A jack-of-all-trades, Mr ‘fix it’, as a handyman you have many names and wear many different hats in your job. Variety is what keeps your day interesting, from putting up shelves to mowing lawns or even painting walls, no two days are ever the same. But as with any trade you are exposed to real risks that could cause you to close your toolbox for good.
Just because you operate as a sole trader or run a small business doesn’t mean you don’t need business insurance. Many small businesses never recover from a major loss, losing years of a hard-earned savings as well as reputation.
Investing in the right business insurances to protect your handyman business can help you stay in business when life throws a spanner in the works. Here are some of the things you need to know.
Understanding the risks
When you work as a handyman, not only are you faced with business risks, but personal risks as well. If you are operating as a sole trader and something goes wrong, you will be held personally responsible for a claim. This could mean not only losing your business assets but also your personal assets like your house and any savings. Here are some of the risks you may face as a handyman:
- Liability if you injure someone or damage their property
- Theft of your equipment or tools
- Loss of income if your business cannot operate e.g. not having the tools to finish the job/ personal accident and illness
These are just a few of the risks you may face as a handyman, and with the proper insurances in place, you can protect your handyman business for the long run. While there are many types of coverages to choose from in the business insurance marketplace, we’ve done a bit of homework and narrowed down some of the key types you need to consider below.
What insurance do I need as a handyman?
Public Liability
One of the most basic and essential types of coverages you will need is Public Liability insurance. This is designed to protect your business from the financial risks if you are found liable for a third party’s injuries or damage to their property.
It’s important to make sure you take responsibility to ensure the safety of your clients, employees and the community where you work. This can be done by following a few simple steps like:
- Making sure your work space is clear of potential dangers e.g. electrical cords lying around causing a trip hazard
- When you or your staff are using certain tools and equipment, ensure that the adequate training and safety steps are heeded to, preventing injury or damages to others.
If you are found negligent while performing your business activities, the financial consequences could have a devastating impact, possibly putting you out of business.
Public Liability insurance can provide the cover to defend yourself if a claim for accidental personal injury or property damage is made against you by a third party and will also pay for the compensation if awarded against you. Having this kind of financial protection in place means you can focus on your business without the financial worries of a potential claim.
Keep in mind if your handyman business hires contractors or uses suppliers, make sure that they are also adequately insured.
Other Insurances to consider
While Public Liability is one of the vital types of insurance for a handyman, there are other types of cover which are also important to consider.
Portable Equipment
A hammer here, an electric drill there, your collection of tools and other portable equipment help you get those handyman jobs done and are one of the major investments of your business.
Portable Equipment Cover provides protection for your tools and equipment wherever they may be from working a job onsite, in transit to a job or even in storage. Your cover will protect you anywhere in Australia, 24/7.
Personal Accident and Illness
Working as a handyman is a physically demanding role that requires your strength to complete the task at hand. That’s why it is important to protect yourself in case you were to suffer an injury or fall ill.
Thankfully you can find peace of mind in Personal Accident and Illness insurance. It can pay up to 85% of your income or up to $3000 per week if you are temporarily unable to work due to accident or illness.
The last thing you want to be worrying about when your unwell is how are you going to be able to pay the bills, your staff and keep up with living expenses. With Personal Accident and Illness cover, you can focus on getting better quicker, stress–free.
Things you need to consider when buying handyman insurance
When you are selecting your handyman insurance here are a few questions to consider:
- If you are working on a contract, Public Liability insurance may be a requirement. If so what is the minimum level of cover you are required to hold?
- Would you be able to replace all your tools if they were stolen or damaged? How would this affect your finances?
- Could you afford to take time off work to recover if you were to accidentally injure yourself or fall ill?
Arranging your handyman insurance has never been easier! Have a chat with one of our insurance experts today or jump online to compare multiple quotes for the right cover for your business. In a click of a button you can have your insurance certificate emailed to you instantly.
