When you’re a handyman, you’re the go-to person for fixing things and solving problems. While your skills are in high demand, it’s crucial to protect yourself and your business from unexpected mishaps. Handyman insurance is the safety net you need to avoid costly mistakes that could jeopardize your livelihood. The ultimate contractor insurance checklist to ensure you’re adequately protected.
What is Handyman Insurance?
Handyman insurance, also known as general liability insurance, is designed to protect handyman insurance businesses from various risks and liabilities. It covers expenses related to property damage, bodily injuries, legal fees, and more.
The Ultimate Handyman Insurance Checklist
- Assess Your Needs
Before purchasing insurance, assess the specific risks associated with your handyman business. Consider the type of services you offer, the size of your projects, and potential hazards.
- General Liability Insurance
Invest in a comprehensive general liability insurance policy. This should cover bodily injury, property damage, and personal and advertising injury claims. It’s the foundation of your insurance coverage.
- Worker’s Compensation
If you have employees, worker’s compensation insurance is essential. It provides coverage for work-related injuries or illnesses your employees may suffer.
- Commercial Auto Insurance
If you use vehicles for your handyman business, commercial auto insurance is necessary. It covers accidents or damages involving your work vehicles.
- Tools and Equipment Coverage
Protect your valuable tools and equipment with insurance coverage. They are the lifeblood of your business, and their loss can be costly.
- Professional Liability Insurance
Consider professional liability insurance, especially if you offer specialized services. It protects you from claims of negligence or errors in your work.
- Business Property Insurance
Safeguard your business premises and assets with business property insurance. This coverage can help repair or replace your property in case of damage or theft.
- Business Interruption Insurance
In the event of a disaster or unforeseen circumstance that disrupts your business, business interruption insurance can help cover lost income and ongoing expenses.
- Cyber Liability Insurance
In today’s digital age, protect your business from cyber threats with cyber liability insurance. It covers data breaches and other cyberattacks.
- Umbrella Insurance
Consider an umbrella policy for additional coverage beyond your primary policies. It can provide extra protection when other policies’ limits are reached.
- Review Policy Limits
Regularly review your insurance policy limits to ensure they still align with your business needs. Adjust them as your business grows.
Understand your policy deductibles and choose amounts that are manageable for your budget.