As a handyman in Colorado, having proper insurance coverage is essential for protecting your business, meeting state requirements, and securing work. This comprehensive guide breaks down the key insurance coverages Colorado handymen need, including costs based on our analysis of actual quotes from leading carriers. We’ve analyzed over 850 quotes to provide accurate cost data and insights specific to the handyman trade.
For guidance on choosing insurance for handyman, check out our helpful information.
General Liability Insurance for Colorado Handymen
Based on our analysis of over 850 handyman quotes, here are typical annual premiums for Colorado handymen:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $3,300 | 2.2% | $1,600 | 52% |
| $500K | $8,100 | 1.6% | $5,300 | 35% |
| $1M | $16,500 | 1.7% | $9,500 | 42% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Residential and light commercial work under $2,500 per job
- Class code 91344 for basic repair work
Key coverage includes:
- Property damage during active work
- Bodily injury to clients or bystanders
- Products and completed operations (add-on)
- Defective workmanship coverage (add-on)
Worker’s Compensation Insurance for Colorado Handymen
Worker’s compensation is mandatory for Colorado handymen with employees. Key data points:
- Average cost per employee: $2,716 annually
- Cost per $100K payroll: $7,400
- Primary class code: 5645
- Typical rate range: $5.72-$16.73 per $100 of payroll
Factors affecting premiums:
- Job classification codes
- Total payroll
- Experience modifier rating
- Safety programs and claims history
Additional Business Insurance for Handymen in Colorado
1. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limit typically $5,000
- Covers owned and rented equipment
2. Commercial Auto Insurance
- $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K/$100K
- Higher limits recommended: $500K-$1M
- Required for business-owned vehicles
3. Contractor’s E&O Insurance
- Annual premiums: $300-$1,000
- Policy limits: $100,000-$1M+
- Covers faulty workmanship claims
- Includes defense costs and settlements
4. Commercial Property Insurance
- Annual premiums: $1,000-$5,000
- Covers workshops, storage, offices
- Based on property value and location
- Protection against fire, theft, vandalism
5. Surety Bonds
- Typical amounts: $5,000-$25,000
- Premium: 1-3% of bond amount
- Rates vary by credit score
- Required for certain licenses and contracts
Get Colorado Handyman Liability with ContractorNerd
ContractorNerd specializes in handyman insurance with:
- Instant online quotes from leading carriers
- Side-by-side coverage comparisons
- Colorado-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy support
Our team helps:
- Optimize coverage for your specific needs
- Find competitive rates through our network
- Bundle policies for additional savings
- Ensure compliance with state regulations
Our data-driven approach and specialized expertise ensure you get comprehensive coverage at competitive rates. We understand the unique risks handymen face in Colorado and tailor coverage accordingly.
Contact us today for tailored quotes for your Colorado handyman business.