As a handyman in Mississippi, having proper insurance coverage is crucial for protecting your business, meeting client requirements, and managing operational risks. This comprehensive guide breaks down essential insurance coverages Mississippi handymen need, including costs based on our analysis of actual quotes from leading carriers.
Understand the importance of insurance for a handyman and how it supports long-term success.
General Liability Insurance for Mississippi Handymen
Based on our analysis of over 850 handyman quotes from leading carriers:
| Revenue | Avg Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $3,800 | 2.5% | $2,300 | 39% |
| $500K | $11,300 | 2.3% | $7,900 | 30% |
| $1M | $22,600 | 2.3% | $14,600 | 35% |
Premiums assume:
- Clean claims history (5+ years)
- Standard $1M/$2M limits
- 10% subcontracting costs
- Revenue-appropriate staffing levels
Worker’s Compensation Insurance for Mississippi Handymen
Mississippi handymen typically pay $3,274 per employee annually for workers’ compensation coverage.
Key details:
- Average cost per $100K payroll: $9,190
- Primary classification code: 5645
- Typical rate range: $5.72-$16.73 per $100 of payroll
Additional Business Insurance for Handymen in Mississippi
1. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limit typically $5,000
2. Commercial Auto Insurance
- $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K bodily injury, $100K property damage
- Higher limits ($500K-$1M) recommended
3. Contractor’s E&O Insurance
- Annual premiums: $300-$1,000
- Policy 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 Mississippi Handyman Liability with ContractorNerd
ContractorNerd offers:
- Specialized handyman insurance expertise
- Network of leading carriers for competitive rates
- Simplified quote process
- Flexible payment options
- Data-driven coverage recommendations
Potential premium savings through our network:
- Small operations ($150K revenue): 30-50%
- Mid-size ($500K revenue): 25-40%
- Large ($1M+ revenue): 20-35%
Contact ContractorNerd today for tailored quotes and expert guidance on your handyman insurance needs.