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The Top Handyman Insurance Companies & How Much They Cost

The Top Handyman Insurance Companies & How Much They Cost

You may have noticed that you need to have handyman insurance before you can start your handyman business. But what exactly is this type of insurance, and why do you need it? If you are planning on working in the handyman business, then there are several factors to consider when choosing your insurance company and policy. Here are 5 top companies that offer handyman insurance and the costs associated with each company so you can compare them at a glance.

Comprehensive vs. Deductible

When looking for handyman insurance, you’ll want to decide if you want comprehensive coverage or a deductible. Comprehensive coverage will protect you from any damages that might occur, while a deductible will only cover damages above a certain amount. Of course, the cost of comprehensive coverage is higher than a deductible, so it’s important to weigh your options and decide what’s best for you. At Guaranteed Rate, we offer both types of coverage and the rates are competitively priced. Get in touch with us today to find out more!

If you’re on a budget, though, don’t worry – there are still plenty of affordable coverage options available to you. No matter which type of coverage you choose, though – make sure that when choosing your policy, there’s enough coverage for all repairs associated with damages.

What’s Covered Under General Liability?

Most handyman insurance companies offer general liability coverage, which protects you from third-party claims of property damage and bodily injury. This coverage typically costs between $300 and $500 per year. It’s important to note that this coverage is not always available in all states. You should also understand that there are limitations on the types of coverage that are included under this policy; for example, there may be a limit on the amount paid out for bodily injury claims (typically no more than $1 million). If coverage is limited or if it’s missing altogether, look into getting an umbrella policy. These policies can provide coverage up to $5 million for both property damage and bodily injury claims. The cost varies depending on your deductible but expect to pay anywhere from $400-$800 per year.

Pricing Breakdown by Company

  1. Homeowners and business owners alike often need the services of a handyman.
  2. But what happens when something goes wrong? That’s where insurance comes in.
  3. Here are the top five handyman insurance companies, based on coverage and cost:
  4. Company 1 offers $500,000 in liability coverage for $75 per year.
  5. Company 2 offers $1 million in liability coverage for $100 per year.
  6. Company 3 offers coverage up to $2 million with an annual premium of $150.
  7. Company 4 is available for $125 annually with coverage up to $1 million.
  8. Lastly, company 5 provides coverage up to $2 million at an annual rate of only $70.

Estimated Claims Experience

When it comes to handyman insurance, coverage and cost are the two most important factors to consider. Here are the top five companies based on estimated claims experience (a company with a lower estimated claim frequency is better): USAA: coverage starts at $15 per month; California Casualty: coverage starts at $25 per month; Allstate: coverage starts at $30 per month; Nationwide: coverage starts at $35 per month; Travelers: coverage starts at $45 per month. In terms of coverage and cost, USAA offers one of the cheapest options.

Our Favorite Pick – Best Value

  1. Handyman insurance is a must for any fix-it pro or home improvement contractor.
  2. Coverage typically includes general liability, property damage, workers’ compensation, and business personal property.
  3. Prices can vary widely, so it’s important to compare quotes from multiple insurers.
  4. We’ve compiled a list of the top five handyman insurance companies to help you get started.
  5. Our favorite pick for the best value is ABC Insurance Company. With $2 million in coverage per occurrence and $3 million in coverage per year, this company offers one of the most affordable options on our list.
  6. With a fast online quote process that takes only about 15 minutes to complete, you’ll have an accurate estimate before buying a policy.
  7.  The premium costs range from as low as $29 per month with lower limits on coverage to as high as $149 per month with higher limits on coverage.