Arranging insurance is the first step to starting a business or handyman job. There is no way you can start a handyman job without having your insurance ready, given the risks involved. However, even if you don’t know or have any insurance, this guide is here to help you with Handyman public liability insurance and Business insurance in the UK.
Handyman Insurance UK
While public liability insurance is the foundation of a handyman insurance policy in the UK, there are other types of coverage that a handyman may require. While each small firm’s insurance requirements are unique, there are some forms of business insurance coverage that are common among handymen.
Handyman Public Liability Insurance
A handyman’s public liability insurance protects him from third-party injury or damage claims.
Public Liability Insurance in the UK covers your handyman business financially if you accidentally injure a member of the public or damage their property. Legal fees and compensation claims are covered by public liability insurance if you are proven guilty. Moreover, many clients will only engage a handyman who has public liability insurance; if this is the case for you, ask your clients how much coverage they expect so that you have enough.
Public liability insurance typically includes product liability coverage, which can cover flaws in the products you supply and sell to customers.
#1. Example of a Physical Injury:
A customer trips over the equipment you’ve left on the floor and fractures their hip. Unfortunately, the client sues you for lost pay, and the NHS may sue you to recoup ambulance and hospital bills.
#2. Example of Property Damage:
You drop a drill on a client’s tile floor by accident, causing many tiles to crack. The client seeks reimbursement for the repair charges.
Liability for Products Assumes you are mounting a large television on the wall. After a month, the fixings you provided failed, and the TV falls from the wall and broke. The client sues you for the cost of the TV as well as the cost of repairing the wall.
#3. Employer Liability Insurance
Employers’ Liability insurance safeguards against employee illness or injury claims. It’s a legal requirement!
Employers’ Liability insurance protects compensation claims made by current or past workers due to employee illness or injury caused by negligence while working for your company.
Insurance Cover for Handyman Tools
A Handyman Insurance UK tool cover can safeguard your tools if they are stolen or damaged in an uncontrollable way, such as during a flood.
The expense of replacing tools taken from you or an employee is covered by tool and equipment insurance. Furthermore, a tool cover can also safeguard tools left overnight in a van, however, the cost will be higher than if you bring your gear inside each night. It can guard against a wide range of instruments that a handyman would use, such as:
- drills
- saws
- hammers
- ladders, pliers, and blow torches
- degrees of spirit
- Painting and lawnmowers
- cleaning materials
#1. Personal Injury
Personal accident insurance might provide funds if you are unable to work due to an injury.
It can reimburse you for lost wages or medical expenses incurred as a result of an unintentional serious injury, as well as compensation for an unintentional death.
#2. Commercial Auto Insurance
Basically, commercial vehicle insurance is required to protect your business vehicle and the tools you transport and store in it.
Commercial Vehicle insurance protects your company financially if you or one of your workers is involved in a traffic accident while driving a business vehicle and causes injury or damage.
How Do I Find the Most Appropriate Handyman Insurance?
There are a few things to consider while selecting a handyman insurance policy.
- Coverage that can be tailored to your specific needs: Because no two businesses are the same, seek coverage that can be tailored to your specific needs.
- The financial strength of the insurer: Before you sign up, look into an underwriter’s financial strength.
- Customer feedback: Read online customer feedback
- Affordable quotes: Insurance quotes for essentially the same coverage might vary dramatically from one insurer to the next, so it’s always important to check numerous sources.
Statistics on Handyman
A handyman’s annual salary is roughly £26,000, with salaries often ranging from £16,000 to £36,000. Assuming a handyman works 40 hours a week, this equates to an hourly wage of around £13. However, because a handyman often has a lot of downtime between jobs or while traveling from one to another, they charge more per hour. In reality, according to our latest research, hiring a handyman typically costs between £40 and £60 for the first hour, with the following hours costing between £30 and £50 per hour. Hence, keep these things in mind.
