If you’re running a property maintenance business there are a few different insurance types you should consider.
Why? Because like all trades and workers in the building and services industry, there are certain risks that you face in your business.
One of the major risks is that you cause property damage or personal injury to another person.
Another major risk is that your tools and equipment are stolen.
Thankfully both risks can be protected against with insurance.
Public liability insurance
Working in property maintenance, or as a handyman as many people like to say, it goes without saying that you’re working in a lot of different properties.
If your work results in damage to that property, whether it be the building or its contents, you will be liable for the costs of repairing or replacing it.
Public liability insurance responds in this case by covering such costs where you have found to be negligent.
You’re also likely to be dealing with a lot of different people in their homes. The one thing worse that causing damage to someone’s property is causing injury (or even death) to another person.
This is where the dollar amount involved can get very serious.
Thankfully, public liability will also respond in this case.
Essentially, your public liability policy is going to cover you for property damage or personal injury suffered by a third party as a result of your negligence.
Not only is public liability a good idea, you’ll also find that it’s a mandatory requirement for most real estate agencies and property managers if you’re doing work for them.
You might think that working as a handyman is a relatively low risk, and the good news is that the insurance companies agree with you.
For this reason the cost of public liability for a handyman or property maintenance business is quite low, with cover available from just $452.*
* Based on a property maintenance business with one manual worker and a limit of $5 million cover, located in QLD.
Tool insurance
Property maintenance involves a wide variety of work, and for that reason you need a wide variety of tools and equipment.
Unfortunately tradies tools are high on the hit-list of opportunistic thieves, which means hard working guys (and girls) are having their gear stolen every day.
Aside from doing your best to prevent tool theft, it’s also important to insure your tools.
Tool insurance can protect you in the event that your tools are stolen from a secure location, following forced or violent entry.
A secured location can be anything from locked toolboxes secured to your ute tray, to the inside or your locked van or even inside your locked garage.
The main thing it that the thieves need to have broken something to access your gear.
In addition to theft, tool insurance can also respond if your gear is lost or damaged in a fire or vehicle collision or rollover.
As a handyman there’s not much you can do without your tools, so it’s vital to protect them with insurance unless you want to be left well out of pocket.
Income protection
Another important form of insurance, particularly if you’re a self-employed handyman, is income protection.
If you can’t work you can’t earn money, and income protection can help by replacing a large part of your income for a period of time whist you can’t work due to injury or illness.
As a general insurance broker, Trade Risk does not directly deal with income protection, however our close referral partners can certainly assist you.
More information
If you’re just after a quote and some quick coverage, our website can assist you with an instant quote just by asking you a couple of questions.
If you’re happy with the quote (and we think you will be!) you can purchase the policy online and have your certificate and other documents emailed to you instantly.
For those of you who prefer to deal with real person, our team will be more than happy to take your call and answer any questions you may have.
You can call our friendly team on 1800 808 800 during business hours, or you can get an instant quote from us any time that suits you.
Here at Trade Risk we insure hundreds of handymen and property maintenance businesses, and we’d love to look after you too.
