As a handyman in Maine, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing client trust. This comprehensive guide breaks down essential insurance coverages Maine handymen need, including costs based on our analysis of actual quotes from leading carriers.
Access a business insurance for handyman overview to learn about key policies for your services.
General Liability Insurance for Maine Handymen
Based on analysis of actual quotes from leading carriers, here are the typical costs for Maine handymen:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $2,800 | 1.9% | $1,700 | 39% |
| $500K | $7,600 | 1.5% | $5,700 | 25% |
| $1M | $16,000 | 1.6% | $10,600 | 34% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- 10% subcontracting costs
- For $150K: 1 owner
- For $500K: 1 owner, 3 employees
- For $1M: 1 owner, 5 employees
Worker’s Compensation Insurance for Maine Handymen
Worker’s compensation is mandatory for Maine handymen with employees. Based on our analysis:
- Average cost per employee: $4,189 annually
- Cost per $100K payroll: $10,580
- Primary classification code: 5645
- Typical rate range: $5.72-$16.73 per $100 of payroll
Key factors affecting premiums:
- Job classification codes
- Total payroll
- Claims history
- Safety programs
- Experience modifier rating
Additional Business Insurance for Handymen in Maine
1. Tools & Equipment Insurance
- Annual premiums: $200-$2,000
- Coverage limits: $5,000-$15,000+
- Per-item limit typically $5,000
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
3. Contractor’s E&O Insurance
- Annual premiums: $300-$1,000
- Coverage limits: $100,000-$1M+
- Covers faulty repairs claims
4. Surety Bonds
| Bond Amount | Excellent Credit | Good Credit | Bad Credit |
|---|---|---|---|
| $5,000 | $100-$150 | $150-$200 | $200-$400 |
| $10,000 | $100-$300 | $300-$500 | $500-$1,000 |
| $15,000 | $150-$400 | $400-$750 | $750-$1,500 |
Get Maine Handyman Liability with ContractorNerd
ContractorNerd provides specialized insurance expertise for Maine handymen through:
- Data-driven quote comparison across multiple carriers
- Streamlined application process
- Expert guidance on coverage requirements
- Ongoing policy management support
- Claims advocacy when needed
Our analysis shows potential savings of:
- Small operations ($150K revenue): 30-50%
- Mid-size operations ($500K revenue): 25-40%
- Large operations ($1M+ revenue): 20-35%
Visit our online quote tool or speak with a handyman insurance specialist to get started.