Cheap Handyman Insurance
Who needs Handyman insurance?
As a handyman, you’ll understand that no two jobs are ever the same and despite experience and expertise, things don’t always go to plan – but that’s where handyman insurance can help. The right cover can prove a valuable safety net giving you the support you need when you need it most – here’s what to consider.
Why do I need handyman insurance?
From stolen tools, damaged equipment and legal expenses, handyman insurance offers compensation for a range of events. If you don’t have a policy in place, you’d have to cover these costs yourself – placing your business at financial risk.
What does handyman insurance UK include?
Like other types of business or tradesman cover, policies are a combination of different types of insurance. So, while most insurers will offer a standard handyman insurance plan, you’ll be able to add on extra features ensuring your business has the protection it specifically needs.
Popular features include:
- Handyman public liability insurance – covers legal fees and compensation costs if a member of the public sues you for injury or damage to their property. For example, if you accidently dropped a drill causing damage to a wood floor. Levels of cover range from £1 million up to as much as £10 million.
- Employers’ liability insurance – compensates employees if they’re injured or become ill because of work. You’ll need a minimum of £5 million.
- Tools and equipment insurance– covers the cost of damaged or stolen tools and equipment. You can also buy cover for any materials you keep.
- Personal accident insurance – compensates you for lost income and covers medical expenses if you have an accident and can’t work.
- Legal expenses – pays legal and court costs if you need to settle a dispute.
- Business buildings and contents insurance – covers the cost of repairing, rebuilding or replacing business premises and contents if they’re damaged because of an insured event such as a fire or flood.
- Contract works insurance – covers the cost of having to re-build any damaged unfinished work. For example, if a fire destroyed a half-finished kitchen or extension you were working on.
Do I need self-employed handyman insurance by law?
Business insurance is not a legal requirement, but you will need certain types of insurance by law depending on your circumstances. For example, if you have any staff then legally, you must have employers’ liability, although there are a few exceptions to the rule (exemptions can be found at the Health and Safety Executive, HSE). If you use a van for work, you’ll also need commercial van insurance by law.
It’s important to remember that while some types of insurance aren’t compulsory, going without cover means you’re likely to face significant costs if something does go wrong. It’s also worth knowing that if you have a mortgage on commercial property, your lender could insist you have buildings insurance – it could even be a condition of the loan.
How much is handyman insurance?
Price can vary considerably depending on the policy you choose, the levels of cover you need and whether or not you decide to add on extra features.
But before you buy a policy based on price alone, it’s vital to double check that it gives you the protection your business actually needs. Cheap handyman insurance might look like a bargain initially, but pricier policies may give you more comprehensive cover and offer better long-term value.
If you’re looking for ways to bring the cost of cover down, think about:
- Paying for your policy in one go to avoid interest and admin fees.
- Improving security at any premises you own to reduce the risk of theft.
- Only claiming when you really need to as lots of little claims can push up your premium.
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