General Liability Insurance for Handyman: What You Need to Know
If you’re a handyman, you know that your job comes with a lot of risks. Accidents can happen, and when they do, you need to be prepared. That’s where general liability insurance comes in. It’s a type of insurance that can protect you from financial losses if you’re sued for damaging someone’s property or causing injury to someone while you’re on the job. But what exactly is general liability insurance, and how does it work? In this article, we’ll explore everything you need to know about general liability insurance for handymen, including what it covers, how much it costs, and how to get it. Whether you’re just starting out as a handyman or you’re a seasoned pro, understanding general liability insurance is essential for protecting your business and your livelihood. So let’s dive in and learn more! Click here for a business insurance quote?
Why handyman businesses need General Liability Insurance
As a handyman, you work with tools and equipment that can be dangerous if not handled properly. Even if you take all the necessary precautions, accidents can still happen. For example, you might accidentally damage a client’s property while working on a project. Or, someone might trip over your tools and get injured. In these situations, you could be held liable for the damages and sued for a significant amount of money. General liability insurance can protect you from financial losses in these situations.
In addition to protecting you from accidents and injuries, general liability insurance can also protect you from lawsuits related to advertising and slander. For example, if you inadvertently use a copyrighted image on your website or social media, you could be sued for infringement. General liability insurance can help cover the legal fees and damages associated with these types of lawsuits.
Overall, general liability insurance is essential for protecting your handyman business from financial losses and legal liability. Without it, you could be putting your business and your personal finances at risk.
What General Liability Insurance covers for handyman businesses
General liability insurance covers a wide range of situations that could result in financial losses for your handyman business. Here are some of the most common types of coverage included in a general liability insurance policy:
### Property damage
If you accidentally damage someone’s property while working on a project, general liability insurance can help cover the cost of repairs or replacement.
### Bodily injury
If someone is injured while you’re working on a project, general liability insurance can help cover the cost of medical expenses and other damages.
### Advertising and slander
If you’re sued for advertising or slander-related claims, general liability insurance can help cover the legal fees and damages associated with the lawsuit.
### Products and completed operations
If a product you’ve installed or a project you’ve completed causes damage or injury after you’ve finished the job, general liability insurance can help cover the cost of damages and legal fees.
It’s important to note that general liability insurance typically does not cover damages or injuries that are intentional or criminal in nature. If you intentionally cause damage or harm to someone, you will not be covered by your general liability insurance policy.
How much General Liability Insurance coverage should you get?
The amount of general liability insurance coverage you need depends on several factors, including the size of your business, the types of projects you work on, and the risks associated with those projects. In general, most handyman businesses should have at least $1 million in general liability insurance coverage. However, depending on your specific needs and risks, you may need more coverage than that.
When determining how much coverage you require, it’s essential to consider the potential costs associated with a lawsuit. Legal fees and damages can add up quickly, and without adequate insurance coverage, you could be on the hook for these costs out of pocket.
How to choose the right insurance provider for your handyman business
Choosing the right insurance provider is essential for ensuring that you have the coverage you need at a price you can afford. Here are some tips for choosing the right insurance provider for your handyman business:
### Research multiple providers
Take the time to research multiple insurance providers and compare their coverage options and pricing. Look for providers that specialize in small business insurance, as they may be able to offer more tailored coverage options for your specific needs.
### Read reviews and ratings
Read reviews and ratings from other small business owners to get a sense of each insurance provider’s customer service and claims process. Look for providers that have a good reputation for handling claims quickly and efficiently.
### Consider bundling insurance policies
Many insurance providers offer discounts for bundling multiple insurance policies together. Consider bundling your general liability insurance with other types of insurance coverage you may need, such as property insurance or workers’ compensation insurance.
### Get multiple quotes
Get quotes from multiple insurance providers to compare pricing and coverage options. Don’t be afraid to negotiate with providers to get the best rate possible.
Tips for getting the best rates on General Liability Insurance
While general liability insurance is essential for protecting your handyman business, it can also be expensive. Here are some tips for getting the best rates on general liability insurance:
### Increase your deductible
Increasing your deductible can help lower your monthly premiums. Just be sure to choose a deductible that you can afford to pay out of pocket if you need to file a claim.
### Reduce your risks
Taking steps to reduce your risks can also help lower your insurance premiums. For example, implementing safety protocols and providing adequate training for your employees can help reduce the risk of accidents and injuries.
### Bundle your insurance policies
Bundling multiple insurance policies together can help you save money on your premiums. Consider bundling your general liability insurance with other types of insurance coverage you may need, such as property insurance or workers’ compensation insurance.
### Shop around
Don’t be afraid to shop around and get quotes from multiple insurance providers. This can help you find the best rates and coverage options for your specific needs.
Other types of insurance coverage to consider for your handyman business
In addition to general liability insurance, there are several other types of insurance coverage you may need for your handyman business. Here are some of the most common types of insurance coverage to consider:
### Property insurance
Property insurance can protect your business property, including tools, equipment, and office space, from damages or losses due to theft, fire, or other disasters.
### Workers’ compensation insurance
If you have employees, workers’ compensation insurance can help cover the cost of medical expenses and lost wages if an employee is injured on the job.
### Commercial auto insurance
If you use a vehicle for your handyman business, you’ll need commercial auto insurance to protect yourself and your vehicle in the event of an accident.
### Professional liability insurance
Professional liability insurance, also known as errors and omissions insurance, can protect you from legal liability if you’re sued for professional negligence or errors in your work.
How to file a General Liability Insurance claim
If you need to file a general liability insurance claim, the process will depend on your insurance provider and the specifics of your policy. In general, you’ll need to provide documentation of the damages or injuries, as well as any relevant police reports or witness statements. Your insurance provider will then investigate the claim and determine whether it’s covered under your policy. Once the claim is approved, your insurance provider will help you navigate the process of getting the damages or injuries repaired or compensated.
Frequently asked questions about General Liability Insurance for handymen
### Do I need general liability insurance if I’m a self-employed handyman?
Yes, even if you’re a self-employed handyman, general liability insurance is essential for protecting your business and your personal finances from lawsuits and financial losses.
### How much does general liability insurance cost for handymen?
The cost of general liability insurance for handymen varies depending on several factors, including the size of your business, the types of projects you work on, and the amount of coverage you require. In general, most handymen can expect to pay between $400 and $1,000 per year for general liability insurance.
### What does general liability insurance not cover for handymen?
General liability insurance typically does not cover damages or injuries that are intentional or criminal in nature. It also does not cover damage to your own property or injuries to yourself or your employees.
Conclusion
As a handyman, your job comes with a lot of risks. But with the right insurance coverage, you can protect your business and your personal finances from financial losses and legal liability. General liability insurance is essential for any handyman business, and it’s important to choose the right insurance provider and coverage options for your specific needs. By following the tips and information in this article, you can make informed decisions about your insurance coverage and ensure that you’re fully protected as a handyman.