Handyman Insurance

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Handyman service providers work on a great variety of projects and so, the risks associated differ from day to day depending on the unique needs of each of the projects that are worked on.

Having the right handyman insurance policy in place will protect your business by freeing it from any financial liability in the event of an accident - be it a road accident or falling off a ladder.

Why Do Handyman Service Providers Need Insurance?

Handyman services providers are involved in different projects some of which involve a high degree of risk. If an accident happens and the contractor doesn't have the required insurance, they will be expected to pay out of pocket.

For example, if the contractor was asked to replace roof tiles on a house and ended up falling off the ladder, they'd have to pay for the medical bills and lost business themselves.

Or what if they were contracted to fix some wiring at home but fumbled with the cable, causing damage to both the property and the client.

Such accidents can lead to claims and lawsuits, which without insurance can be financially devastating for any handyman service provider.

In other cases, handyman service providers are simply required by law to have a certain degree of coverage before they can legally offer their services.

What Types of Insurance Do Handyman Service Providers Need?

There are a number of insurance policies that handyman service providers can benefit from. The level of cover you get will vary on the number of employees and company cars your business owns, the state you operate out of, and the nature of clients and projects you work with.

Please take a look below to see some of the most recommended insurance policies handyman service providers take out all the time.

How Much Does Handyman Insurance Cost?

The handyman insurance cost you can expect to pay will vary based on the level of cover you get.

For a general insurance policy, you can expect to pay around $70 per month or $840 per year. This policy will shield your business from any claims related to bodily injuries, property damage, and more.

If you have employees, you can expect to pay around $270 per month for worker’s compensation insurance. This cover will protect your employees and their well-being in case of an accident. It will cover their medical bills, rehabilitation costs, lost wages, and more.

If your handyman service business owns company cars, then you can expect that to cost you approximately an additional $275 per month. This way, your vehicles, staff, and any third party involved in the accident will be protected.

For contractor’s tools and equipment insurance, the premium you're likely to pay is around $15 per month or $180 per year. This policy will protect your tools and equipment in case they get lost or stolen.

Typical Handyman Insurance Claims

Handyman service providers work on a variety of projects all the time. Each of them carries a unique risk, and as a result, it is impossible to pinpoint the exact insurance claims that handyman service providers make.

Despite that, insurance claims are most often made as a result of

  • Property damage: If you accidentally damage someone's property while working on a project, your handyman liability insurance policy will help cover the costs.
  • Injuries: If someone is injured while working on your project, your handyman insurance policy will help cover the costs of their medical expenses.
  • Liability: If someone files a lawsuit against you for an accident that occurred while you were working on a project, your handyman insurance policy will help cover the costs of any legal fees.

Aside from those, handyman service providers can also fall victim to accidents on the road while traveling to the client's location, payment disputes with customers, and lost and stolen equipment for which insurance claims are also made.

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