Handyman InsuranceUpdated: 2013 January 4
Insurance for Handymen
Handymen are increasingly being required to take out insurance by various groups such as real estate agents and property managers.
Whilst some may see this as a pain, it's actually a very good way for you to protect yourself and your clients.
Here at Tradesman Insurance handymen are one of our specialities, and in this guide we'll run through the main things you need to know about handyman insurance.
The three main types of insurance taken out by handymen are as follows:
Other forms of personal cover that may be useful include life, TPD and trauma insurance. Another option that is sometimes taken is business expense cover.
The only form of insurance that will be mandatory for a handyman is public liability.
If you do work for real estate agencies or property managers, in most cases they will ask for a copy of your public liability insurance. Generally they will want you to have at least $5 or $10 million cover.
Whilst other forms of cover such as income protection and tool insurance are not mandatory, they are still popular forms of cover that can help greatly in a time of need.
Issues to Consider
A handyman insurance policy will only cover you for tasks which are considered to be typical for a handyman.
All policies will exclude electrical and plumbing work unless you are qualified and licensed to undertake such work and you have notified the insurer accordingly.
Generally speaking, handyman work is considered to be maintenance and repairs rather than structural work.
If you undertake any business activities which you think may be a little out of the ordinary for a handyman, it is best to let your insurance broker know about them to ensure you are property covered for the work.
Another issue that needs to be discussed with your insurance broker is whether your work is domestic, commercial or a mixture of both.
Some insurers only cover handymen for domestic work, so if you are doing any commercial work it is important to take out an appropriate policy that will cover commercial properties as well.
Quotes and Information
Handymen are generally considered to be a fairly low risk for insurance purposes, which means that the premiums for public liability and income protection are very affordable and lower than for most other tradesmen.
Premiums for handyman public liability insurance start from around $450 depending on the turnover of your business and whether or not you undertake any high risk work as part of your business.
Most insurers will also allow you to pay your trade insurance monthly, which makes the cover even more affordable.
To obtain a quote on your insurance please complete our online quote request or simply give us a call and we will refer to a suitable insurance broker or adviser.
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