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In this article, we will be discussing some of the best insurance companies for handymen in 2022. We’ll start off with what to expect from a coverage perspective before diving into potential risk factors you should consider when selecting an insurer.
“self-employed handyman insurance” is a category of insurance that covers the risk for individuals who work on their own. These companies provide different levels of coverage depending on the individual’s needs.
When looking for handyman insurance, seek for companies who have expertise with the types of coverage that are most critical to your area of business, including as general liability and commercial vehicle. They’ll also be the ones most likely to get you the greatest deal on the coverage you need. We looked at hundreds of insurance providers and selected the top seven for small handyman businesses:
- Coverwallet is the best option for quick, low-cost coverage.
- The Hartford is the best when it comes to giving a variety of coverage alternatives.
- Hiscox: Ideal for handymen who work from home on little jobs.
- Thimble: For short-term handyman liability insurance, this is the best option.
- Simply Business: For general liability coverage for external work, this is the best option.
- State Farm is the best when it comes to offering personalized customer care.
- Progressive Business: The best option for commercial vehicle insurance savings.
Overall, CoverWallet is the best handyman insurance company.
CoverWallet is the greatest option for a handyman who needs insurance right now but wants to shop around. CoverWallet, as an online broker, works with top-rated carriers and can frequently provide several quotes for a same application. This allows you to get the cheapest pricing for all of your policies, even if you have to purchase them from different carriers.
Go to CoverWallet.com.
Coverage
CoverWallet is an insurance broker, thus the policies it offers aren’t written by it. Instead, it provides coverage designed by the carriers it works with, such as basic handyman plans like:
You’ll be able to compare rates and policy terms this way. You may discover that certain carriers provide savings for purchasing several policies, but you may also opt to acquire all of your policies from a different carrier if the cost and coverage meet your requirements.
Costs
On their website, CoverWallet specifies the minimal rates for a few handyman insurance products, including:
- General liability insurance costs $39 per month.
- A company owner’s coverage costs $49 per month (BOP)
- A BOP and business car insurance costs $239 per month.
- Inland marine, surety bond, and workers’ compensation are among the specialized coverages available.
The lowest amount an insurance company may charge for a policy is called a minimum premium. Many firms can acquire that pricing, however CoverWallet may levy fees for some plans where state law permits. It doesn’t charge extra for certificates of insurance (COI), which might save you a lot of money if you have a lot of customers who require evidence of coverage.
The Hartford is the best when it comes to giving a variety of coverage alternatives.
For handyman company owners searching for a reasonable and personalized selection of coverage choices, The Hartford is the appropriate insurance provider. Handymen may acquire not just fantastic general liability coverage, but also business income coverage, commercial property insurance, equipment and tool coverage, and workers’ compensation coverage.
Travel to Hartford, Connecticut.
Coverage
The Hartford offers a variety of advantages as part of its coverages. For example, The Hartford’s workers’ compensation benefits include access to over a million doctors for treating occupational injuries, pay-as-you-go billing choices, and the Nurse Back to Health program, all of which are ideal for handymen.
In addition, The Hartford provides Putty Insurance, which is handyman insurance for short-term tasks. Putty provides cost-effective support for tasks ranging from two hours to two weeks. General liability limits range from $300,000 to $1 million for handymen. It’s worth noting that Putty Insurance is available in just 26 states.
Costs
Because premium prices may vary substantially, The Hartford, like other carriers, does not provide premium information on its website. Quotes for its handyman BOP, on the other hand, ranged from $1,000 to $1,700 a year. Endorsements seem to bring in an extra $40 to $200 each year.
The following are the typical pricing points for short-term contracts with Putty Insurance, based on the amount of hours for each project:
- General liability coverage of $300,000 for a four-hour policy: $7
- General liability coverage of $300,000 for a two-day policy: $23
- General liability coverage of $1 million for a four-day policy: $33
Hiscox is the best option for handymen who work from home.
Hiscox is an excellent choice for self-employed handymen who work from home and do odd chores for homes. General liability coverage from Hiscox come with flexible payment options and discounts of up to 5% for home enterprises.
Hiscox is a place worth visiting.
Coverage
Hiscox concentrates on general liability insurance for handymen. Although this may seem to be a disadvantage, general liability insurance is often adequate coverage for a handyman who works only with home customers and has no staff or pricey equipment. In select areas, however, Hiscox can provide commercial property and equipment coverage.
Costs
We’ve seen Hiscox handyman liability insurance estimates range from $1,500 to $3,000 per year. Adding company property insurance cost an extra $100 or so each year. Furthermore, Hiscox gives at-home company owners up to 5% savings and doesn’t charge extra for those who pick a monthly payment plan.
Thimble is the best option for short-term liability coverage.
Thimble is a one-of-a-kind internet insurance company that focuses on short-term plans. You may acquire month-to-month, week-to-week, day-to-day, or hour-to-day handyman liability insurance or monthly, weekly, day-to-day, or hour-to-day handyman liability insurance. These choices enable you to carry insurance just when you need it, lowering your total expenditures in the process.
Pay a visit to Thimble.
