As a handyman in Kentucky, having proper insurance coverage is essential for protecting your business, meeting state requirements, and securing jobs. This guide analyzes actual quotes from leading carriers to break down insurance costs and coverage options Kentucky handymen need.
Understand the role of insurance for handyman company plans and why they’re essential.
General Liability Insurance for Kentucky Handymen
Based on analysis of quotes from leading carriers, here are typical costs for Kentucky handymen:
| Revenue | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $2,500 | 1.7% | $1,500 | 40% |
| $500K | $7,100 | 1.4% | $3,600 | 49% |
| $1M | $14,200 | 1.4% | $8,600 | 39% |
Premiums assume:
- Clean claims history (5+ years)
- Standard $1M/$2M limits
- Mix of residential/commercial work
- ~10% subcontractor costs
Worker’s Compensation Insurance for Kentucky Handymen
Worker’s compensation averages $3,843 per employee annually in Kentucky.
Key data:
- Cost per $100K payroll: $9,810
- Classification code 5645
- Rates range $5-15 per $100 of payroll
Factors affecting premiums:
- Job classification
- Annual payroll
- Claims history
- Safety programs
- Experience modifier
Additional Business Insurance for Handymen in Kentucky
1. Tools & Equipment Coverage
- Annual premiums: $200-2,000
- Typical limits: $5,000-15,000
- Protects tools during transit and at job sites
2. Commercial Auto
- Cost: $1,500-3,050 per vehicle annually
- Standard limits: $100K/$300K/$100K
- Required for business vehicles
3. Contractor’s E&O
- Premiums: $300-1,000 annually
- Limits: $100K-1M
- Covers faulty workmanship claims
4. Commercial Property
- Cost: $1,000-5,000 annually
- Protects workshops and storage
- Based on property value/location
5. Surety Bonds
- Premium: 1-3% of bond amount
- Common amounts: $5,000-25,000
- Rates vary by credit score
Get Kentucky Handyman Liability with ContractorNerd
ContractorNerd streamlines handyman insurance through:
- Data-driven quote comparisons
- Specialized handyman expertise
- Multiple carrier options
- Simplified application process
- Ongoing policy management
Our analysis shows potential savings of:
- Small operations ($150K revenue): 30-50%
- Mid-size ($500K revenue): 25-40%
- Large ($1M+ revenue): 20-35%
Visit ContractorNerd for tailored quotes and expert guidance on Kentucky handyman insurance coverage.