Handyman Business Insurance
You’ll need general liability insurance to protect your handyman business from third-party claims of bodily injury, property damage, or advertising injury. Moreover, some handyman firms may find that general liability insurance is sufficient, but others may benefit from supplementary products such as tools and equipment insurance or commercial auto insurance.
Here are the many forms of business insurance that a handyman should think about, as well as the steps you can take to find the best coverage for your requirements.
#1. Assess your risks.
A handyman company with multiple employees will most likely have different insurance requirements than a self-employed, lone entrepreneur. Furthermore, the company with employees will almost certainly require workers’ compensation insurance to cover employee medical expenditures in the event of a work-related injury or illness, while the self-employed handyman will not.
Understanding the potential risks you face, such as employee injury, will assist you in determining which insurance coverage is appropriate for your business needs.
The following are some of the other typical risks that handyman businesses face:
- Accidents that result in bodily harm.
- Property damage to someone else’s property.
- Tool and equipment theft or damage
- Accidents or damage to commercial vehicles.
Consider the hazards, weather events, and incidents that could affect your business. Hence, you should also think about how your location, type of job, years of experience, business assets, and the number of employees affect your risk level.
#2. Determine the types of insurance you require.
The insurance plans you select should safeguard your handyman business against the many hazards you’ve recognized.
For handyman businesses, general liability insurance is required.
Most handymen will need general liability insurance at the very least, particularly since this coverage may be required by the state, city, or client for specific projects or work agreements.
General liability insurance often includes the following coverage:
Third-party bodily injury: Injuries sustained by third parties as a result of your company activity. If a client trips and falls on your toolbox, this policy will help cover any medical, legal, or settlement fees.
#1. Property damage:
Damage to a third-party’s property caused by your firm. If you accidentally shatter the glass when installing curtains in a client’s window, your general liability policy will assist cover the price of replacing it.
#2. Personal or advertising injury:
Libel, defamation, or copyright infringement claims are filed against your company. If you design marketing materials for your company and inadvertently use a trademarked phrase and the owner of the trademark sues, this insurance will pay the legal and settlement fees.
#3. Look for insurance coverage
When it comes to finding the correct insurance for your handyman business, you have a few alternatives. As a result, you can contact insurance companies directly by visiting an online marketplace.
Online marketplaces enable you to compare rates from several insurance companies at the same time. These markets often have customer service representatives who can review your coverage needs and answer any questions you may have.
#4. Collaborate with a broker
Insurance brokers provide a higher level of individual service. They assist you in understanding the types of plans you may require, contacting providers for quotations, and comparing your coverage options.
#5. Select a provider
Select a provider by obtaining quotations from different providers and comparing your alternatives before settling on the best firm for your handyman business.
#6. Purchase your insurance coverage
Once you’ve determined which insurance company provides the best coverage for your company, it’s time to purchase your policy. After purchasing your policy, you should create an online account, set up payments, and learn how to file a claim, if accessible.
#7. Annually renew your policy.
You should examine your handyman company’s insurance coverage on an annual basis to ensure that it is up-to-date. However, if your company sees considerable growth or change before your policies are due for renewal, such as employing your first employee, you may want to reconsider your insurance coverage at that time.
Conclusion
Basically, Handyman insurance is basically business insurance tailored to the risks involved in working as a professional handyman.
Handyman Insurance FAQ’s
What insurance does a handyman need UK?
- Handyman public liability insurance. In case you or your team accidentally injure someone or damage their property.
- Employers’ liability insurance.
- Tools insurance.
- Business and office equipment insurance.
- Legal expenses insurance.
- Personal accident insurance
What does it mean when a handyman is insured?
What does it mean when a handyman is insured? Basic handyman insurance coverage includes commercial auto and general liability to cover legal fees if a client sues for injuries or property damage. Usually, handyman insurance for both general liability and commercial property costs anywhere from $250 to $1,500 per year.
How much is a handyman per hour UK?
Across the UK, the average hourly rate of a handyman is £20 – £30. However, London rates skew higher, with typical costs starting at £50 per hour (£20+ for subsequent half hours) and £350 per day.
