation.
- You value peace of mind: Knowing you have the right insurance coverage in place allows you to focus on what you do best – serving your clients with confidence. A custom plan eliminates the worry of gaps in coverage and ensures you’re prepared for whatever comes your way.
Don’t settle for a one-size-fits-all approach. By choosing a custom handyman insurance policy, you’re making an investment in your business’s future. It’s a proactive step towards safeguarding your assets, protecting your reputation, and ensuring you can weather any storm.
Here at Tradies365, we understand the unique needs of handyman businesses. That’s why we offer tailored insurance solutions to protect your valuable tools, equipment, and livelihood. Protect Your Business, Invest in Peace of Mind.
Contact us now to Get a Custom Handyman Insurance Quote from Tradies365 Today.
Note: The material offered here is for informational purposes only. It does not constitute legally binding advice and should not be a substitute for a consultation with an insurance expert.