The different types of DIY insurance coverage

A DIY insurance policy is highly customizable, which means that you can add coverages that will provide maximum protection for your business, as well as insure your business. financial stability and peace of mind. While all DIY businesses have their own insurance requirements, a few key coverages form the basis from which you and your insurance agent can strategically determine the type of coverages that is right for your needs and needs. your budget.

Presentation of handyman liability insurance

All tradespeople should invest in general liability insurance to secure their business for the long term. This insurance product will protect your assets when customers claim damages due to your work. It’s a great tool to prevent minor accidents and accidents from turning into costly lawsuits that tarnish your professional reputation and your business.

Typical general liability handyman insurance includes the following covers:

  • When a third party files a claim for injuries sustained while you are at work
  • Advertising injuries that include libel and slander
  • Reimbursement of costs incurred as a result of liability claims

Commercial automobile coverage

A DIYer’s vehicle is an essential tool in making sure customers get the service they need. It also serves as a central operations hub for some tradespeople where valuable tools of the trade are stored. Commercial auto insurance will protect you if your vehicle needs auto repairs, auto-related injuries, and other workplace damages. Personal auto insurance will not cover damage or loss incurred while you are providing services to clients.

Inland maritime coverage

This specific type of policy will protect your tools if they are stolen, vandalized, or damaged in transit. It complements your commercial auto insurance because domestic marine coverage will protect the contents of your work vehicle.

Workers’ compensation coverage

For DIY businesses with more than one employee, you will need to purchase workers’ compensation insurance. This coverage will protect your staff against accidents and injuries while on the job. Plus, it will cover legal costs if your employees take legal action against your business. Most states require DIY businesses to have workers’ compensation insurance in place.

Professional liability insurance

Also known as errors and omissions insurance, this coverage will protect you from lawsuits brought by clients as a result of your work. In essence, this insurance coverage will protect you when the quality of your work is scrutinized. Clients can sue for professional liability for the following reasons:

  • Mistakes That Can Cost Customers Time and Money
  • Missed deadlines
  • Cases where customers claim you provided bad business advice

Umbrella insurance

As the term implies, umbrella coverage will protect you against accidents not covered by the coverage limits of your existing insurance policy.

Final thoughts

Protect what matters most to you by purchasing an insurance policy that includes the right amount of coverage. Carefully assess your needs and find a reliable insurance agent to help you purchase an insurance product that strikes the perfect balance between coverage and affordable premium payments.

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Justin D. O'Neill