Protect Your Handyman Business with General Liability Insurance in Indiana
Part of our guide to handyman services insurance in Indiana.
A handyman in Evansville, Indiana, recently faced a lawsuit after a client slipped on a wet floor, resulting in a $10,000 settlement. This incident could have been covered by General Liability insurance, which is essential for handyman services in Indiana. General Liability insurance covers third-party bodily injury, property damage, and advertising injury claims. Without it, handymen risk financial devastation. In Indiana, handyman services need General Liability insurance to protect against lawsuits and financial losses.
General Liability cost for handyman services in Indiana
Illustrative monthly general liability estimate for a small handyman operation in Indiana. Actual pricing depends on revenue, payroll, coverage limits, claims history, and carrier. Get a personalized quote to see your real price.
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What General Liability Covers for Handyman Services in Indiana
General Liability insurance pays for third-party bodily injury, property damage, and advertising injury claims. For example, if a handyman accidentally damages a client's property while making repairs, General Liability insurance would cover the cost of repairs or replacement. It also covers slip-and-fall accidents, such as the one in Evansville, where a client slipped on a wet floor. However, General Liability insurance does not cover workers' compensation claims, which are covered by a separate policy. Additionally, it does not cover commercial auto claims, which are typically carried by handyman services in Indiana. Two concrete examples of what General Liability covers are: a client's property damage due to a handyman's negligence and a slip-and-fall accident on a handyman's job site.
Do Handyman Services in Indiana Need General Liability?
While General Liability insurance is not legally required for handyman services in Indiana, it is often contractually required by property managers, real estate investors, and commercial building owners. These clients typically demand that handymen carry active General Liability insurance before authorizing any repair work on their properties, regardless of the job's size. Without General Liability insurance, handymen risk being turned down for jobs or facing financial devastation in the event of a lawsuit. In practical terms, going without General Liability insurance can result in lost business opportunities and financial instability. Property managers in Indianapolis, Fort Wayne, and Evansville often require handyman services to carry General Liability insurance before hiring them for repair work.
A Real General Liability Claim a Handyman Could Face
On a humid morning in Indianapolis, a handyman was working on a client's roof when he accidentally dropped a tool, which hit a passer-by on the head. The passer-by suffered a concussion and filed a lawsuit against the handyman, resulting in a $15,000 settlement. General Liability insurance would have covered this claim, paying for the passer-by's medical expenses and the handyman's legal fees. The handyman would have avoided paying out of pocket for the settlement, which could have financially devastated his business. The claim would have been handled by the General Liability insurance provider, which would have investigated the incident and negotiated a settlement with the passer-by's lawyer.
What General Liability Costs for Handyman Services in Indiana
The estimated premium for General Liability insurance in Indiana is $35-$100/month, varying based on revenue, payroll, and coverage limits. The tornado risk in spring across central and southern Indiana, severe winters with heavy snow and ice, and manufacturing-heavy economy create higher rates of on-the-job injury exposure, increasing the need for General Liability insurance. To lower their premium, handymen can consider increasing their deductible, improving their safety record, or bundling their General Liability insurance with other policies. For example, a handyman with a revenue of $100,000 and a payroll of $50,000 may pay a higher premium than a handyman with a revenue of $50,000 and a payroll of $20,000. The premium will also depend on the coverage limits and deductible chosen by the handyman.
How to Get General Liability in Indiana
To get General Liability insurance in Indiana, handymen should gather their revenue, payroll, and contract limit requirements. They should also consider the coverage limits and deductible they need. In Indianapolis, handymen can compare General Liability quotes from different insurance providers to find the best rate. Before purchasing a policy, handymen should ensure they understand what is covered and what is not, as well as the premium and deductible. To compare General Liability quotes, handymen should have their revenue, payroll, and contract limit requirements ready and contact an insurance provider to discuss their options. They can then compare quotes and choose the policy that best fits their needs.
Frequently asked questions
Will my General Liability premium jump after one claim?＋
Yes. After a claim, your premium may increase. The amount of the increase depends on the severity of the claim, your claims history, and the insurance provider's policies. For example, if you have a clean claims history and the claim was minor, your premium may only increase by 10-20%. However, if you have a history of claims or the claim was severe, your premium may increase by 50% or more.
Can I get a COI same-day for a client?＋
Yes. Many insurance providers offer same-day COIs for handyman services in Indiana. You can typically request a COI online or over the phone, and the insurance provider will issue it immediately. However, some insurance providers may require additional information or documentation, which can delay the issuance of the COI. Additionally, some clients may require a specific type of COI or additional documentation, so it's crucial to understand their requirements before requesting a COI.
Does a sole proprietor need General Liability?＋
Yes. As a sole proprietor, you are personally responsible for any business-related liabilities. General Liability insurance can protect your personal assets in the event of a lawsuit. Even if you're a sole proprietor, you may still need to provide proof of General Liability insurance to clients or contractors. For example, if you're working on a client's property and accidentally damage their building, General Liability insurance can cover the cost of repairs. Without it, you may be personally responsible for the damages, which could put your personal assets at risk.
What's not covered by General Liability?＋
General Liability insurance does not cover workers' compensation claims, commercial auto claims, or professional liability claims. Workers' compensation claims are covered by a separate policy, which is required by law in Indiana for businesses with employees. Commercial auto claims are covered by a commercial auto policy, which is typically carried by handyman services in Indiana. Professional liability claims, such as errors or omissions, are covered by a professional liability policy, which is not typically carried by handyman services.
Can I cancel my General Liability policy at any time?＋
Yes. You can typically cancel your General Liability policy at any time, but you may be subject to a cancellation fee. The fee amount and cancellation process vary depending on the insurance provider and policy terms. Additionally, if you cancel your policy, you may not be able to get a refund for any unused premium, so it's crucial to consider your options carefully before canceling. You should also ensure you have alternative coverage in place to avoid any gaps in protection for your business.
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Other coverages handyman services in Indiana should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Indiana change over time and vary by business. Verify current rules with the Indiana Department of Insurance and a licensed agent before purchasing a policy.