How much does insurance cost for handyman services?

Handyman businesses and contractors pay an average of $67 per month, or $809 per year, for general liability insurance. You may need proof of insurance for this policy to sign a commercial lease or a client contract.

A general liability policy can pay for medical expenses from accidents, such as a customer who trips over your toolbox and suffers an injury. It can also cover costs if someone sues your business over a bodily injury, property damage, or copyright infringement.

This is the average policy for handyman contractors who buy from Insureon:

Premium: $67 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of a general liability insurance policy depends on factors such as the coverage limits you choose, the size of your business, the amount of foot traffic, and any subcontractors or additional insured endorsements. Learn more about how your premium is calculated.

Handyman businesses and contractors pay an average of $93 per month for a business owner's policy, or $1,112 annually. Only small, low-risk businesses are eligible for a BOP.

A business owner's policy bundles two important types of coverage at a discount. It includes general liability coverage to protect against common lawsuits, and commercial property insurance to cover stolen or damaged business property.

This is the average business owner's policy for a handyperson who buys from Insureon:

Premium: $93 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $1,000

The cost of a business owner's policy depends on factors such as the insurance options you choose, the size of your business, the amount of foot traffic, and the value of your business property.

Handyman businesses pay an average of $138 per month for workers’ compensation insurance, or $1,661 annually.

Workers' comp helps pay for medical costs from work-related injuries and illnesses. Most policies include employer's liability insurance, which covers the cost of lawsuits related to workplace injuries.

There's usually no limit to how much a workers' comp policy can pay for employee benefits, though it depends on state laws.

The cost of workers' compensation insurance depends on factors such as the number of employees and the type of work they do. Learn more about how workers' comp costs are calculated.

Businesses that provide handyman services pay an average of $185 per month, or $2,224 per year, for commercial auto insurance.

Most states require this coverage for vehicles owned by a business. For personal, rented, and leased vehicles used by your business, look to hired and non-owned auto insurance (HNOA) instead.

Commercial auto insurance covers financial losses in the event of an accident involving your business vehicle. It can help pay for property damage, medical bills, and legal costs. When buying a policy, you'll need to make sure your coverage limits match the requirements in your state.

The cost of a commercial auto policy depends on the coverage options you choose, the value of the vehicle, and your insurance claims history. Learn how insurers calculate your premium.

Handyman businesses pay an average of $14 per month for contractor’s tools and equipment insurance, or $169 annually.

A form of inland marine insurance, this policy covers your property whether it’s in your office, in transit, or at a job site. It can pay for lost, stolen, or damaged tools and equipment valued at $10,000 or less.

The cost of contractor's tools and equipment coverage depends on the value of your tools and equipment and the type of work you do.

Construction businesses and contractors pay an average of $74 per month, or $886 per year, for professional liability insurance. Handyman companies can often add this coverage to their general liability policy for a discount, at an average cost of $112 monthly.

This handyman liability insurance covers legal fees related to professional negligence, such as a homeowner's accusation that you failed to complete a project on time. It's also referred to as errors and omissions insurance (E&O).

This is the average insurance coverage for handyman contractors who buy from Insureon:

Premium: $74 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,250

The cost of professional liability insurance depends on factors such as the coverage limits you choose, the size of your business, and your profession. Find out how insurers set professional liability premiums.

Handyman businesses pay an average of $67 per month, or $804 annually, for commercial umbrella insurance, which you can buy to boost the limits of your underlying general liability, commercial auto, or employer's liability insurance.

When the underlying policy reaches its limit, commercial umbrella insurance activates to cover any costs over that limit, up to the additional limit of your umbrella policy.

The cost of commercial umbrella insurance depends primarily on the amount of coverage you purchase.

Construction businesses and contractors pay an average of $105 per month, or $1,259 per year, for builder's risk insurance. This type of insurance is also called course of construction insurance.

A builder's risk insurance policy provides coverage for structures and materials during a construction project. It will help pay for fires, vandalism, and other types of damage to a structure in progress.

The cost of builder's risk insurance depends on the value of the structure, including materials and labor.

Construction contractors and businesses pay an average of $8 per month, or $100 per year, for a surety bond.

A surety bond reimburses your client if you're unable to fulfill the terms of a contract or other agreement. You may need a surety bond to get a handyman license for certain types of work.

The cost of a surety bond primarily depends on the size of the bond.