If you run a small handyman business, then you're likely a "jack of all trades." You probably feel invincible since you have years of experience in completing a variety of home repairs. We all make mistakes though. You can get hurt on the job. This is why you should have workers' compensation coverage before you take on more clients.
Individuals who have a handyman business run a high risk of becoming hurt on the job. They have the potential of being injured while driving to a job. Additional worksite injuries that they face include falling off a ladder, becoming electrocuted, cutting injuries and being struck by building materials.
Most jurisdictions require certain professions to not only acquire the necessary occupational licenses to practice but also require those professionals to maintain liability and workers' compensation coverage. While the former will protect you if you perform a job poorly, the latter covers any medical costs or lost wages that you may amass if you are involved in an accident while performing that work.
Prices for this type of coverage are relatively low considering how costly medical bills could run and how quickly lost wages could mount if you were to get hurt on the job. Annual premiums for workers' compensation coverage depend on many factors including how risky the work-related tasks that you traditionally perform are and what policy limits you wish to have.
Many workers' compensation plans cover medical costs totaling as much as $1 million. They also cover lost wages. If you incur any personal expenses related to your injuries such as prescription, hospital or physical therapy costs, then these will likely be covered under your workers' compensation policy as well.
Handyman work carries with it an inherent injury risk. As a contractor, you may be able to file an insurance claim against a homeowners' or company's liability policy if you get hurt on someone else's premises. Their payment on those claims isn't guaranteed though.
The great thing about workers' compensation coverage is that it covers most injuries that workers suffer while performing standard work tasks. If you work as a handyman and you've been hurt on the job, then you owe it to yourself to touch base with a workers' compensation attorney if your insurer is balking at covering your losses.