Handymans Insurance
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Handyman Insurance
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Whether you’re just starting your handyman business or you’re an experienced professional, one thing is clear: you need insurance to protect yourself and your business from unexpected circumstances. This post will walk you through the crucial aspects of handyman insurance in New Zealand. For a quick quote or more personalised advice, contact us at Gerrards Insurance Brokers, where we’re committed to helping you get the best cover and deal for your handyman business insurance. If you’re keen on understanding more about this subject, keep reading.
Why Handymen Need Insurance?
Every day, a handyman is exposed to potential risks and liabilities. From personal injuries to damage to clients’ property, insurance is the safeguard that keeps your business afloat when things go wrong. It provides financial protection against claims and legal costs and helps maintain your reputation in the industry.
Types of Handyman Business Insurance Covers
Public Liability
This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.
Best For
- Business Accident Coverage
- Third-party Damages
- Legal Cost Protection
Statutory Liability
This cover is a type of protection that helps people or businesses cover costs if they accidentally break certain laws or regulations.
Best For
- Unintentional breaches protection
- Legal costs
- Fines and penalties
Business Vehicle Insurance
Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.
Best For
- Repair costs
- Third party damages
- Injuries
Loss of use
Coverage that helps when your vehicle is unusable due to an accident. It covers the cost of a temporary replacement vehicle, so you can still get around while your car is being repaired.
Best For
- Temporary vehicle
- Reimbursement expenses
- Accident downtime
Tool Insurance
Safeguards your tools against unexpected events, like burglary or accidental damage, ensuring you won’t have to bear the financial burden of replacing them.
Best For
- Burglary protection
- Accidental damage protection
- Anywhere in New Zealand cover
Employers Liability
This insurance helps protect businesses from financial losses if an employee suffers injuries or illnesses at work.
Best For
- Workplace injuries
- Legal expenses
- Compensation payments
Handyman Business Claims Examples
Let’s consider a few scenarios to understand what insurance can cover and the implications for the business.
Door Left Unlocked
Let’s say you accidentally left a client’s door unlocked after a day’s work, and a thief made use of the opportunity. In this case, your Public Liability Insurance could cover the costs of the stolen goods or damaged property.
Painting Damaged
Imagine you’re carrying tools past a pricey painting and accidentally damage it. Again, your Public Liability Insurance could cover the cost of repair or replacement.
Car Broken Into and Equipment Stolen
In the unfortunate event of a break-in and theft from your vehicle, your Plant/Tool Insurance would cover the stolen tools.
Damage to Client's Property
Suppose you accidentally drilled into a water pipe while installing a cabinet, causing a flood. Your Public Liability Insurance would cover the water damage.
What to Watch Out for With Handyman Insurance
Insurance is vital, but it’s equally important to ensure you’re adequately covered. Here are some things to be mindful of:
Inclusion of Property Being Worked On
Always check that the property you’re actively working on is covered under your public liability policy. Without this, you risk not being covered for damage to that property.
Public Liability Limit
Many places, such as malls or council buildings, require a public liability limit of $10,000,000 or more. Make sure your cover meets the requirements of the sites you’re working on.
Keys and Locks Cover
Including keys and locks cover in your public liability policy is crucial. This provides cover if you lose a key and the locks need replacing.
Theft Cover
Check whether your tool insurance policy includes cover for open-air theft. Some policies might be restrictive and not cover theft unless the tools were securely locked up.
Subcontractors
Make sure your insurance covers subcontractors if you employ them. Some policies might require subcontractors to have their own insurance.
Coverage Exclusions
Always read the fine print. Many policies have exclusions, and it’s essential to understand what’s not covered to avoid surprises when making a claim.
Policy Excess
Be aware of the amount you’re required to pay towards a claim (excess). A lower excess might mean higher premiums and vice versa. In addition to that, burglary and theft almost always have much higher excesses. It is worthwhile to know what these are.
Replacement Value
Ensure your tools and equipment are insured for their replacement value, not their current value, to allow for the cost of replacing old with new.
How Much Does Handyman Insurance Cost?
Handyman insurance cost varies greatly, starting from as little as $300 a year for a small business wanting public liability cover to $1000’s for larger businesses with multiple vehicles and employees. Reach out to us at Gerrards Insurance Brokers to get an indication of cost or a full quotation. Factors influencing the cost include:
- The size and turnover of your business.
- Your business location.
- The individuals being covered.
- Your claims history.
- The level and types of cover required.
Making a Claim on your Handyman Insurance
At Gerrards Insurance Brokers, we handle your claims on your behalf. Our claims experts ensure a smooth process, giving you peace of mind and more time to focus on your business.
How to Buy Handyman Insurance
Contact us at Gerrards Insurance Brokers for your handyman insurance needs. Our knowledgeable team will guide you through the process, ensuring you get the right cover and the best deal.
Conclusion
Insurance is a vital part of your handyman business. It protects you from financial loss, keeps you in compliance with client requirements, and provides peace of mind, so you can focus on your work. At Gerrards Insurance Brokers, we’re here to help you navigate the insurance landscape, ensuring you get the most suitable and affordable cover for your handyman business. Contact us today to get a quote or for more information.
