The handyman trade is a great business. There is plenty of work, you get to help people and you most likely get to be your own boss.
But like any business, the handyman trade has risks. And to be a successful handyman, you must protect your business from financial risk. That’s what insurance is for.
Don’t make the mistake of thinking that because you are a small business owner or even just a sole trader that you don’t need insurance for your business.
Every business needs insurance. A lot of small businesses don’t reopen after a major loss. Don’t let that happen to you.
Having Handyman insurance can make sure the business you have worked hard to build can weather any type of accident, storm or loss.
Here are a few risks which handyman insurance can protect you from:
Any one of these risks could cost your business thousands. Consider insurance is to protect you and your business.
Public liability insurance is the most basic and important insurance coverage for a handyman. Simply put, public liability insurance protects your business from financial risk if you are found responsible for someone’s injuries or damage to their property.
When operating your business, you have a responsibility to ensure the safety of your customers, employees and the community where you work. You also have an obligation to take care of the property that you work on.
If during your business activities, you are found negligent, the financial consequences can be devastating and can quickly put you out of business.
Public liability insurance can cover the cost to defend yourself against claims of property damage or bodily injury. It will pay for a settlement if one is awarded. This type of protection allows you to carry on without worrying about the financial risk of property damage or injury claims.
Even the most safety-conscious handyman businesses run the risk of injuring someone or damaging someone’s property. Accidents can happen anytime, and if one does come up, you don’t want to be left without insurance protection.
Further, if your business hires contractors or used other suppliers, don’t forget to make sure they are also properly insured.
For a handyman, there are not only business risks, but personal risks as well. If you operate as a sole proprietor, you can become personally responsible for an accident. This means you can stand to lose your business assets, and your personal assets if something goes wrong.
Public liability insurance will protect you from things like:
These are only a few scenarios can result in financial loss for your business. With proper public liability insurance, you are protected when an accident happens.
Public liability is one of the most important type of insurance for handyman, but there are other types of insurance that all handymen should consider.
Your tools are a major investment in your business and must be protected.
Portable Equipment provides protection for your tools and equipment whether they are on the job site, in storage or in transit.
This protection is invaluable for any handyman business – tools are expensive and short of your own know-how they are the lifeline of your business.
As a handyman, you rely on physical health and strength to get your job done. Helping your customers with their renovations and home repairs requires you to be strong and able.
But what if something goes wrong and you are injured? How would you keep paying your bills and other expenses if an injury prevented you from working?
This is where personal accident coverage comes in. Personal Accident and Illness insurance can pay up to 85 percent of your income or up to $3,000 a week if you are unable to work temporarily due to an accident or illness.
This type of coverage offers you peace of mind that if you are unable to work, you will still have some income to support yourself and your family while you heal.
No business owner likes to think about the worst case scenario but asking yourself what could go wrong is the best way to ensure you are protected from risk.
You are hired to install a new kitchen backsplash. While you’re removing the old kitchen tiles, you penetrate a water line behind the wall, and a major water leak occurs. Before the water gets shut off, the leak damages the contents of the cabinets, countertop and the wallpaper. Now you are responsible for repairing and replacing that property.
You’re on your way home after a long day. You stop off to pick up a few things from the market. As always, you secure your work truck and tools before heading into the store.
By the time you get back to your truck, the worst has happened. The lock is broken, and your tools are gone. Now you must cancel jobs and find the money to replace your stolen tools.
As stated, a serious illness or injury can strike anytime and anywhere. Imagine you sprain your ankle during a weekend hike. Now you are unable to work until you recover.
Here are just a few of the exposures a handyman encounters on a regular basis: