Insurance is necessary for two important reasons. Insurance will help to protect your assets in case something goes wrong with a job that you complete. Secondly, it will bring you more business. In fact, chances are that it will bring in far more revenue than the cost for coverage.
There are many handymen working in my area and it would surprise me if more than 1 out of 10 carries general liability insurance. The fact that I have insurance sets me apart from my competition and has helped me get additional jobs. I don’t hesitate to let people know I have it. “Insured” is on all of my printed materials and business cards.
Having insurance has also opened the commercial market for me. I have done work for professional management companies that have needed small jobs done at their retail stores. One of these companies required that I have at least $1,000,000 in general liability insurance, the second wanted $2,000,000. Interestingly, when I told them about my $1,000,000 coverage limit they still wanted me to do the work. This proved once again that a good handyman (especially one with insurance) is hard to find!