Business, Insurance

Costs of Different Policies under Handyman Insurance

As a handyman, you work very hard. So as far as insurance is concerned, it should be cost-effective. The price of insurance depends on many related factors. Location of your workshop, business risks, number of employees, design policy, equipment values, tools and more. Handyman insurance depends on the purchase of your personalized policy. Monthly and annual premiums should be considered when purchasing insurance.

Here are the estimates of some common policies for insurance:

Cost of General Liability Policy for Handyman

A general insurance policy protects handyman professionals from third-party injuries. It includes property damages, bodily injury, and client’s claims. The price of general liability is $65 per month. This soars as high up to $800 annually as per your customized policy. This is mostly needed by all handyman professionals.

Cost of Commercial Auto Insurance for Handyman

The vehicles are highly exposed to unpredictable tragedies. Anytime employees can get hurt or a vehicle gets damaged in a collision. Thus, commercial auto insurance bears the expenses of medical treatment, theft of vehicle, vandalism, or any such unforeseen weather damage. You will get this at the monthly rate of $150 and $1825 annually.

Cost of Workers’ Compensation Insurance for Handyman

Workers’ compensation is very important for the welfare of your employees. This secures the lost wages, medical bills of injuries, and accidents of the employees. This will cost you about $315 per month and the annual price is $3,790. You must get an effective quote for your employees.

Cost of Contractor’s tools and equipment Insurance for Handyman

Typically, the contractor’s tools and equipment cost $15 per month. Annual price at approx. Up to $170 for full coverage. You can also go for domestic marine insurance. This policy focuses on the replacement of lost, repaired and damaged tools and equipment.

Commercial Property Insurance Cost for Handyman

Commercial Property Insurance covers your business assets. It depends on the location and value of your property. Typically, the price for commercial property insurance varies from $200 to $1,000.

There are two variables in business property insurance.

  • Replacement Cost

This is usually higher than the actual cash value. It involves the cost of replacement, rebuilds, repair of the equipment on their present value.

  • Actual Cash Value

Actual cash value is worth of your money. You can replace any item, tool with a new one. Also, the depreciation will be subtracted from its worth.

Cost of Business Owner’s Policy for Handyman

What about having a mutual policy for your handyman business? Yes, this can save you a lot of money. This is possible through the Business owner’s policy (BOP). This is also known as the contractor package policy. This has benefits of both the General Liability and Commercial Property insurance. BOP costs around $250 to $500 per year. This also has minimum premium packs.

After developing a fair idea of all the packages, choose the best as per your requirements. Moreover, contractors package or BOP is the most advantageous for your business. Go for the Handyman Insurance quote today at the best price.