Handyman Insurance Ontario

Who Needs Handyman Insurance in Ontario?

Whether you have a team of employees and subcontractors working for your handyman company, or you work as an individual contractor, it's important to have the right handyman insurance. Anytime you are entering homes and businesses to complete a range of repair, maintenance and installation services, you put yourself—and your employees—at significant risk. Not only can your work be dangerous at times, but it's also very important to adequately protect yourself from general liability as well. It's essential to have handyman insurance that's customized to meet your business' specific needs. You don't want to be left financially ruined in the event of a claim, if you're not adequately insured.

Every contractor should have handyman insurance. While it is impossible to eliminate all risks, it is vital to take the proper steps to protect yourself from unforeseen losses and damages. We also handle many other contractors such as:

• Arborists
• Cleaners
• Demolition
• Electricians
• HVAC
• Landscapers
• Painters
• Pest Control
• Plumbers
• Roofers
• And more

Even if you're very careful, follow safety protocols and work diligently to avoid errors, issues can still occur. A small mis-step can lead to significant losses—from thousands of dollars in property damage to personal injury.

Additionally, it's common for both residential and commercial clients to ask if you have handyman insurance before you start a project. Having the right insurance helps your clients feel more confident in your abilities and makes your company more hireable. For many job sites, such as government/public buildings and large commercial clients, proof of insurance may be required before you can start to work on the job.

Suffice it to say, as a business owner, it's your responsibility to have the correct handyman insurance. Being properly insured is a no-brainer—it encourages client trust and ensures your bases are covered in case of the worst case scenario. Should you have to pay for damages, medical bills or legal fees out-of-pocket, and you don't have insurance, you may find yourself struggling to bounce back from these losses.

What is Covered with Handyman Insurance?

As you likely know, during your work day there are many issues that could pop up. For instance, say one of your contractors knocked a hole in drywall, and accidentally damaged electrical wiring or a pipe. Or, maybe while you are working on a job, a third-party trips on tools that are lying about and injures themselves during a fall. If the client or third-party decides to sue in these instances, you could wind up paying for expensive medical costs and legal expenses. With insurance, you're protected from these risks.

Handyman insurance should be tailored to protect your commercial property, tools, equipment, inventory, business income and more. After all, you want to make sure you're protected from a wide range of perils. That's why it's so important to work with a licensed, dedicated broker—such as the team at Morison Insurance. Our brokers will ensure you have the best coverage possible, so you can relax knowing your business is protected.

A Morison broker will also be able to help you trouble-shoot what coverage you need. For instance, many contractors don't know that you need different coverage to protect against theft of tools on-site versus while equipment is in transport. Also, workers' compensation insurance is typically provided by the government—something many employers don't necessarily realize. Likewise, another important distinction is that if you use an outbuilding, like a shed or detached garage, to store tools and equipment for your business, these tools aren't protected under your standard home insurance policy.

At Morison Insurance, we'll listen to your needs and help you to come up with a comprehensive insurance policy that protects you, your property and your employees from a range of perils. Some of the coverages you may include as part of your handyman insurance policy include:

Commercial Property Insurance for Handymen

This policy is also known as commercial building and contents insurance. It provides financial coverage for physical loss or damage to your property and its physical contents due to theft, vandalism or an external disaster such as a fire. An important distinction is that commercial property insurance does not provide financial coverage for daily wear and tear.

Commercial Auto Insurance for Handyman Professionals

Essentially, a commercial auto insurance policy offers similar protections as a standard auto insurance policy, however it's specifically tailored to your work vehicle. Many handymen work out of a vehicle that doubles as their personal vehicle. The moment you use your truck or van for work purposes, it needs commercial vehicle insurance. Coverages include third-party liability, which covers you in the event of an at-fault crash where a person is injured or property is damaged, and accident benefits and collision coverage.

Commercial General Liability Insurance for Handymen

One of the most essential coverages, is commercial general liability. It provides financial protection in the event you/your business are involved in a lawsuit and found liable for bodily injury or property damage. Residential and commercial worksites can be hazardous, and no matter how careful you are, there is always a risk that something might go wrong.

Commonly, general liability claims are related to injuries due to a third-party slipping or tripping and falling at your worksite. Perhaps a visitor to your worksite trips on a stack of tiles, or slips because of a surface covered in drywall dust. If he or she gets hurt, you could be liable for their legal and/or medical expenses.

Professional Liability Insurance for Handyman Services

This type of insurance is also commonly referred to as errors and omissions insurance. As Commercial General Liability does not cover claims made with respect to your services of the work you have provided, you may need Professional Liability as well.  It protects you from client claims alleging that you have cost them a financial loss due to your failure to deliver a promised service, damages arising out of faulty workmanship or use of defective materials.  An example of this could be if you are accused of improperly installing a lock on a front door and someone breaks in and steals expensive items from the homeowner.  Professional liability covers expenses such  as legal costs and damages – even if the claim is groundless.

