A Short Practical Guide to Handyman Insurance
Are you a handyman? Do you know any handyman? If you don’t know who a handyman is, he is a person who does odd jobs in your house. The person who repairs a leaky toilet and the one who changes a light fixture in your house is a handyman. He can provide a wide range of services. However, he is generally considered to be less skilled than a plumber or electrician. Handymen once formed a very important group of service providers in a locality. However, more people today are trying to be self-reliant in these jobs. This severely affects the job opportunities of a handyman.
Like any other worker, a handyman needs to be insured. There are a lot of mishaps that might happen in his professional life. Some of these are any damage done onsite, any accident during work, or a work assignment that couldn’t be completed. He needs to be protected in case somebody trips over his toolbox and sues him for it. He shouldn’t have to worry about the money for treatment in case he faces an accident during an electrical repair. This is where handyman insurance becomes important.
Importance of the insurance
The insurance is very helpful to a handyman in case of a mishap. The insurance supports him to pay medical bills due to injury or penalty due to damage to property. Having insurance convinces more people to take his service. This is because the client doesn’t have to worry about being compensated if there is damage to his property.
Policies under the insurance
Handyman insurance is a very general term. It refers to different policies that a handyman chooses to buy to insure him and his business. Insurance consists of various kinds of policies. A very important policy is the general business owner policy (BOP). This is for businesses that have less than 100 employees and yearly revenue of less than $5 million. This ensures a handyman and his business in case of a loss of income, property damage, and bodily injury. Another one of them is the handyman liability policy. This is to pay a customer if he claims damage to his property. Another one is commercial property insurance. This helps a handyman in case someone steals his toolbox.
Cost of the insurance
The insurance usually costs between $360 and $1000. Some people pay as big as $1000 for a $1,000,000 liability insurance. The exact cost of insurance depends on a range of factors. Some of these will be the place where he lives, the kind of work he does, whether he has employees, etc. A handyman who takes up many risky assignments needs to be insured for a larger amount. Hence the cost of insurance will be higher for him.
A handyman needs to be insured. It protects him, his employees, and his clients if there is a mishap. Being insured relieves him of a huge financial burden during such a situation. It also convinces a potential client to choose his services over others. The reason is he is sure of being paid if there is any damage to property.