Home improvement is an extremely popular field, which is why it’s also one of the most competitive. To get your customers’ business, you’ll need to offer them the best quality service possible. It is all too easy to cut corners, for example, using inferior products or not paying for the correct insurance cover. However, it is always wise to have a business insurance policy to protect your business from any potential risks that may arise. Just in case things go awry, you need to make sure you’re protected. It’s simply not worth the risk, so you need to find a commercial insurance brokerage to get the right insurance for your handyman business. There’s a few different special circumstances when it comes to handymans due to the risk of injury and the fact that they are basically self employed. Not to worry, as an experienced business insurance broker should have no difficulties assisting in finding the right insurance for you. Easily find more information regarding experienced insurance brokers here.
Your Options
The options are numerous and, at first glance, can seem daunting. However, it’s not as complicated to get handyman business insurance that covers some or all these areas that will be mentioned below.
Running a business is about providing a good service to your customers without worrying about whether you have the correct insurance policies in place. Understanding your options is a good step towards protecting all areas of your business. This blog post will outline what types of insurance policies are available to help you understand what you need.
General Liability
General liability insurance is a must-have. It will protect you from the financial implications of:
- Bodily injury
- Property damage
- Advertising harm
- Court and legal fees
- Medical payments
- Libel, slander, and defamation
Errors and Omissions (E&O)
Also known as professional liability insurance, an E&O policy will protect you if you make a mistake, for example, if you incorrectly install worktops or water pipes.
A good policy will protect you from alleged and actual instances of professional negligence, any legal defense costs you incur, and any legal judgments that are made against you. Having the correct policy in place will protect your reputation if something goes wrong, as any costs for remedial action are covered. You may also need to obtain surety bond from an Oregon surety bonds company to protect your company in the event of noncompliance.
Commercial Auto coverage
Personal auto coverage isn’t sufficient coverage for vehicles that are used for business purposes. Commercial vehicle insurance coverage is generally required for all business-owned vehicles and will insure the owner against:
- Medical expenses as a result of a collision
- Collision repairs
- Cost of renting a replacement vehicle
- Underinsured/no insurance motorists
Workers’ compensation
No one likes to think of workplace accidents, and everyone takes measures to minimize the risk. However, if an accident happens, you’ll be glad that you invested in a workers’ compensation policy for employers. It is estimated that the average cost of one workplace injury can be as much as $40,000.
Workers’ compensation covers:
- Medical expenses
- Lost wages
- Employer liability
Tools and equipment
Your tools of the trade are vital to your livelihood. The cost of replacing anything that is lost, stolen, or damaged can be prohibitive for a small business or sole trader. Ensuring that you have the correct policy in place will allow you to quickly replace any items that are lost or stolen.
Commercial property
As your business grows, you may find yourself needing a permanent location for your business. If you buy or rent a physical space, you will need to protect it and any equipment stored there.