Handymen provide an essential service to homeowners and businesses. They can quickly fix a problem and allow a home to return to normal or a company to resume operations. Despite your level of care or experience, there are any number of accidents that can occur outside of your control and you may be liable for damages. Handyman insurance is essential and you should be covered before beginning any work. The specific coverage your business requires will depend on the structure, the work performed, and the equipment used.

In this guide, we will provide information about handyman insurance cost to help you make the best decision about your own policy.

We Cover in This Guide

• How much does handyman insurance cost?
• What is handyman insurance?
• What does handyman insurance cover/not cover?
• Benefits and risks
• How to get handyman insurance
• FAQ
• Summary
• Types of insurance you may need

How Much Does Handyman Insurance Cost?

Handyman insurance cost varies by insurance provider and depends on your location, employees, service, experience, and coverage. The premium prices for common policies are as follows:

What Is Handyman Insurance?

As a handyman, your services can expose your business and yourself to unique risks. Since your work takes you into various households and places of business, your service has the potential to cause injury to third parties and damage property. Insurance is essential to cover these risks and can help pay for legal costs and damages. Handyman insurance protects your business, assets, and employees in case the unexpected occurs, resulting in significant loss or liability.

What Does Handyman Insurance Cover?

Once you begin work in a client’s home or business, many potential accidents can occur, like a toddler tripping over a piece of equipment or a ladder crashing into a light fixture. Standard handyman insurance policies typically cover liabilities from such scenarios and others that include:

• Third-party bodily injury
• Damage to third-party property
• Business personal property damage
• Personal injury
• Lost business income
• Equipment breakdown
• Coverage for products/completed operations

What Does Handyman Insurance Not Cover?

Despite the wide-ranging potential damages you are protected against with standard policies, there are a number of common risks that are not covered and require specialized insurance. They can include:

• Employee medical costs and lost wages
• Automobile accidents
• Loss or damage to property while in transit or offsite

Your coverage will depend on the package you choose and your declared limits. Review your policy to understand your protection and add additional policies to fill in any gaps.

Benefits and Risks

Handyman insurance offers various benefits to cover risks, including:

• Protect your assets: Since many handymen are sole proprietors, their personal assets are tied to the business and can be used to cover liabilities. This makes insurance especially important because a lawsuit can not only shut down a business, it can destroy your own finances.
• Cover legal expenses: If a client, employee, or third party files a lawsuit against your business, handyman insurance will cover the expenses, including attorney fees and damages.
• Peace of mind: ​Knowing that your business is covered in the event of an unexpected occurrence gives peace of mind to you and your customers. Clients are more likely to hire a handyman who is adequately insured.

How to Get Handyman Insurance?

Finding the right handyman insurance policy for your needs can be a complicated and time-consuming process. Your focus should be on your business and the work, but it’s essential to get the right coverage at a good price. Since handyman insurance cost and coverage varies considerably, be sure to consider the following prior to making your policy decision:

• Work with an independent agent: An independent agent will help you navigate the complexities of handyman insurance by assessing your needs and directing you to the best broker for your service.
• Identify your risks: Be sure to thoroughly analyze your services and identify potential risks. Additionally, consider that types of clients you serve–working in expensive homes or large companies might require higher liability coverage. After that, choose all the insurance you need.
• Determine replacement costs of tools and equipment: Inventory your equipment and make sure your premium will cover the full replacement costs if they are damaged or stolen.
• Compare quotes: Policy costs vary between insurance providers. Consider several quotes to find the best rates and coverage.

FAQ

Do I need a handyman license?

Depending on your location, your state may require a business license to operate as a handyman. Even if not mandated by law, most customers are more comfortable hiring someone with a license.

What is a certificate of insurance (COI)?
A certificate of insurance is a way to prove you have liability insurance. Clients often require submitting such a document before entering into a contract with a handyman.

Do I need workers’ compensation insurance?
Most states require you to have workers’ compensation insurance if you employ at least two people.

Summary

Handyman insurance protects your business against potential financial ruin from lawsuits related to your business activities.

By understanding your handyman insurance cost and determining the needs of your company and the services you provide, you can know that your policy covers potential risks and feel secure knowing that your business is protected.

All Types of Insurance You May Need

Handyman insurance offers specified coverage for the types of services you provide and your individual needs.