As a handyman in Illinois, having proper insurance coverage is essential for protecting your business and meeting state requirements. This comprehensive guide breaks down the key insurance coverages Illinois handymen need, with costs based on our analysis of actual quotes from leading carriers.
Find out how to select the right cheap general liability insurance for handyman through our informative overview.
General Liability Insurance for Illinois Handymen
Based on our analysis of handyman liability insurance quotes from leading carriers, here are the typical costs for Illinois handymen:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $5,680 | 3.8% | $2,480 | 56% |
| $500K | $15,000 | 3.0% | $8,190 | 45% |
| $1M | $30,570 | 3.1% | $14,860 | 51% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Coverage for residential and commercial repair work under $2,500
- Approximately 10% subcontractor costs
Key coverage includes:
- Property damage during work
- Bodily injury to clients or bystanders
- Products and completed operations (as add-on)
- Faulty workmanship coverage (as add-on)
Worker’s Compensation Insurance for Illinois Handymen
Workers’ compensation is mandatory for Illinois handymen with employees. Key details:
- Average cost per employee: $8,442 annually
- Cost per $100K payroll: $19,230
- Classification code 5645 typically applies
- Rates range from $5.72 to $16.73 per $100 of payroll
Premium factors:
- Payroll size
- Job classifications
- Claims history
- Experience modifier rating
- Safety programs
Additional Business Insurance for Handymen in Illinois
1. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limit typically $5,000
- Covers both owned and rented equipment
- Protection against theft, damage, and loss
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K bodily injury, $100K property damage
- Higher limits recommended ($500K-$1M)
- Required for business-owned vehicles
- Covers accidents during business operations
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
- Protection against negligent work claims
4. Surety Bonds
- Bond amounts: $5,000-$25,000
- Premium: 1-3% of bond amount
- Rates vary by credit score
- Guarantees work quality
- May be required for licensing
5. Commercial Property Insurance
- Protects business property and contents
- Coverage for fire, theft, vandalism
- Essential for workshops and storage facilities
- Annual premiums: $1,000-$5,000
- Based on property value and location
Get Illinois Handyman Liability with ContractorNerd
ContractorNerd streamlines handyman insurance with:
- Instant online quotes from top carriers
- Side-by-side coverage comparisons
- Illinois-specific expertise
- Streamlined application process
- Ongoing policy management
- Claims advocacy
Our network of leading carriers helps find comprehensive, cost-effective coverage that meets state requirements. Our data shows potential savings of:
- Small operations ($150K revenue): 30-50%
- Mid-size ($500K revenue): 25-40%
- Large operations ($1M+ revenue): 20-35%
Our insurance specialists help you:
- Navigate Illinois requirements
- Compare coverage options
- Find competitive rates
- Ensure adequate protection
- Manage certificates and updates
Contact us today for customized quotes tailored to your Illinois handyman business. Our expert team will help you find the right coverage at the best rates.