As a handyman in Virginia, 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 Virginia handymen need, including costs based on our analysis of actual quotes from leading carriers.
Check recommended public liability insurance for handymen options to meet industry standards.
General Liability Insurance for Virginia Handymen
Based on quotes from leading carriers, here are liability insurance costs for Virginia handymen:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $1,700 | 1.1% | $1,100 | 35% |
| $500K | $4,300 | 0.9% | $2,800 | 35% |
| $1M | $8,900 | 0.9% | $6,000 | 33% |
Premium assumptions:
- Clean claims history (5+ years)
- Standard $1M/$2M limits
- 10% subcontractor costs
- Staff size varies by revenue:
- $150K: 1 owner
- $500K: 1 owner, 3 employees
- $1M: 1 owner, 5 employees
Worker’s Compensation Insurance for Virginia Handymen
Virginia requires workers’ compensation for businesses with 3+ employees. Key data points:
- Average cost per employee: $4,794 annually
- Cost per $100K payroll: $9,730
- Primary classification code: 5645
Factors affecting premiums:
- Payroll size
- Claims history
- Safety programs
- Experience modifier rating
Additional Business Insurance for Handymen in Virginia
1. Commercial Auto Insurance
- $1,500-$3,050 annual premium per vehicle
- Standard limits: $100K/$300K/$100K
- Higher limits recommended: $500K-$1M
2. Tools & Equipment Coverage
- $200-$2,000 annual premium
- Coverage limits: $5,000-$15,000+
- Per-item limit typically $5,000
3. Contractor’s E&O Insurance
- $300-$1,000 annual premium
- Coverage limits: $100,000-$1M+
- Covers faulty workmanship claims
4. Commercial Property Insurance
- $1,000-$5,000 annual premium
- Protects workshops, storage, offices
- Coverage based on property value
5. Business Owner’s Policy (BOP)
- Combines general liability and property
- Lower cost than separate policies
- Additional coverage options available
Get Virginia Handyman Liability with ContractorNerd
ContractorNerd makes handyman insurance simple through:
- Specialized expertise in contractor coverage
- Data-driven quote comparisons
- Streamlined application process
- Ongoing policy management
- Claims advocacy support
Our analysis shows Virginia handymen can save:
- Small operations ($150K): 25-35%
- Mid-size ($500K): 20-35%
- Large ($1M+): 15-33%
Contact us for tailored quotes matching your specific business needs.