As a handyman, you know that your work involves physical labor and potential risks. You might be working on a ladder, using power tools, or performing other hazardous tasks. Accidents can happen, and that’s why insurance is crucial. Insurance can help protect you and your business from financial losses due to unexpected events. This guide will discuss every type of insurance a handyman needs.
Handyman Insurance
Handyman or business insurance protects your business from financial losses due to unexpected events. It includes different types of coverage, such as general liability insurance, property insurance, and workers’ compensation insurance.
- General liability insurance covers you if you are liable for bodily injury or property damage during work. For example, suppose a client slips and falls while you are working on their property. In that case, general liability insurance can help cover the costs of medical bills, legal fees, and other related expenses.
- Property insurance covers the loss or damage of your tools, equipment, and other business assets. For example, if your tools are stolen from your truck or damaged by fire, property insurance can help cover replacement or repair costs.
- Workers’ compensation insurance covers your employees’ medical bills and lost wages if injured. It can also protect you from lawsuits filed by injured workers.
Disability Insurance
Disability insurance is designed to provide income replacement if you become disabled and unable to work. It can help you cover your living expenses and other financial obligations while you cannot earn a regular income.
There are two types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance typically covers you for a few months, while long-term disability insurance can provide coverage for years or even until retirement age.
Health Insurance
Health insurance is essential for everyone, including handypersons. It can help you cover the costs of medical bills, prescription drugs, and other healthcare expenses.
There are different types of health insurance plans, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point of service (POS) plans. Each plan has its benefits and drawbacks, so it’s essential to research and choose the one that works best for you and your family.
Life Insurance
Life insurance protects your loved ones financially if you die unexpectedly. It can help cover the costs of funeral expenses, outstanding debts, and other financial obligations.
There are different life insurance policies, including term and permanent life insurance. Term life insurance covers a specific period, while permanent life insurance covers your entire life.
Of course! Here’s a comparison chart of the first four handyman insurance providers:
Comparing The Best Handyman Insurance Companies
| Insurance Provider | Why Chosen | Coverage | Pros | Cons |
|---|---|---|---|---|
| Next Insurance | Recognized for its low premiums, straightforward policies, and quick online quotes. | General liability, errors, and omissions, tools and equipment. | Affordable premiums, easy online sign-up, same-day coverage, 10% discount when bundling. | Limited customization options; coverage restrictions in some states. |
| The Hartford | Offers a wide range of coverage options tailored for handymen. | General liability, commercial auto, professional liability, workers’ compensation, and more. | Some outdated digital tools; certain coverages are only available through an agent. | A long list of excluded activities; limited policy limits. |
| Thimble | Best for short-term coverage with flexible policy terms. | Over a dozen personalized coverages, multiple discounted policy bundles, a strong reputation in workers’ comp. | On-demand policies by the hour, day, or month; no deposit required. | Over a dozen personalized coverages, multiple discounted policy bundles, and a strong reputation in workers’ comp. |
| Hiscox | Recognized for its low premiums. | General liability, commercial property, commercial auto, workers’ compensation, and more. | Most general liability policies cost $30 or less per month. | No specific equipment coverage for handymen online; not available in Alaska. |
This chart provides a concise comparison of the four insurance providers based on their unique selling points, coverage options, advantages, and disadvantages.
Next Steps
As a handyman, insurance protects yourself, your business, and your family from unexpected events. Handyman insurance, disability insurance, health insurance, life insurance, and retirement insurance (annuities) are all important types of insurance that you should consider. Understanding your insurance options and choosing the right coverage for your needs can help ensure that you and you’re loved.
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Frequently Asked Questions
Do handymen need public liability insurance?
Yes, handymen typically need public liability insurance to protect them from claims of injury or property damage arising from their services.
How much is insurance for a handyman?
Insurance for a handyman typically ranges from a few hundred to several thousand dollars, depending on the size of the business and other factors.