As a handyman, you’re used to fixing problems. You’ve likely seen it all over the course of your career, from dangerously leaky pipes to broken appliances. With the right tools and the right expertise, you can tackle just about any project. But are you protected against expensive liability claims that could put you out of business? Even with years of experience behind you, accidents happen. If a client takes you to court, you could be on the hook for thousands of dollars or more.
Handyman business insurance can protect you in a variety of ways if your business operations inadvertently cause injury or property damage to others, and can also protect your commercial vehicle and workers in the event of an accident. Learn more about how to further safeguard your business, and find a plan that fits your needs using CoverHound.
In Case of Injury or Property Damage
What if you accidentally flood the entire first floor of a house while working on faulty plumbing? What if someone comes to visit you at your office, trips over a stray cord, and falls face-first onto the hard floor? General liability insurance could save your handyman operation in cases like these. Even if you’re not found liable, commercial general liability insurance can pay the cost of your defense and protect your assets during the dispute.
The Insurance Information Institute (III) outlines the areas that liability insurance may cover:
− Property damage due to negligence
− Bodily injury (injury, sickness, disease, death, plus emotional or mental injury resulting from an accident)
− Medical payments from accidents on your premises or due to your operations, regardless of fault
− Personal and advertising injury (libel, slander, defamatory material, copyright infringement, invasion of the right of private occupancy)
Having general liability insurance may help you earn contracts, depending on the requirements where you live. Ask the Handyman writes “There are many handymen working in my area and it would surprise me if more than 1 out of 10 carries general liability insurance. The fact that I have insurance sets me apart from my competition and has helped me get additional jobs.” Adequate liability protection may be a requirement for signing contracts on certain properties.
Protecting Your Property
You can’t work without your tools. Over the years, you’ve probably amassed a valuable collection of equipment perfect for specialty jobs. How can you protect the tools of your trade? Taking out a Business Owners Policy (BOP) combines general liability insurance with property insurance for more comprehensive protection. A BOP covers buildings, building contents, and property of others in your care that are named in your contract either at current cash value (including depreciation) or at replacement cost.
According to the III, BOP property coverage may kick in due to damage resulting from “fire, lightning, most explosions, windstorm or hail, smoke from accidental fire, aircraft or vehicles (not including those owned or operated by the business itself), riot or civil commotion, vandalism, automatic sprinkler leakage, sinkhole collapse, building collapse, volcanic action and certain types of damage from water or other liquids.”
Insuring Your Commercial Vehicle
The ability to travel to your clients is make or break for your handyman business. If you can’t drive, you can’t work. While most states require some degree of commercial auto insurance, it’s generally wise to surpass the bare minimum required to protect your vehicle. Insurance Journal recommends a commercial auto insurance policy if your vehicle is used for business, driven by employees, or used to haul tools or equipment weighing over 500 pounds.
Protecting Workers on Payroll
If you have employees, you’re legally required to have workers compensation in case they sustain an injury or illness on a job. It also guards your company against lawsuits regarding workplace conditions that lead to a given illness or injury.
Compare handyman business insurance coverage using CoverHound today! If you work with sensitive client data online, it’s also a good time to consider cyber insurance to protect your electronic records against a costly security breach.