When providing the services of a handyman, you will be handling tools and going to places where your life and that of the people you are working with can be at risk. There is also a possibility of damaging the property that is being repaired which could cost your life savings if you do not have the right insurance cover.
Below are the most important insurance covers every handyman should have:
This insurance policy will cover your work such that if anything does not go according to what has been planned leading to the damage of the property, the insurance company will compensate the homeowner. For instance, a policy that will cost about $1000 or less will get you a liability policy of $1 million the entire year.
A general liability insurance cover will cater for:
- Damage to any of the properties you are called upon to repair
- Work that has been done by subcontractors
- Work that has been left incomplete and you had promised to complete it
- Medical bills in case someone gets an accident around your workstation which is your fault.
- Injury that may result from advertising
This insurance cover will cater for the medical bills that may arise when one of your employees gets into an accident when working. This will be very important for you as well as you will also be covered in the event that you get an injury when working. The premiums can be as low as $500 each year or $5, 000 annually which will depend on how risky your job is and on the number of employees you want to be covered.
This policy will cater for:
- All medical bills to a maximum of $1 million for each claim.
- Compensation of the time spent in a medical facility
- Purchase of the medications required for your recovery
- Any specialized treatment such as a rehab
- Payment of missed wages for the entire time the employee will be recovering.
If you have a vehicle that you use as you provide handyman services, you will also need to have it insured. The amount charged will depend on the number of vehicles you will be insuring, the items that are transported by the vehicles, and also the history of the drivers that have been contracted to drive them.
You can also get equipment insurance so that in case any of the expensive tools get damaged accidentally or is stolen; the insurance company will replace it. The ordinary wear and tear will not be covered by this insurance policy. In case the risk insured happens, the insurance company will replace the exact model of the machine that has been damaged or stolen which will also include a deductible of $500.
Choose the right insurance company that will provide compensation as soon as the risk insured happens and not one that will take years before the compensation is processed. You can ask for recommendations from the people who have take insurance covers similar to the one you wish to take so that you can make an informed decision.