From regular home repair work to installing cabinets in kitchens and bathrooms, a handyman proves to be valuable to both residential and commercial sectors. The types of jobs that handymen do are endless and people often require the assistance of these professionals. Whenever someone needs a professional technician to fix their drywalls, windows, cabinets, or appliances, a handyman is the first person to call. This is why it is very important for a handyman to have the right tools to deliver a job i.e. the tight drills and screwdrivers, a durable ladder, a good pair of gloves, etc.
However, there is something else that is just as important and should not be forgotten. Are you wondering what can that be? Of course, it is handyman insurance. Handymen take care of the maintenance of people’s property but who takes care of them when they are in need? This is why handyman insurance is essential and has lots of value. While there aren’t a defined set of policies that are labeled as handyman insurance but there are many coverage’s offered by insurance companies that can be useful to a handyman and every handyman should have them.
What is Handyman Insurance?
Handyman insurance can protect you and your business from the consequences of unforeseen events i.e. property damage or injury. Some common risks faced by handymen include:
- Injury while installing something
- Accidental falls that result in bone fractures
- Muscle Strains while moving heavy stuff
- Electrical Shocks while fixing appliances
The equipment can also get damaged due to some weather conditions like hail storms or rain. Therefore, it is essential to keep yourself insured to get compensated for damages inflicted to you or your business while delivering services. It is also true that many handymen don’t have the idea about which insurances they need exactly to keep themselves protected and to gain the trust of their clients. So, here’s a list of the certain types of insurances that every handyman should have to avoid any big problems that arise due to lack of proper insurance.
- Business Property Insurance
Business property insurance is a type of handyman insurance that is vital if you have a business located away from home or have a great deal of stock. It would protect you from burglary or property harm brought about by fire, mishaps, or natural hazards. It can also cover your equipment and business gear, however, that must be situated on your property. It doesn’t typically cover your instruments and hardware when you are driving across the town. Most local handymen services wouldn’t require business property insurance since they work out of their homes and don’t have a lot of stock or even business hardware they use at home. In any case, a handyman should always consider their kinds of circumstances. If you have a huge workshop situated at home with a lot of money in terms of equipment, then, it is necessary to get business property insurance.
- Business Automobile Insurance
Assuming that you drive a business-possessed vehicle, you’ll need business automobile insurance for that. But when it comes to the personal auto insurance plan, it doesn’t cover a vehicle that is being utilized for business purposes. You could utilize your vehicle and try to redesign your present auto insurance plan to cover you for business uses.
- Laborer’s Compensation
If you have workers then worker’s compensation insurance is needed most of the time. It covers your workers in case they are harmed at work. It will give repayment to lost wages and medical costs. Laborer’s compensation also protects you from claims that harmed workers could record against you. For independently employed local handymen without any workers, worker’s compensation isn’t needed. However, some people still try to get the inclusion since it gives financial assistance when you get injuries on the site and can’t work for some time.
- Instruments and Equipment Insurance
Unluckily, general responsibility insurances don’t cover your instruments and hardware if they get stolen or get harmed. Neither does business auto insurance or property insurance. So if you buy around costly devices for the business and live in a space where they are probably going to be stolen, then saving an extra amount of money for instruments and equipment insurance in the form of handyman insurance becomes important for you.
- Professional Liability Insurance
Being known as Errors and Omissions (E&O) Insurance, professional risk protection secures you against cases of carelessness. This type of handyman insurance is normally utilized by experts, lawyers, planners, and different experts who offer guidance or offer authorized and professional services. E&O Insurance doesn’t make sense for most of the local organizations, yet for certain workers who normally put their expertise on sale or have to deal with sub-contractors, professional liability insurance is very important.
- Business Interruption Insurance
There might be days where your business can’t work because of a natural disaster or an unexpected occasion. When your business closes down, you would lose income and will cause you a lot. Business interference insurance can assist you with covering the lost income because of the impermanent closing of your business. It will also take care of rental expenses if you want to move your business and work at a lower effectiveness level.
- Business Umbrella Insurance
Let’s suppose that your calculated loss is more than what is covered by your insurance policy. In this situation, a business umbrella protection strategy will expand the current amount covered by the insurance policy. This approach secures the surpassed sum so that you don’t need to pay for it from your pocket. However, umbrella insurance doesn’t expand the ongoing insurance policy. It just covers any cases sum that surpasses your expenses.
Getting yourself insured is the basis of running a secure business. The type of insurance that you should get for your business depends upon the type of your handyman business and your requirement depending upon your business plans and operations. Therefore, make sure to pen down all of your requirements and then look for the type of insurance that suits you the best.