As a handyman in Minnesota, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Minnesota handymen need, including costs based on our analysis of actual quotes from leading carriers.
Strengthen your operation by exploring handyman insurance quotes that fit various budgets.
General Liability Insurance for Minnesota Handymen
Based on actual quotes from leading carriers, here are typical general liability insurance costs for Minnesota handymen:
| Revenue | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $2,700 | 1.8% | $2,300 | 15% |
| $500K | $8,800 | 1.8% | $7,700 | 13% |
| $1M | $17,900 | 1.8% | $15,800 | 12% |
These premiums assume:
- Clean claims history (5+ years)
- Standard $1M/$2M limits
- 10% subcontractor costs
- Employee count based on revenue:
- $150K: 1 owner
- $500K: 1 owner + 3 employees
- $1M: 1 owner + 5 employees
Worker’s Compensation Insurance for Minnesota Handymen
Required for Minnesota handymen with employees, workers’ compensation costs average:
- $5,685 per employee annually
- $11,440 per $100,000 of payroll
Key factors affecting premiums:
- Employee classification codes
- Total payroll
- Claims history
- Safety programs
- Experience modifier rating
Additional Business Insurance for Handymen in Minnesota
- Tools & Equipment Coverage
- Annual cost: $200-$2,000
- Covers equipment valued $5,000-$15,000+
- Protection against theft, damage, loss
- Commercial Auto Insurance
- $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K bodily injury, $100K property
- Higher limits recommended ($500K-$1M)
- Contractor’s E&O Insurance
- Annual cost: $300-$1,000
- Coverage: $100,000-$1M+
- Protects against faulty work claims
- Surety Bonds
- Cost: 1-3% of bond amount
- Variable rates based on credit score
- Common amounts: $5,000-$25,000
Get Minnesota Handyman Liability with ContractorNerd
ContractorNerd simplifies insurance for Minnesota handymen through:
- Data-driven quote comparisons
- Specialized handyman coverage expertise
- Multiple carrier options
- Streamlined application process
- Ongoing policy management
Our analysis shows potential savings of:
- Small operations ($150K): 30-50%
- Mid-size ($500K): 25-40%
- Large operations ($1M+): 20-35%
Contact us for tailored quotes and expert guidance on your handyman insurance needs.