As a handyman, you are by definition a jack-of-all-trades. From painting kitchen cabinets to fixing a leaking faucet, homeowners, and fellow business owners turn to you to complete an odd job. Since your line of work puts you in unpredictable situations, your insurance needs to cover you for a variety of risks.
Below are the 7 things you need to know about New York handyman insurance
- Contractors Insurance opens doors (and gets you more contracts!). An individual homeowner might not ask to see your certificate of insurance but what about bigger establishments? To get the contracts with larger apartment buildings, government, and bank owned properties, you will need to show proof of insurance. Skipping on insurance can seriously hurt your bottom line.
- Don’t rely on your personal auto insurance – Your personal auto insurance will typically not cover you when you use your auto for business purposes. If you have an accident while driving to a client’s site, you better have your commercial auto policy in place to get that accident covered.
- Lapsed policy = more expensive policy in the future – Lapsed policy doesn’t only mean that you are not insured and are at risk for a potential lawsuit, but can also severely limit your ability to find insurance at a good rate. Insurance companies see a business with a history of contractor’s liability lapses as risky and therefore uninsurable or charge premium rate to offset their potential risk.
- Handyman Insurance is a collection of different policies – Typically what we call “handyman insurance package” consists of few different policies: Liability, Property (mostly tools) and Commercial Auto.
- General Liability covers Trip & Fall claims – Trip & Fall claims are the most common claims for a handyman. All the tools and power cords on the floor pose trip & fall hazards. Contractors General Liability insurance is primarily used to cover these claims.
- Inland Marine insurance has nothing to do with boats! This is actually a policy that covers your tools and equipment while in transit and in storage. It’s inexpensive and a smart choice to protect your tools and equipment.
- Have a Safety Plan in place – No insurance company likes a policyholder that files too many claims. Adherence to basic safety practices and having a risk management plan will help keep your business running smoothly and safe for all your customers.
Whether you are just starting out or have clients all over the tri-state area, handyman insurance is an important tool in your arsenal. Sure, it is an additional expense, but it also safeguards your business against a potentially devastating blow. GRBM is an expert in contractors and handyman insurance – give us a call so we can help find you the right insurance, for the right price.
