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Handymen are important for a wide variety of businesses, from real estate, site maintenance, and small electronics repairs. Being a handyman can be a lucrative job because of all the opportunities that can come out of good, quality work.
However, accidents can happen to everybody, and handymen, in particular, are exposed to unique risks. To make sure that your practice stays protected no matter what life throws at it, you should get handyman insurance.
In this article, we’ll talk all about handyman insurance in more detail.
What Is Handyman Insurance?
Handymen are expected to carry out multiple job functions. Also called ‘jack of all trades’ or ‘fixers,’ handymen often perform the role of multiple professions, such as:
- Carpentry
- Plumbing
- Electricals
- Maintenance work
- Trade skills
- Painting and plastering
If you’re a handyman, then you know that you’re exposed to many different risks every day.
Some of the most common risks that you will face include:
- Damaging your client’s property
- Injuring a third party
- Losing, damaging, or needing a replacement for your tools
- Failing to do required tasks due to professional negligence
- Personal injury and hospitalization while doing your work
Most of these situations aren’t just hassles – they are also costly expenses that can seriously endanger your livelihood. If you don’t have any sort of protection, just a single accident can be financially devastating.
Handyman insurance protects you from the financial repercussions of these incidents. If a covered incident occurs, this financial protection kicks in immediately, preventing you from spending anything out of pocket.
What Does Handyman Insurance Cover?
Handyman insurance is typically a bundle of policies that are specifically tailored to cover the risks faced by handymen. Typically, this type of policy covers the following:
- General liability. Protects you from the financial costs of accidents and unfortunate events that are found to be your liability. It also covers settlement fees, legal costs, and medical expenses related to the incident.
- Commercial property. Covers the cost of repair or replacement for any tools or equipment that you use for your business. This includes electronics, power tools, and other tools of the trade.
- Business owner’s policy. Merges general liability and commercial property insurance coverages in one policy for a lower premium.
- Workers’ compensation. If you employ other people for your practice, you’re legally mandated to have workers’ compensation insurance. This type of insurance policy protects workers from injuries and sickness that can happen within the workplace or during work-related situations.
- Commercial auto. Protects you from the cost of unexpected repairs or replacement of any vehicles that you use for your business.
You can also talk to your insurance provider to add other coverages to your handyman insurance policy, depending on your preferences.
How Much Does Handyman Insurance Cost?
Because no two handymen truly have the same capacity and risks, handyman insurance premiums vary. The price of your premiums will most often depend on the following factors:
- Job description
- Location
- Claims history
However, the best way to get a quote is to contact a skilled insurance agent, which you can find at Magnum Insurance.
Getting Handyman Insurance With Magnum Insurance
Your handyman job is a reliable profession that does plenty of good for your customers, so don’t let it be destroyed by a single accident. Protect your business with the best handyman insurance here at Magnum Insurance!
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