Coverage
Thimble provides general liability, as well as professional liability and business equipment coverage, which is likely the most crucial insurance for handymen. On demand, just its liability coverage is accessible. Handymen may receive yearly liability insurance or short-term coverage for the duration of a single job.
The Thimble app is where handymen can receive their flexible insurance coverage (which can be adjusted down to the month, day, or hour).
Costs
A sole-proprietorship handyman company in Illinois with two extra workers would cost an average of $258.83 per month, or roughly $3,100 per year, according to our calculations. Thimble levies a varying premium based on the location of the firm and the number of workers, thus it’s an estimate. The following coverages are included in this cost estimate:
- $1 million in general liability coverage with a $250 deductible
- The deductible for company personal property is $500 and the coverage is $100,000.
- $5000 in building coverage and a $500 deductible for building coverage
Additional insured endorsements of certificates of insurance are not charged extra by Thimble.
Simply Business: For general liability coverage for external work, this is the best option.
Simply Business is a new online insurance agency that specializes on liability insurance for small businesses. Simply Company can offer handyman liability insurance to people thanks to its insurer connections, even if the business involves external services.
Simply Business is a website dedicated to business.
Coverage
Simply Business now only sells professional and general liability insurance plans, which is typically OK since most handymen are adequately covered by general liability. Simply Business’s coverage feature is its ability to give insurance to handymen with businesses that other carriers deem too dangerous to insure. Many companies won’t cover outside work that requires a handyman to climb more than two or three floors, but Simply Business works with a few speciality insurance that can.
Costs
Simply Business rates run from $1,000 to $2,500, which isn’t exactly inexpensive, but comparable to what other carriers provide. Plus, it usually includes $2 million in coverage for products-completed operations and $1 million for rental premises.
State Farm is the best when it comes to offering personalized customer care.
Because they offer their products entirely via their hand-picked local agents that deal exclusively with company owners, State Farm is a feasible insurance provider to consider. This ensures that handymen get highly individualized care and attention.
Pay a visit to State Farm.
Coverage
State Farm now has a one-of-a-kind strategy to offering handyman insurance pricing and information. Rather of giving quotations, State Farm provides basic information about local agents, making it easy to contact them and ask questions about their services.
Features Not Included
Policyholders can manage their insurance and bank accounts, obtain roadside help, make claims, and more using State Farm’s easy and intuitive mobile app. You may also attach images and documents that will help speed up the processing of your claims.
Progressive Business: The best option for commercial vehicle insurance savings.
Progressive Business is regarded as one of the country’s biggest and most experienced commercial vehicle insurance companies. Progressive Commercial is a reasonable insurance provider to consider since handymen utilize their cars to travel from one area to another.
Visit Progressive Commercial for more information.
Coverage
Auto insurance from Progressive Commercial includes liability and physical damage coverage for vehicles such as automobiles, trucks, and vans. Progressive Commercial also provides 24-hour claims service, a large truck repair network, rebates, and other benefits. Progressive Commercial’s commercial car coverages are tailored to the requirements of company owners that operate trucks and tow vehicles.
Progressive Commercial also provides business coverages such as general liability, professional liability, BOP, workers’ compensation, and cyber insurance, in addition to commercial car.
Features Not Included
Progressive Commercial provides rental reimbursement with downtime to handymen who utilize trucks, which means your truck payments and other associated expenditures are covered, and you may get a borrowed vehicle if your vehicle is judged unusable due to an accident.
Progressive Commercial also provides nine various types of car insurance discounts, based on the kind of qualifying client and the length of time their company has been in operation.
How Does Handyman Coverage Work?
A series of plans known as handyman insurance covers the expenses of your company if anything goes wrong. Each insurance insures against a certain kind of loss. A handyman liability coverage, for example, will cover a customer’s expenses if they allege you harmed their property or injured them physically. Meanwhile, business property insurance covers damages that directly affect you, such as a thief taking your gear.
Why is it necessary for a handyman to have insurance?
Working in people’s homes and businesses puts you at risk of personal injury and property damage claims. If you don’t have the necessary insurance plans, the expense of these claims might be financially catastrophic. A handyman may also benefit from insurance:
- Attract clients: If you’re not bonded and insured, some customers may refuse to use you.
- Get a license: Most states need you to have liability insurance if you wish to operate as a contractor.
- Protects you from employee errors: General liability insurance often covers errors committed by your employees.
How Did We Pick the Best Handyman Insurance Providers?
Premiums and additional fees were crucial considerations in our review since cost is usually a problem for small companies seeking for insurance. In addition to pricing, we looked at each company’s coverage choices and any online tools that make purchasing or administering plans simpler. Finally, financial soundness was a factor since handymen need to know that the carriers they choose can fund claims if the need arises.
Conclusion
When choosing an insurance company for your handyman business, consider the following factors: whether the projects you’re getting are short-term or long-term, whether their services are available in most states, how comprehensive their coverages and features are, and whether they’re tailored to your business’s needs and risks. We’ve selected the top seven insurance firms from among the many available in the United States.
The “short-term handyman insurance” is a type of insurance that is designed for people who do not have the time or money to invest in long-term policies.
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