What Insurance Coverage Does a Handyman Need?
There are no requirements for you to have insurance if you are a handyman. That being said, it is your responsibility as a business owner to protect yourself as much as possible. If you don’t then you may end up failing financially.
General Liability Insurance
If you are a handyman, then you have to be concerned about your client’s property. You should also be concerned about their health and their pets too. At the end of the day, if anything was to go wrong then you need to have some kind of cover and a general liability policy will usually give you anything you need. The best thing about a general liability policy is that it will protect you for any damages that are done to the homes that you work in and it will also help you to safeguard yourself against any work that you are unable to perform.
Worker’s Compensation
Another type of insurance that you can take out is worker’s compensation insurance. This will cover any medical bills that your team might have to pay, and it will also give you financial protection in the event that you are not able to work. Premiums for this type of insurance are generally not too expensive and depending on the employees that you have, you will usually find that you can benefit from it greatly. Handyman insurance may include this as standard.
Commercial Auto Insurance
Commercial auto insurance is vital. It will cover your company vehicles from damages, theft and even accidents too. You have to remember that not every handyman needs to take out this kind of cover. If your work truck is not actually registered as being a commercial vehicle then you might be able to get away with just using your personal insurance cover instead. If you store any kinds of tools in your van on the other hand, then this can really go against you and you may even find that you end up paying more as a result. Of course, if you are not sure about anything then you have to make sure that you talk with your insurance provider. They will then be able to advise you on the policies you need to take out in order to meet your business needs.
Equipment Protection
If you are a handyman, then you will know how necessary your tools are to your job. If you want to help yourself here then it is a good idea for you to take out equipment insurance. When you do, you will then be covered for any tools that you have, whether it’s through vandalism, theft or anything else of the sort. The best thing about equipment insurance is that you will also be covered for your team’s tools too. You should note that normal wear and tear is not covered under this type of policy, so you have to make sure that you take this into account when the time comes for you to make that all-important decision.
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