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Are you a handyman business owner wondering whether a Builder’s Risk Insurance policy is the best way to protect your investment? Here’s everything you need to know about this policy and why it’s your best option.
3 Common handyman business risks
More and more people are choosing to hire a reliable handyman business over contractors for small repairs. As a handyman, you probably work on numerous projects with each posing risks such as;
- Loss of tools and equipment
- Damage to the client’s property
- Injury of one of your employees
Why are your needs different from those of a contractor?
A contractor is often tasked with projects that take months or years. Unlike a contractor, your handyman business handles day to day projects that require you to be on the go with your tools and equipment. One of the things you really need is insurance to cover loss or theft of those expensive tools.
What is Builder’s Risk Insurance?
This is an insurance policy that has been designed to protect your insurable interests in equipment and materials awaiting installation or transportation to your site of work. But, what does this mean to you? Builder’s Risk Insurance for your handyman business protects your business from the losses incurred by having to replace your valuable tools and equipment.
Benefits of Builder’s Risk Insurance
This insurance policy covers your equipment while you transport it from one location to the next and during temporary storage at a client’s building. Moreover, this insurance covers your equipment and tools against;
- Vandalism
- Theft
- Weather damage
How much does a Builder’s Risk Policy cost?
Like any other insurance policy, the cost of your cover is dependent on a number of different factors such as;
- Cost of the equipment– The cost of the equipment you are looking to insure is the ultimate measure of your policy cost. As an insurance cover can only compensate you up to a predetermined cover limit, one is usually set based on the actual cost of the equipment.
- Exclusions– different covers offer different standard exclusions in their policy agreements. Furthermore, a cheaper cover is likely to list more exclusions in comparison to a more expensive cover.
- Location of your business– A business located on the coast is more likely to face damages of equipment by factors such as wind and floods. Therefore, premium rates in such an area would likely be higher than an inland location
Why choose Builder’s Risk for your handyman business insurance?
At Builder’s Risk we have professional agents that will help you choose the policy that works for you. Call us at 877-960-0221 and we’ll help you protect your handyman business today!
