Handyman Insurance Cost
How much does handyman insurance cost?
The cost of insurance for a handyman will depend on a range of different factors.
In this guide we’ll take a look at those factors and try to determine how much your business insurance should cost.
How Much Should You Pay?
How much your insurance costs will often depend on how much you want to pay.
There are half a dozen forms of insurance that a handyman can benefit from, but the actual needs and budget of each handyman will of course vary.
Some handymen are only willing to pay up to $100 a month for their insurance, whilst others can spend up to $300 or more per month for a comprehensive package.
Types of Cover
The main forms of handyman insurance are as follows:
- Public liability
- Tool insurance
- Income protection
Ideally a handyman working for himself should have all of the above covers, but in reality many will only take out the minimum public liability cover unless they have a family to worry about.
For a handyman working on mainly residential projects, and nothing which requires a trade qualification, the minimum amount of public liability cover should cost in the region of $450 to $550.
This amount can vary if you have above-average revenue or employ additional staff who are also to be covered under the policy.
Tool insurance will vary greatly in cost depending on the replacement value of your tools, but for a basic policy covering a small amount of tools you can pay as little as $20 per month.
It is difficult to give a typical cost for income protection insurance since the premiums can vary hugely depending on your age and the options chosen. The best bet here is to speak with a financial adviser who can run through some figures with you.
Factors Affecting the Cost
There are many different factors which will affect the handyman insurance cost for a business.
For public liability, the major factors will include the size of your business in terms of revenue and staff numbers, and whether or not you undertake any work which is outside of the ordinary for a handyman.
Tool insurance is mainly based on the amount of cover you require, but will also be affected by the area you live in and the quality of the cover you want.
For example some tool insurance policies cover theft from any location, some only from a secure location, and some do not cover theft at all. This will affect the cost of the cover.
The main factors affecting the cost of income protection for a handyman will include you age, smoking status, the amount of income to be insured and the options that you choose.
Get a Quote
The easiest way to get some accurate figures on the cost of insurance for a handyman is to request a quote.
Here at Tradesman Insurance we can arrange quotes on all of the abovementioned covers from reputable insurance advisers.
