Importance of contractor insurance for your handyman business

contractor holding his equipment
3 minute read  

Owning a handyman or handywoman business doesn’t just involve taking care of other people’s building and maintenance needs but also managing your business risks. A handyman does it all, whether it’s painting, general maintenance, renovations, or appliance care. Maybe you have equipment that you need to protect or you work on projects that could result in accidents or injuries – either way you should consider contractor insurance for your business.

What is contractor insurance?

Contractor insurance for your business can provide coverage for things like equipment damage, loss of supplies, and even third-party injuries. Working as a handyman, you know that accidents can happen, regardless of how much you prepare and try your best to avoid them.

How can contractor insurance protect your handyman business?

As a handyman or handywoman, you repair, build, and maintain your client’s property. This exposes your business to numerous risks. In the event something goes wrong the right insurance policy can help mitigate the costs associated with an unforeseen risk. At TruShield, each policy is tailored to your business, so your coverage is specific to you and your business.

Recover costs from an injury or property damage

Insurance for your handyman business can help protect you from potential costs due to injury or property damage. For example, if your business accidentally damages a third party’s property, you could be responsible for the damage. In the contracting industry, injuries can happen regardless of your best efforts to prevent them. When they do happen, they can be expensive, especially if your business has to cover the lost wages of the injured party. Your contractor insurance may assist with covering the costs associated with injuries and damaged property.

Replace damaged equipment

As a business owner, you’ve likely spent a good amount of money on your equipment because, without it, you are unable to operate your business successfully. So, if your equipment gets damaged, it can be an expensive headache if you don’t have any insurance. Not being able to afford  equipment repairs could bring your business to a grinding halt. Or the costs could be so significant that your business struggles to bounce back. Contractor insurance may assist in covering the costs of repairing or replacing damaged equipment.

Protect and replace stolen items

Imagine you’ve parked your vehicle on the street with all your tools and other business equipment inside, only to have them stolen. Building sites are often extremely busy with people coming and going, which means things can get stolen. Without the right insurance, you will likely need to cover the cost of this stolen equipment, and this can be extremely costly.

Protection from cyber attacks

You may think your business is safe from cyberattacks because you’re ‘just’ a contracting business and your primary business isn’t conducted online. But that’s where you could be wrong. Even just using emails to communicate with clients, send invoices, and do other administrative tasks puts your business at risk for cyberattacks like data breaches. Your emails could contain client’s personal information like financial details, banking details, and their physical address. Having insurance can help protect your business from cyberattacks and the costs associated with a data breach, which can be expensive and could force you to close your doors.

Vehicle protection

Having a handyman business means you’ll need a way to transport equipment and supplies from job sites, which means using a business vehicle. If your vehicle is damaged, whether by accident or due to an attempted break-in, your insurance may cover the cost of a temporary replacement vehicle along with any repairs. Having vehicle protection for your business may also cover some additional expenses like legal fees incurred by third parties or certain medical-related payments.

What benefits does having contractor insurance offer?

Some business owners may hesitate to pay for contractor insurance, but  it really does come with benefits. These can include:

Financial protection

One of the most important parts of running a business is making sure you are earning a profit to cover your business expenses. So, when something happens that limits your ability to earn an income, this can be a problem. Having insurance can provide peace of mind and leave you confident in the knowledge that that your business is covered for costs associated with damaged property, equipment, and supplies.

Protection against interruptions

If you suffer a loss and extensive repairs require you to close your business temporarily, you’ll lose out on crucial business income. The right coverage can help to pay for your loss of business income and ongoing business expenses should you suffer a covered loss at your business location. For small businesses, where any interruption can have significant financial consequences, having insurance can mean the difference between closing down and staying afloat during difficult times.

Credibility and professionalism

An unexpected benefit of having insurance is the added credibility that comes with it. Having insurance can help your business gain customers trust because they’ll know that if something goes wrong, your business is covered and prepared to deal with it. It can also be hard to find good and reliable help, and having insurance can help attract the best talent as employees will know they can trust you and you have their best interests at heart.

Ensure your handyman business is protected with contractor insurance

Protect your handyman business from costly expenses with contractor insurance from TruShield. Learn how we can help your business and visit our dedicated contractor insurance page. TruShield provides business owners with peace of mind knowing that their business is in good hands. Get a quote today.


This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.