Insurance is an important part of running any business. The workmanship of a handyman involves certain risks too. This makes handyman insurance very essential. Handymen are usually hired by contractors for working in households. The job of a handyman includes repair works, plumbing, electrical, minor auto works, etc. Contractors usually have a number of employees for every specific requirement. However, a handyman will be able to perform all kinds of repair and replacement. They can also be relied upon for maintenance works. Customers also prefer the workmanship of handymen in case of emergencies. They are capable of making quick decisions in times of such emergencies.
If you are a contractor or a working freelance handyman, you must understand the risks involved too. This article will discuss the necessity of getting insurance. It will also tell you how to obtain insurance for a handyman.
Why handyman insurance?
The work of a handyman is quite risky. You can encounter bodily injuries, cuts, wounds while working in a household. The part might get damaged, stop working, or malfunction after the repair too. These are unexpected expenses that cannot be compensated while having a small business. Sometimes the customer might claim to have some difficulty in the work done. In such cases, having insurance that covers these expenses can be a good option.
Moreover, you are a contractor with a business providing various services to the customers. That is why it is important to get coverage against these unexpected issues. Thus, getting insurance is an optimal decision.
How to get insurance?
There are plenty of insurance companies that provide policies for small to medium businesses.
- Applied Underwriters
- Colony Speciality
- Foremost
- Lloyd’s of London
- Markel
- Progressive
- Penn America
These are some of the popular insurance providers for such businesses. They provide exclusive insurance packages that are suitable for this field. The rules and regulations in these policies are flexible. These are affordable which an essential feature is. It can also be used in the middle of the term as unexpected expenses are possible.
Most common insurance types
There is no specific insurance policy for handyman, plumbers, or repair man separately. The above-mentioned insurance companies and many others provide suitable policy packages. Other than that, there are a few common insurance types that are mentioned here.
- General liability insurance
In case an employee, customer, or vendor is injured, then it can be claimed. General liability is a basic insurance policy for all small businesses. It is sort of a mandatory insurance cover. It will give minimal coverage against physical damage and other financial losses.
- Product liability insurance
As the name suggests this provides insurance coverage against defective products and services. The most common work of a handyman is repair and replacement. So, product defects can be frequent. That is why having this insurance policy is a good choice.
The cost of handyman insurance is between $37 and $49 in a month. This is an affordable option that protects your business in the long run. Hence, it is recommended for a handyman to have insurance.