What Are the Types of Insurance Handyman Businesses Should Be Aware Of?

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Insurance can help protect your business from financial losses in the event of an accident or disaster. So, as a handyman business owner, it’s important to be aware of the different types of insurance policies that are available to you.

In this article, we will discuss the insurance policies that are most relevant to handyman businesses. We’ll also provide tips on how to choose the right insurance for your business.

Types of Handyman Insurance

As a business owner, you are responsible for protecting your employees, customers, and property. The best way to do this is by having the right insurance coverage in place. There are many different types of insurance policies available, and it can be confusing to know which one is right for your business.

Here’s a quick overview of the most common types of insurance for handyman businesses:

General Liability Insurance

This type of policy covers your business against claims arising from injuries or damage to property. It can help cover the costs of medical expenses, legal fees, and repairs. Another notable feature of general liability insurance is that it can provide coverage for your business in the event that you are sued. For example, if a customer slips and falls on your property, they could sue you for damages. General liability insurance can help protect your business in this type of situation.

Property Insurance

This type of insurance policy covers your business property in the event that it is damaged or destroyed. It can help cover the cost of repairs, replacement, or lost income if your business is forced to close due to damage. Property insurance is an important coverage for handyman businesses, as many businesses keep tools and equipment on their premises. Also, if you have a workshop or office, property insurance can help protect these areas as well. Just be sure to check with your insurer to see what types of property are covered under your policy.

Commercial Auto Insurance

If you use a vehicle for your handyman business, you will need to have commercial auto insurance. This type of policy covers your vehicle in the event that it is involved in an accident. It can also provide coverage if your vehicle is damaged or stolen. Be sure to check with your insurer to see what types of vehicles are covered under your policy.

Workers’ Compensation Insurance

This type of policy is required in most states if you have employees. It can help cover the costs of medical expenses and lost wages if an employee is injured while working for your business. Workers’ compensation insurance can be a valuable coverage for handyman businesses, and serve as a bodily injury insurance, since accidents can happen at any time. 

Subcontractor Insurance

If you hire subcontractors to work for your business, you will need to have their insurance information on hand. This is because if they are injured while working for your business, you could be held liable. Be sure to check with your insurer to see what types of subcontractors are covered under your policy.

Professional Liability Insurance

This type of policy covers your business against claims arising from errors or omissions in your work. For example, if you damage a customer’s property while working on a repair, they could sue you for damages. Professional liability insurance can help protect your business in this type of situation. Also, if you are sued for something like breach of contract or defamation, professional liability insurance can help cover your legal expenses.

Business Interruption Insurance

This type of policy can help cover your lost income if your business is forced to close due to an accident or disaster. It can also help cover the costs of relocating your business if necessary. Business interruption insurance is an important coverage for handyman businesses, as it can help you keep your business running in the event of a major setback.

Data Breach and Cyber Liability Insurance

The data breach and cyber liability insurance for small businesses is helpful in the event that a customer’s personal data is compromised. For example, if you store your customer’s credit card information on your computer and it is hacked, you could be held liable. Data breach and cyber liability insurance can help protect your business in this type of situation.

Employment Practices Liability Insurance (EPLI)

This type of policy covers your business against claims arising from employment practices. For example, if you are sued for discrimination or sexual harassment, EPLI can help cover your legal expenses. It can also help cover the cost of settlements or judgments if you are found liable.

How to Choose the Right Insurance

As a handyman business owner, it’s important to choose the right insurance for your business. There are many different types of insurance available, and not all policies will be right for every business.

To help you choose the right insurance for your business, below are some tips:

  • Shop around and compare rates from different insurers. This will help you get the best rate for your business and make sure you’re getting the coverage you need.
  • Familiarize your state’s insurance requirements. Doing so will make sure you are in compliance with the law. It will also help you determine what types of coverage you need.
  • Read the fine print of any policy before you purchase it. This will help you understand what is and is not covered under the policy. It will also help you avoid any surprises down the road.
  • Make sure you understand the coverage options available and choose a policy that provides the right amount of coverage for your business. This way, you can be sure you are protected in the event of an accident or disaster.
  • Work with an insurance agent or broker. They can help you understand your business’s risks and choose the right policies to cover them.

With so many different types of insurance available, it can be difficult to know which one is right for your business. However, by following the tips above, you can be sure to choose the right policy for your needs.

What are your thoughts? Do you have any other tips to share? Let us know in the comments below.

1 thought on “What Are the Types of Insurance Handyman Businesses Should Be Aware Of?”

  1. El consumo del alcohol y sustancias tóxicas, por un lado. Por otro lado la falta de uso del cinturón de seguridad, se dice que la vida de 12,500 personas, se pudieron haber salvado en 2013 su hubieran usado el cinturón, según el centro para el control de enfermedades (CDC, por sus siglas en inglés) y muchas otras medidas de seguridad que se evaden, podrían estar salvando vidas el día de hoy.

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