It is not difficult to establish a prosperous career as a handyman. In many states, the only requirements for starting a home renovation business are some basic tools and a business license. Before starting work, however, you need to obtain company insurance.
Understanding the Purpose of Handyman Insurance
The word “handyman insurance” refers to a versatile small business insurance policy suited for persons with a wide range of skills.
The job of a handyman comes with a number of hazards. Accidents can cause problems with your job in a variety of ways. There are numerous potential problems with your handyman business.
Many things might go wrong on the job, whether you’re constructing drywall, installing kitchen fixtures, or performing routine maintenance on a daily basis. You might get paint on your client’s antique furniture. There is always the possibility of becoming involved in an accident on your way to work.
With all that being said, it is essential for handymen to be insured. Insurance coverage protects you and your assets against a variety of liability risks.
There are numerous benefits to getting handyman insurance. Let’s go deeper and read on to discover the importance of getting handyman insurance today.
Getting Coverage for Injuries and Medical Treatments
As a handyman, you work with potentially hazardous materials and equipment. Dust, mold, and fungi are all potentially harmful to one’s health. Carrying heavy objects, repeating activities, and sitting or standing in uncomfortable positions are all risk factors for injury.
Customers, like handymen, are vulnerable to injury while on the job. Because they couldn’t find their toolbox, a homeowner could end up in the hospital. You may be liable for their medical fees regardless of what caused the accident.
For this, Workers’ Compensation insurance is required for you and your employees, as well as general liability insurance for your customers.
Getting Coverage for Theft and Property Damage
What procedures would you take if your equipment was lost or stolen? Replacement could be costly. Your garage, basement, or office, whichever you like. Repairing your office or its equipment may deplete both your personal and the company’s financial resources.
This is a viable solution for customers as well. If you cause accidental damage to a customer’s property, you may be held liable for the cost of repairing it.
For this, the purpose of a Business Owner’s Policy (BOP) is to protect your property, whereas General Liability is to protect your customers.
Getting Coverage for a Variety of Legal fees
A customer who has been mistreated or damaged in some way may decide to sue. Legal fees can quickly mount if a dispute carries on for months or even years. Consider purchasing insurance for the corporation to cover these expenses.
For example, if a customer sues you for bodily injury or property damage, your General Liability coverage will cover the costs of your legal defense.
Getting Coverage for Business Interruptions
Small businesses are highly volatile. If your workplace is damaged by a storm or fire, you may be unable to work, making it difficult to meet your financial obligations. For this, a customized BOP may include coverage for interruptions to your business.
Conclusion
It is no secret that working in the handyman industry is dangerous. While your job may be functional and in high demand, it is also worth noting that protection and knowledge are key components included in such services. After everything we have discussed, you should now have a better idea of the importance of handyman insurance and how it may assist secure your livelihood.
Pascal Burke Insurance Brokerage Inc. is here to provide you with handyman insurance in Arizona. Get a FREE quote from us today!