Tools, Equipment and Inventory Coverage for Handymen

As a handyman, your tools of the trade are one of the most valuable assets you own. Should your tools be damaged or stolen, it's imperative that you can replace them right away to keep working. Tools, equipment and inventory protection ensures you're never out of a job because your tools were stolen.

It's important to note that this type of insurance only protects your tools and equipment while on your premises. This means it does not protect against theft while your tools are in transit (in your car) or at another location (a worksite). However, you can purchase additional floaters that provide further protection.

Equipment Breakdown Coverage for Handyman Professionals

Your equipment may have worked fine yesterday, but if a key piece of equipment suddenly breaks down out of the blue; it can be frustrating to replace without the proper insurance.  Equipment Breakdown insurance can help to soften the blow of repairing or replacing the damaged equipment due to an accident.  In some instances, these disruptions can lead to a loss in revenue or productivity.  Equipment breakdown insurance can cover some of these costs, including the lost income as a result of the covered accident.

Business Interruption Insurance for Handyman Services

As a business owner, you are not only responsible for your own income, but for your employees' as well. If you're forced to stop operations due to an accident or disaster, it can create a very stressful situation. However, business interruption insurance will temporarily replace your income. For instance, if your head-office is damaged in a fire or flood, this type of insurance covers operating expenses, a move to a temporary location if necessary, payroll, taxes and loan payments.

Cyber Insurance for Handyman Companies

As a home service provider, you may be wondering why you'd need cyber insurance. After all, you don't work with computers as often as someone who works in IT, for instance. However, if you use a computer system as part of your business operations, like a CRM system, then you should have commercial cyber insurance coverage. This policy protects your handyman company in case you are hacked and valuable information is lost—such as confidential client or financial information.

Crime Insurance for Handymen

This insurance policy protects your handyman business from financial losses incurred by acts of theft, forgery and even fraud. It's also known as commercial crime, employee infidelity and employee dishonesty insurance. Although you likely hire the best of the best to work at your handyman business, you can never be too careful.

Additional Coverages for Your Handyman Business

Depending on your needs, you might be inclined to protect your handyman business further by including a few add-on policies such as disability insurance and life insurance. To know what additional coverages you should consider, it's best to talk to your dedicated Morison Insurance broker. We'll ensure you have the right coverage for your handyman business' unique needs.

Frequently Asked Questions

Why Do Handymen Need Business Insurance?

Business Insurance is important no matter what industry you work in, but especially so for handyman contractors. If you don't have insurance and something goes wrong at your worksite, you could be responsible for medical expenses, damages, legal costs and more. Paying out-of-pocket for these expenses can be financially devastating —leaving you in the red.

How Are My Tools and Equipment Covered?

There are many different coverages available to you that can protect your tools from loss, theft and damage. It's important to make sure you have the right coverages to protect against different risks. For instance, equipment breakdown insurance protects against damage from internal malfunctions, and commercial property insurance protects your tools from external perils. To figure out what coverages you need, it's best to speak with one of the qualified brokers at Morison Insurance.

What Impacts Handyman Business Insurance Rates?

There are many factors that can affect your handyman insurance rates, including the following:

• The years of experience you possess. Usually, less-experienced contractors have higher premiums.
• Your past claims history.
• The size of your business.
• How much revenue you expect to make in the upcoming year.
• Whether you were insured in the past. If you have been operating your handyman business without insurance, it could be very difficult to find an insurer.

What Information Do I Need to Purchase Handyman Insurance?

When applying for handyman insurance, it's best to be as prepared as possible. Part of that prep work is researching what questions a broker is likely to ask. These questions will help your broker understand what coverage is best for you, based on your handyman company's unique needs. At Morison Insurance, some of the questions our brokers will ask include:

• What are your gross annual revenues?
• Do you do any work in industrial, manufacturing or airport sites?
• When did you obtain your trade license, certification and accreditation?
• Do you have insurance now?
• Have you been cancelled/declined/non-renewed in the past five years?
• Have you had any claims in the past five years?
• Is this your full-time or part-time job?
• Do you subcontract work? If so, what percent of your overall operations are subcontracted out?
• Do you have contracts in place with your sub-contractors?
• Do you request proof of insurance from your sub-contractors?
• Do you perform any remediation work, such as asbestos or mould removal operations?

What Paperwork Should I Prepare Before Applying for Handyman Insurance?

In addition to knowing what questions your broker will ask, you should also prepare the necessary information to make the application process as seamless as possible. Be sure you gather the following:

• Payroll estimates
• Annual revenue estimates
• Information on any previous insurance claims

Why Choose Morison Insurance To Get Ontario Handyman Insurance?

At Morison Insurance, we're a local, family-owned business. Thus, we treat all our clients with that same family-oriented mindset. We truly have your best interests at heart, and are dedicated to finding the best coverage for your handyman business's needs. We'll work with you to establish the best coverage to protect your business from a range of perils, so you can have peace of mind. Our goal is to build long-term relationships with all our clients. We will be there for you no matter what happens.

To learn more about handyman insurance and to contact our expert brokers, give our team a call at 1-800-463-8074. You can also inquire about a quote online.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.