Starting a handyman business is often fairly simple. In many states, all you need to get started are home maintenance skills, some basic tools, and a business license. While you might be eager to get to work, you shouldn’t overlook getting business insurance first.
Handymen face many possible risks on the job. Accidents and other unexpected events could do a lot more than hit pause on your work. Many have the potential to bankrupt you or force you to close your handyman business completely.
This is where business insurance for handymen could help. Let’s explore this idea a bit further.
Why Handyman Insurance is Important?
Business insurance for handymen is designed to shield you and your bank accounts from liability risks, such as:
1. Injuries and medical expenses
As a handyman, you work with sharp tools and materials that could cause a serious injury. You may encounter hazardous materials, such as dust, mold, or fungus, that might cause health problems. Injuries could also be caused by lifting heavy objects, using repetitive motions, or needing to work in awkward positions.
While it may seem obvious that handymen can be injured at work, you might need to consider your customers too! A mislaid toolbox could cause a curious homeowner to trip, fall, and wind up in the hospital. It may be an accident, but you could still be liable for their medical bills.
There’s coverage for that: Workers’ Compensation for you and your staff’s injuries and General Liability for your customers’.
2. Property damage and theft
What would happen if your tools were damaged or stolen? It might be very expensive to replace them. Now think about your workshop, warehouse, or office. If your workspace or the equipment inside it were harmed, repairing the damage could eat into your business and personal savings.
And let’s not forget about your customers! If you accidentally damage a client’s property during a job, you might be required to provide compensation or pay to fix the situation.
There’s coverage for that: A Business Owner’s Policy (BOP) for your property and General Liability insurance to protect your customers.
3. Lawsuits and legal fees
A customer injury or damage to their property might result in a lawsuit. Legal fees can quickly add up, especially if a lawsuit drags on for months or years. You may want to consider business insurance that helps you cover these costs.
There’s coverage for that: General Liability insurance covers your legal fees if you are sued by a customer for injury or property damage.
4. Business interruptions
Anything can happen when you run a small business. An unexpected event that stops you from working—such as a fire or storm damage to your workshop—could leave you scrambling to pay the bills while you wait to get back to work.
There’s coverage for that: Your BOP can be customized to include coverage for unexpected business interruptions.
There’s a lot at stake when you have your own handyman business. Hopefully, you now have a better understanding of why handyman insurance is important and how it could help protect your livelihood.
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