In the United States, the laws require companies and individuals that provide services to have insurance. For example, a handyman, an unlicensed contractor offering home maintenance, simple installation services, or minor home repairs, still needs insurance. The handyman can also provide other services, such as drywall or plastering work, painting, electrical work, plumbing, or minor carpentry. These jobs do not require a permit or license. Similarly, you will also need insurance for your vehicle and find the best cheap auto insurance to secure yourself from Insurance Navy..
Many people require the services of a handyman. If you are running a small handyman business in your community or neighborhood, an insurance policy will protect yourself, your business, and your assets against loss or litigation.
Anywhere you are located, you will need business insurance, although the requirements may vary between states. For instance, you will need to secure a handyman insurance in Texas if you operate your handyman business in the lone star state. But the thing that you should ascertain is what your handyman insurance will cover, considering that you often provide various work.
Handyman insurance can be tailored to the risks you face while providing specific services to your clients. However, it is better to have packaged coverage to protect you from dangers you encounter that can drastically impact your business.
Some of the perils that you might encounter include the following:
- Your clients have property damage or personal injury claims due to your fault or other people working for you.
- Theft, loss, or damage to tools and equipment during the conduct of business, such as while in transit to a job site, at your place of business, or while on the job site.
- Claims from damage caused by an employee or yourself when traveling in a personal or company vehicle. The claims can include injury or damage to third parties, employee injury, or damage to the car.
What constitutes handyman insurance?
The most common handyman insurance you need is general liability insurance that will protect you and your business. It covers financial and legal liabilities related to accidents that result in property damage or bodily injury. With general liability insurance, you can continue your business operation without worrying about the medical and legal costs.
The coverage will depend on what you and your business need. It could protect you from the following liabilities:
- Third-party or non-employee bodily injury
- Third-party property damage
- Cost of defense in case of a lawsuit
General liability insurance is enough if you are self-employed, have no payroll, no operating expenses, and are not renting office space. But if you have people working for you, you will also need worker’s compensation insurance. Likewise, you will need commercial auto insurance, which will cover property damage and bodily injury liabilities. You should check with your insurance provider if you need to buy comprehensive and collision insurance.
If your business is located away from your residence, it is advisable to get commercial property insurance. The policy will cover theft or property damage caused by natural disasters, accidents, or fire. It can also cover the business equipment and tools you have within the property. If you want to protect your tools and equipment from theft or premature damage, tools and equipment insurance will help.
You can purchase these insurance policies individually, or you can ask your insurance provider if they offer a comprehensive policy that will cover everything you need.