Once a handyman starts a business or starts self-contracting, they have to prepare for the unexpected — accidents, damages, injuries and even lawsuits. But how does one get ready for these unfortunate circumstances? With business insurance, of course! In this guide, we go over what type of insurance you need, who the insurance protects and what it covers.
What insurances do handymen need?
After obtaining a license, the state and other businesses recommended that every handyman starting their own business or self-contracting purchase a business insurance plan. Business insurance is a coverage plan that protects business owners from losses and liabilities. These plans range in price, so it is best to shop around to find the right company and plan that works for you.
Who does business insurance protect?
Ultimately, your business insurance protects you and your employees. However, due to the nature of this form of insurance, it also protects clients, contracts and projects.
What does the insurance cover?
You got the insurance, but what all does it cover, or how does it benefit you? While each plan does vary, here are the basic features you will get:
- Clients prefer working with handymen and companies that are insured. You will target more people if you include that you are licensed, bonded and insured.
- It prevents you from paying out-of-pocket claims that lawsuits can cause and potentially put you out of business.
- Protects your full-time and part-time employees from an injury or accident they receive on the job site.
- Covers stolen or lost tools and equipment.
- Depending on your state, business insurance is what makes your company legal.
- It meets legal requirements if you want to rent or lease out a space under your business’s name.
- It covers accidents and damages that happen at your home office (your regular home insurance does not cover this!)
Must all handymen need insurance?
You do not necessarily need business insurance. However, if one of the situations happens above, you will not have to pay claims or worry too much. If you do not have insurance, you are working at risk. If you are looking for a home improvement company or a handyman in Belleville, O’Fallon, Edwardsville or the surrounding areas, you don’t have to look far because Valor Home Services is insured, licensed and bonded! Our ultimate goal is to provide a stress-free remodeling experience. And that means putting our clients and employees at ease knowing that they are safe. If you are ready to book an appointment, give us a call today.
