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4 Ways to Save Money on Handyman Insurance

Apr 16, 2023 · 4 minutes to read

Making money as a handyman is about more than what you charge for your services. The amount you spend on the products and services you need to run your business also plays a part. Your handyman insurance is one area where you might find savings that can be invested back into your business.

Young woman and a handyman saying goodbye

Here are four practical ways to help you save on handyman business insurance:

1. Compare multiple quotes

Buying business insurance is the last thing most people want to do. But buying the first policy you find to get it checked off your to-do list may not be the wisest decision. It can be difficult, if not impossible, to know if you’re getting a fair price on insurance that fits your business needs.

Comparing multiple quotes from different insurers helps you get a clearer understanding of the options available and how much they cost for your handyman business. While this may seem time-consuming, it doesn’t have to be. With BizInsure, you can compare quotes from different insurers online in a matter of minutes and get covered instantly.

2. Consider combined policies

Handymen often buy multiple types of insurance to protect different parts of their business. Many insurers offer combined coverage that addresses various business risks in a single, convenient policy. These options can be more affordable than seeking each of these individual types of coverage separately.

For example, you may want General Liability to shield you against third-party property damage and injury claims and coverage for your tools. A Business Owner’s Policy may be a good option for your business, as it combines General Liability with other types of coverage, such as Equipment Breakdown.

3. Put safety first

Your business insurance premiums may increase each time you renew your policies. This is especially true if you’ve made a claim since purchasing. Creating a risk management plan could help you save on handyman business insurance each time you re-up your policies.

Risk management sounds complicated, but it doesn’t have to be. Taking simple steps to work more safely could help you avoid many situations that might result in an insurance claim. For instance, trip and fall accidents are a common source of claims for small business owners. Keeping your worksites tidy by carefully placing tools and materials not in use could help prevent these from happening.

4. Take good care of your tools

Your tools are important for making money as a handyman. Without them, it may be difficult or nearly impossible to do your job well and in a reasonable amount of time. Theft, loss, or damage could also result in insurance claims and increased premiums.

Taking good care of your tools can help you avoid claims if you have tool coverage. Regular maintenance can help keep them in good working order for longer. Keeping them properly stored and secured, both in your workspace and vehicle, can help prevent theft or loss.

Save on handyman insurance with BizInsure

Business insurance is a popular way for handymen to protect their small businesses. Finding ways to save on your policies could help you better manage cash flow while shielding yourself against common risks.

BizInsure makes it simple for handymen to save on insurance. In just minutes, you can compare quotes and get instant coverage from A-rated insurers. Start comparing handyman insurance today!

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice.
The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your general contractor license to ensure you are meeting their current licensing requirements.
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