How much does handyman insurance cost?

Handymen pay an average of $81 per month, or $978 annually, 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 handymen who buy from Insureon:

Premium: $81 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 you have, and any subcontractors or additional insured endorsements.

Learn more about how your premium is calculated and how to save money on your general liability policy.

Handyman businesses and contractors pay an average of $105 per month for a business owner's policy, or $1,266 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: $105 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

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 you have, and the value of your business property.

Handymen pay an average of $108 per month for workers’ compensation insurance, or $1,295 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 you have and the type of work they do. Learn more about how workers' comp costs are calculated and how to save money on your policy.

Construction contractors, including handyman businesses, pay an average of $42 per month for contractor’s tools and equipment insurance, or $505 annually.

Also called inland marine insurance, this policy covers your property whether it's in transit, at a jobsite, or stored off-site. It can pay for lost, stolen, or damaged tools and equipment, such as drills, wrenches, screwdrivers, and ladders.

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. Items valued at over $2,500 may need to be scheduled separately on the policy.

Businesses that provide handyman services pay an average of $188 per month, or $2,252 annually, 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 and how to save money on your commercial auto policy.

Handymen and other construction businesses will pay an average of $67 per month, or $808 annually, for professional liability insurance. A handyman can often bundle this policy with general liability insurance for a discount, at a combined average of $150 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: $67 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

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 and how to save money on your policy. 

Contractors in the construction industry, including handyman businesses, pay an average of $93 per month, or $1,111 annually, for commercial umbrella insurance. You can buy this policy 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.

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

Handyman businesses and other construction contractors pay an average of $136 per month, or $1,635 annually, for builder's risk insurance. This policy is sometimes 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, including handymen, pay an average of $9 per month, or $112 annually, 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.