A handyman insurance policy is highly customizable, which means you can add covers that will provide the maximum protection for your business, while ensuring your financial stability and peace of mind. While all handyman businesses have their own insurance requirements, a few key coverages form the basis from which you and your insurance agent can strategically determine the type of coverages that meet your needs and budget. .
Overview of handyman liability insurance
All traders should invest in general liability insurance to secure their business for the long term. This insurance product will protect your assets when customers claim damages due to your work. It’s a great tool to prevent minor mishaps and accidents from turning into costly lawsuits that tarnish your professional reputation and business.
Typical General Liability handyman insurance includes the following covers:
- When an individual third party files a claim for injuries they suffered while you are at work
- Publicity slurs that include defamation and slander
- Reimbursement of costs incurred following liability proceedings
Commercial automobile coverage
The handyman vehicle is an essential tool in ensuring customers receive the service they need. It also serves as a central operations hub for some traders where valuable tools of the trade are stored. Commercial auto insurance will protect you if your vehicle requires auto repairs, auto-related injuries, and other damages sustained on the job. Personal auto insurance will not cover damage or loss incurred while you are providing services to customers.
Inland marine coverage
This specific type of policy will protect your tools if they are stolen, vandalized or damaged in transit. It complements your commercial auto insurance, as inland marine coverage will protect the contents of your work vehicle.
Worker’s Compensation Coverage
For DIY businesses with more than one employee, you will need to purchase workers’ compensation insurance. This coverage will protect your staff against accidents and injuries on the job. Plus, it will cover legal costs if your employee(s) take legal action against your company. Most states require DIY operations to have workers’ compensation insurance in place.
Professional liability insurance
Also known as errors and omissions insurance, this coverage will protect you from lawsuits brought by clients as a result of your work. Essentially, this insurance coverage will protect you when the quality of your work comes under scrutiny. Clients may sue for professional liability for the following reasons:
- Mistakes that can cost customers time and money
- Missed deadlines
- Cases where clients claim you provided bad professional advice
As the term suggests, umbrella coverage will protect you from accidents not covered by the coverage limits of your existing insurance policy.
Protect the things that matter most to you by getting an insurance policy that includes the right amount of coverage. Carefully assess your needs and find a reliable insurance agent to help you purchase an insurance product that strikes the perfect balance between coverage and affordable premium payments.