As a professional handyman, you wear a lot of hats: expert consultant, entrepreneur, “people person,” and jack-of-all-trades. No two days are the same, and that’s exactly the way you like it.
Whether you’re just starting out or you’ve been a handyman for decades, you probably also deal with invoices, expenses, regulations, and more – all parts of small business ownership. Sometimes those administrative tasks can feel dull (at best) or overwhelming (at worst).
They don’t have to, though. Take business insurance, for example. What policies are must-haves for a handyman? How do you know the price is fair? And why get it at all?
Armed with the right information, you’ll be able to choose a handyman insurance policy that protects your business and gives you – and your clients – peace of mind.
Essential Coverage: General Liability
As a handyman, most – if not all – of your work is done on location, inside clients’ houses or businesses. That’s where commercial general liability (also called CGL) comes in. If problems arise as a result of your work, a general liability policy helps protect you from legal claims associated with these problems.
For example, say you’re repairing a leaky faucet in a customer’s house. While you’re working, your customer trips on the toolbox you left on the kitchen floor and injures her ankle. She has to go to the doctor. And she’s holding you responsible.
Without insurance, you could be paying her medical costs out of pocket. And if she files a lawsuit against your business, those dollar amounts could skyrocket.
With a general liability policy, however, you’ve got protection from a range of issues like this, including:
- Accidental Damage to other people’s property
- Medical bills of customers and clients that your company may be responsible for
- Libel, slander, and other advertising/personal injury claims
- Legal defense costs
- And more
Most of all, a general liability policy lets you focus on your work instead of worrying about unforeseen risks. It’s an easy, essential – and cost-effective – step in protecting the business you’ve built.
Specialized Protection for Handymen: Contents Coverage
Hand tools or power tools, rented or owned – your equipment is essential to your work. It can be a major expense, too, especially for someone just starting out.
But if you’re going to invest in good tools and equipment, shouldn’t you protect that investment? Of course! One easy way to do that is with a contents coverage policy.
Consider this: A stolen toolbox can cost you, not just to replace it and everything in it, but for the jobs you might miss as a result.
Contents coverage can offset the replacement cost of items you rely on at work, whether the loss is due to theft or damage. It’s a vital part of your professional safety net. Plus, depending on the size of your business and the types of jobs you take on, contents coverage can be very affordable.
How to Find the Best Deal
Now that we’ve looked at two of the most important coverages for any handyman business, let’s talk about how to find the right policies at the right price.
First things first. Before you sit down to buy a policy, gather up a few details about your business. This will make your buying experience faster and easier. Think about:
- Job types. Are you a true jack-of-all-trades or do you focus on a particular area, like window repair or power washing?
- Annual revenue. Can you give a general idea of your business income over the past year?
- Equipment. Do you own any specialized or particularly expensive tools?
- Subcontractors: Do you regularly sub out jobs to someone else?
Having that information available means more accurate pricing on your insurance. It also allows for policies that are tailored to your unique situation – because, as you know, no two handyman businesses are exactly the same.
As with any important purchase, you can – and should – get multiple quotes from insurers before you buy.
Once you buy, don’t forget to review your insurance coverage every few months to see if it’s still right for your business. It’s not the most fun activity in the world, but it’s important for ensuring you (and your customers) are always protected while you’re on the job!