Why Handyman Services Need Insurance in Oklahoma?

Running a handyman business involves tackling various repair and maintenance tasks, often under unpredictable conditions. Accidents can happen, tools can get stolen, and clients can file lawsuits. Without the right insurance coverage, these risks can lead to significant financial setbacks. Therefore, securing comprehensive insurance is not just a smart decision—it’s essential for the long-term success of your handyman business.

Insurance for Handyman Services

Types of Insurance Carpenters Need

General Liability Insurance

Covers basic risks such as bodily injury to clients, property damage, and advertising injuries. It’s a foundational policy for any handyman business.

  • Importance: Crucial for covering legal fees and medical costs resulting from accidents.
  • Coverage: Legal fees, medical expenses, and settlements related to third-party bodily injury and property damage.
  • Best for: Customer injuries, damage to client property, advertising injuries.

Business Owners Policy (BOP)

Combines general liability and commercial property insurance at a discounted rate. Ideal for covering accidents that injure clients, damage client property, and protect your business property from theft or damage.

  • Importance: Combines multiple coverages into one policy at a lower rate.
  • Coverage: General liability, commercial property, and business interruption.
  • Best for: Accidents that injure clients, client property damage, stolen or damaged business property.

Workers’ Compensation Insurance

Required in most states if you have employees. It covers medical costs and disability benefits for employees injured on the job, protecting your business from injury-related lawsuits.

  • Importance: Mandatory in most states, it protects employees and sole proprietors.
  • Coverage: Employee medical expenses, disability benefits, and injury lawsuits.
  • Best for: Employee medical expenses, lost wages, employee injury lawsuits.

Commercial Auto Insurance

Covers third-party bodily injuries and property damage from accidents involving your work vehicles. It also provides coverage for theft and vandalism of your vehicles.

  • Importance: Essential if your business involves transporting tools and materials.
  • Coverage: Property damage, bodily injuries from auto accidents, and vehicle theft and vandalism.
  • Best for: Property damage caused by company vehicles, medical payments from auto accidents, vehicle theft or vandalism.

Contractor’s Tools & Equipment Insurance

This policy pays for the replacement of stolen or damaged tools and equipment.

  • Importance: Protects your essential tools and equipment.
  • Coverage: Replacement costs for tools and equipment.
  • Best for: Equipment less than five years old, mobile equipment that travels to job sites, and small tools like wrenches and screwdrivers.

Professional Liability Insurance (Errors & Omissions)

Covers legal fees if you are sued for mistakes or oversights in your work, such as failing to complete a project on time.

  • Importance: Shields your business from claims related to professional errors.
  • Coverage: Legal fees, settlements, and judgments.
  • Best for: Accusations of negligence, missed deadlines, failure to deliver promised results.

Additional Insurance and Endorsements

Depending on your business needs, consider these additional coverages:

  • Builder’s Risk Insurance: Covers buildings under construction.
  • Inland Marine Insurance: Protects tools and equipment in transit or stored off-site.
  • Commercial Umbrella Insurance: Provides additional liability coverage beyond standard policies.
  • Surety Bonds: Ensures project completion as per contract specifications.

Cost of Insurance

The cost of handyman insurance varies based on factors such as:

  • Services offered: Types of handyman services.
  • Size of your business: Number of employees, revenue, and payroll.
  • Annual revenue and types of insurance policies: Additional coverages and endorsements. Small, independent handymen will pay less compared to larger repair shops with multiple employees.

How to Get Insurance

Securing the right insurance for your handyman business is simple. Follow these steps:

  1. Complete an Online Application: Provide basic information about your business, such as services offered and number of employees.
  2. Get Insurance Quotes: Compare quotes from top-rated insurers to find the best coverage at the most affordable rates.
  3. Purchase Your Policy: Choose your preferred policy, pay for it, and download your certificate of insurance.

Ready to Protect Your Business?

Don’t leave your handyman business vulnerable to unforeseen risks. Get started today by exploring your insurance options and securing the coverage you need. Protect your livelihood and gain peace of mind with comprehensive handyman insurance.

Get Your Free Quote Now!