A handyman is a contractor, without a license, who performs small repairs and maintains our houses at a cost. They make repairs for both individual homes and businesses. And handyman insurance becomes mandatory in case their customer sues them incase their property gets damaged in the process of restoration. By comparing all the insurances available for a handyman, one can save a lot of money on it. As swift as a few minutes, a handyman can get up to one million dollars in insurance.
Is handyman insurance essential?
Most handymen do not require a license to do repairs. However, it is highly recommended to have one, at least the liability coverage. Throughout repair, if the property of the house owner gets damaged or the owner gets hurt unexpectedly, it is the handyman who gets sued. And these lawsuit charges may be huge. General liability insurance not only covers the mistakes made by the handyman but also by the people working under him.
There are as many as four insurance policies exclusively drafted for a handyman. Let us see them in brief below.
This insurance protects a handyman against claims made by the house owner due to the accidental injury of a person or property damage. The broad spectrum of claims includes
- Property damage
- Failure to complete the promised work on time
- Injury to the owner
- Character assassination charges
Commercial Property Insurance:
Commercial property insurance covers the properties, especially tools and equipment, present in the address mentioned on the policy papers. Hence on their property insurance papers, most of the companies cover their inland marine also. The insurance ensures your tools are safe and protected in the vehicle you drive to work and at third-party locations against damage or theft.
Commercial Auto Insurance:
While liability coverage is mandatory for all handymen to protect and equip themselves from accidental losses, there are other insurance policies too that one can add on to get extra cover. Commercial Auto Insurance, as the name suggests, covers the automobile you drive to your workplace. It guards your vehicle used for commercial purposes in case of theft or accident.
The foremost scenarios under which the handyman gets covered are as follows
- In case of damage due to an accident
- Vehicle damaged by any means other than an accident
- Damage made by an uninsured driver driving your vehicle
- Covers the owner, driver, and the passengers of a car irrespective of who led to the mishap.
Workers’ Compensation Insurance:
Nobody can foresee the future or what it has in store for us. When a handyman or his employees get hurt, not only do they lose the ability to go to work the next day, they have no choice other than to pay hefty medical bills. Worker’s Compensation Insurance pays back their medical bills and even compensates for lost wages until he is back in good health.
Having explained all the possible handyman insurances, making a wise choice will not allow a small mistake to cripple your business.