Getting the right insurance for your handyman business isn’t always easy; in fact, some entrepreneurs in this field may even try to persuade you that you don’t need it. It may seem especially difficult to the handyman who has just set up shop and is still starting out, looking for more contracts and barely managing; in such cases, insurance may seem like an unnecessary expense.
The truth is, however, that insurance need not be a burden, and it can literally save you when things go wrong – and things have a tendency to go wrong at some point, sooner or later. The good news is: the ideal insurance for you is out there, and nowadays, you can even find handyman insurance online. Here are the top tips for selecting insurance for your handyman business.
Do you really need it?
The short answer is: yes. You may be able to go without it for a while, but it’s really not advisable. It’s certainly a necessity if:
- Your country or state requires it
- Your work includes flats and buildings that house multiple flats
- Your work involves national or bank properties
- You want large contracts coming your way
What you should look for
The best thing to do is tally up your assets (which includes your projected income for, say, the next year) and get coverage that will insure this. Of course, your budget will be important, so it’s crucial you do your research and strike a balance. Look for insurance companies that are willing to cover your most vulnerable risks while giving you a premium pay-out should things go wrong.
What are your risks?
Don’t think about the most obvious issues such as personal injury on the job, or accidental fires. Have anall-round approach. Customers or clients could litigate (especially in this day and age), you could get sick, your work could cause property damage – the risks are plenty. Consider all aspects.
How do you find the right policy?
When you go online, you will find plenty of portals that are willing to help. Beware, however: start your search by listing your own risks, and then see which companies match your needs best.
As the owner of a handyman business – especially when you are just starting out – it’s important to take your time and do your research; there are indeed a lot of options out there, and you need one that gives you the maximum coverage in the areas where you carry the most risk, and at a minimum of cost. When looking around, consider not only your coverage and expenses, but also the reputation of the insurance firm. Getting insurance will not only help you sleep at night; it will allow you to capture bigger contracts and subsequently grow.