As a handyman in Wyoming, 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 Wyoming handymen need, including costs based on our analysis of actual quotes from leading carriers.
Discover how getting handyman insurance offers essential protection without breaking the bank.
General Liability Insurance for Wyoming Handymen
Based on our analysis of real insurance quotes for handymen in Wyoming, here are the typical costs:
| Revenue | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $150K | $1,900 | 1.3% | $1,400 | 26% |
| $500K | $5,800 | 1.2% | $4,600 | 2% |
| $1M | $12,400 | 1.2% | $9,100 | 11% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Residential and light commercial work
- 10% subcontractor costs
Worker’s Compensation Insurance for Wyoming Handymen
Wyoming handymen pay approximately $4,310 per $100,000 of payroll for workers’ compensation coverage, among the lowest rates nationwide. Average cost per employee is $1,619 annually.
Key factors affecting premiums:
- Job classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating
Additional Business Insurance for Handymen in Wyoming
1. Tools & Equipment Coverage
- Annual premiums: $200-$2,000
- Coverage limits: $5,000-$15,000+
- Per-item limits typically $5,000
2. Commercial Auto Insurance
- $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
- Coverage limits: $100,000-$1M+
- Covers faulty work claims
4. Surety Bonds
Premium costs by bond amount and credit rating:
| 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 Wyoming Handyman Liability with ContractorNerd
ContractorNerd connects Wyoming handymen with specialized insurance experts through:
- Data-driven quote comparison
- Streamlined application process
- Access to leading carriers
- Expert guidance on coverage needs
- Ongoing policy management support
Typical savings through our network:
- Small operations ($150K revenue): 30-50%
- Mid-sized ($500K revenue): 25-40%
- Large operations ($1M+ revenue): 20-35%
Contact us today for customized quotes tailored to your handyman business needs.