As a handyman, securing a General Liability Insurance policy is essential in covering the unforeseen incidents that can occur on the job. Handyman liability insurance protects you while performing work on your customer's property for liabilities that may arise as a result of your finished work.
Premises-Operations Liability Insurance
This coverage provides $1 million of Premises-Operations Liability coverage while you are performing work on your customer's property. It provides coverage against claims for injury or that occur as the result of your work while the work is in progress. It also covers you for injury or damage occurring on premises you own or rent and it includes
$2,500 in tools coverage with a $250 deductible.
Products-Completed Operations Liability Insurance
You can choose to add $1 million in Products-Completed Operations Liability insurance in addition to your Premises-Operations Liability Insurance to cover you against claims that may result from your completed job site operations.
How Much Is a Surety Bond / License and Permit Bond?
When a handyman applies for a contractor's license, electrician's license, or building permit, they'll usually need a License or Permit Bond. Local or state governments can require these bonds any time you need a license or permit. A handyman's License or Permit Bond typically costs $100 to $185.
Inland Marine Insurance for Handyman
In addition to General Liability Insurance, handymen and repairmen can purchase an Inland Marine Insurance policy, which covers their tools and equipment while they transport it. If your tools were stolen from your truck or damaged, this policy could reimburse your losses. This coverage typically costs $591 to $1,305.
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Commercial Auto Insurance for Handyman
If a handyman gets into an auto accident while driving to or from a job, Commercial Auto Insurance can cover their lawsuit expenses and repair costs. Work driving usually isn't covered by personal insurance policies, so make sure you have adequate Commercial Auto Insurance. This coverage is about $1,344 to $2,245 in annual premiums.