As a handyman in South Carolina, 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 South Carolina handymen need, including costs based on our analysis of actual quotes from leading carriers.
Discover how a liability insurance handyman overview simplifies risk management decisions.
General Liability Insurance for South Carolina Handymen
General liability insurance protects handymen from third-party claims of property damage and bodily injury. Here are typical costs based on our analysis of quotes from leading carriers:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $5,500 | 3.7% | $1,600 | 71% |
| $500K | $13,800 | 2.8% | $4,900 | 64% |
| $1M | $29,400 | 2.9% | $9,600 | 67% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential repair work
- ~10% subcontractor costs
Worker’s Compensation Insurance for South Carolina Handymen
Worker’s compensation insurance is required for South Carolina handymen with 4 or more employees. Based on our data:
- Average cost per employee: $6,653 annually
- Cost per $100K payroll: $16,220
Key factors affecting premiums:
- Job classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating
Additional Business Insurance for Handymen in South Carolina
1. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Policy limits: $5,000-$15,000+
- Per-item limits typically $5,000
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K per person, $300K per accident
- $100K property damage coverage
3. Contractor’s E&O Insurance
- Annual premiums: $300-$1,000
- Policy limits: $100,000-$1M+
- Covers faulty workmanship claims
4. Commercial Property Insurance
- Cost: $1,000-$5,000 annually
- Based on property value and location
- Covers tools, equipment, and facilities
5. Surety Bonds
- Premium: 1-3% of bond amount
- Varies by credit score
- Common amounts: $5,000-$25,000
Get South Carolina Handyman Liability with ContractorNerd
ContractorNerd specializes in handyman insurance with:
- Data-driven quotes from multiple carriers
- Specialized agents understanding handyman risks
- Streamlined application process
- Digital policy management platform
- Claims advocacy support
Our analysis shows potential savings of:
- Small operations ($150K revenue): Up to 71%
- Mid-sized ($500K revenue): Up to 64%
- Large operations ($1M+ revenue): Up to 67%
Contact us for tailored quotes and coverage recommendations for your South Carolina handyman business.