When starting your handyman business there are a lot of things to take into consideration. You have a specific set of skills that can be used in a variety of different ways for many different jobs. Whether you do electrical, plumbing, repairs or construction, the first place you should start is by getting handyman insurance.
Because of the nature of you work and it’s environment, you will be exposed to risk and danger regularly. There are many types of policies that your business may benefit from having such as general liability insurance, workers compensation and commercial auto insurance. It is important to understand though, what these types of coverage will actually be doing for you.
Why You Need Handyman Insurance
1. Protection Against Lawsuits and Legal Fees– You may find yourself in hot water when a job goes wrong. For example, you may find out that after completing an electrical job, your client’s house experienced a fire due to faulty wires, and your business may be held responsible. Lawsuits and legal fees can rack up quickly, but having the right kind of insurance (general liability) can help lessen the financial impact on you and your company.
2. Protection From Injury and Medical Expenses– Because you are working with dangerous tools and in an uncertain environment, accidents are bound to happen on the job. As a handyman, you will want to have coverage in case of injury while on the job. Workers compensation insurance will cover you in the event that you do get hurt while working and need medical attention. Do not assume that business or person who has contracted you will have an insurance policy that covers you! It is always better to be safe than sorry!
3. Protection In Case of Property Damage– This type of coverage can go two ways- it can mean coverage for the loss or damage of YOUR property, or coverage for the loss or damage of a client’s property. For you this would cover your tools, supplies and your company vehicle. The loss or damage of your personal property could have a significant impact on your business. For example if your vehicle is involved in an accident and you are unable to get from job site to job site, you will lose business and revenue. Be sure to ask your independent agent the best way to protect your assets.
As you see, you have a lot at stake in the handyman business, and you’ll want to protect your company as much as possible. Accidents happen, people aren’t careful and that can add up to some major costs. Do yourself and your business a favor and get handyman insurance today!
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