Handyman Insurance – Don’t Get Stuck Without It!
Not all homeowners are fully aware of the risks of hiring someone to perform work in their homes on an as-needed basis. This type of work arrangement can lead to costly lawsuits, and potentially ruined relationships if you’re not covered by insurance. Here’s what you need to know about handyman insurance, and how it can help you protect your property and your assets if something goes wrong while you’re working on your home improvement projects.
When To Buy Handyman Insurance
Many homeowners are not aware that they need to buy insurance to cover a variety of things related to home repairs and maintenance. While you may not think that your handyman needs insurance, it is important to know what coverage is available and how much it will cost. You can get a free quote online at USAA today and find out if you’re eligible for coverage.
What Is In A Policy
A handyman insurance policy can provide coverage for a variety of situations such as equipment breakdown or theft, accidental damage to property and liability. The cost of this type of insurance depends on factors like your location, the amount of coverage you choose and the deductible you select. Generally, a handyman insurance policy will provide lower rates than general liability policies because it is more specialized.
How Much Does An Annual Policy Cost?
The cost of an annual policy will depend on a variety of factors, including the type of business you’re in and the size of your company. A small business may spend $600 or less per year on a general liability policy, while a large company could have to pay upwards of $1 million.
What Is NOT Covered By A Policy
The most common type of coverage for a handyman is liability coverage. This covers you in case your work causes injury or property damage to a third party. You may also want to consider coverage for general and property damage, which will cover you if your tools are stolen from the job site, or if you accidentally damage someone else’s property. Read more about handyman insurance below, and be sure to talk with your insurer about the type of coverage that suits your needs best.
How Can I Save Money On My Handyman Insurance?
If you’re a handyman, there’s a good chance that you’ll need some type of insurance coverage. This is especially true if you own your own business, or are planning to hire people to work with you. If you’re looking for ways to save money on your handyman insurance policy, here are a few tips:
– Ask your agent about discounts for multi-policy holders.
– Consider raising your deductible in exchange for lower premiums.
What Else Do I Need To Know About A Home Repair Claim?
How does the insurance company know that I am a contractor? The best way to prove you are a contractor is to provide your business license, as well as some form of proof of liability insurance.
What if I don’t have a business license? You can still be eligible for coverage under your homeowner’s or renter’s insurance. Keep in mind that you will need to pay extra for the liability portion of your policy.