What Insurance Do Handymen Need?
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Handymen are jack of all trades.
They can fix a broken window, patch a hole in a wall, repair fly screens, assemble furniture, clean gutters, or prune trees.
But unfortunately, performing all these maintenance and fix-up tasks at a client’s property carries risks.
That’s why you need insurance.
So, to help you insure your business the right way, we’ve listed below the type of insurance you need as a handyman and what each of them covers.
Public & Products Liability Insurance For Handymen
This is probably the number one insurance you need to consider. Public and products liability insurance will protect you and your business if one of your customers injures themselves or their property is damaged due to your business operations.
In other words, if a client of yours falls or trips on one of your tools or if you accidentally damage their property while carrying out your duties as a handyman, public liability insurance will cover you. And thanks to products liability insurance, you’ll also be covered if you use a faulty product or tool on the job resulting in damage or injury to one of your clients.
To find insurance for handyman businesses, use our free instant quote generator. It will provide you with an estimate on market-leading insurance in seconds.
Professional Indemnity Insurance
Professional indemnity insurance covers you and your business if you provide advice that leads to clients injuring themselves or damaging their property.
While this type of insurance is not compulsory for handymen, and you most likely won’t use it, it might be required depending on the type of clients you work with. For instance, real estate agencies and property managers often ask handymen to hold professional indemnity insurance as a prerequisite to work with them.
Again, you can get an estimate on professional indemnity insurance for handymen businesses by visiting our free instant quote generator.
Equipment Or Tools Insurance
As a handyman, you likely need to use a range of tools to work on diverse home repair projects. Now, from simple hammers and screwdrivers to expensive cordless power tools and wet vacuums, the cost of purchasing the equipment you need can add up and amount to a few thousand dollars.
Not only would damaging one of your heavy-duty tools be costly to replace, but it could also prevent you from working on specific projects while waiting to get your machine fixed or replaced, leading to a loss in revenue. That’s why investing in equipment or tool insurance should be a no-brainer in your field.
Also, note that not all policies are created equal when it comes to tool insurance. So make sure to check whether the policy you choose covers your tools for a wide range of accidental damages and theft.
If you’re self-employed, you might enjoy the flexibility of working the hours of your choice and selecting the types of projects you’re working on.
However, being independent also comes with a major downside; you don’t have access to workers’ compensation or sick leave.
That's where income protection comes into play.
Income protection is designed to cover up to 75% of your monthly wages during a set period if you’re sick or injured. Investing in income protection can be a good idea. It will provide you with financial security if anything unexpected happens and give you the peace of mind you need to recover.
We hope this article provided some useful information on the type of insurance you should consider as a handyman. Be sure to check out our free instant quote generator to get an estimate on market-leading business insurance for handymen in seconds!