A handy workers' comp market for handymen

A handy workers' comp market for handymen | Insurance Business America

A handy workers' comp market for handymen

The following article is written by SolePro.

Workers’ comp insurance. Most people have to have it. However, not all people have an easy time obtaining this coverage. Especially when it comes to handymen. Why? Because the work of a handyman can be quite broad. One day they’re repairing a leaky faucet, and the next day they’re laying tile. They may dabble in HVAC, and they could even repair buildings themselves.

Due to the varied duties a handyman performs, carriers may shy away from writing workers’ comp for this class of business. Especially when they are a new venture, or if they are in the market for a ghost policy. That’s when things can get even tougher.

As an agent, do you avoid writing workers’ comp for handymen? Tired of exhausting your markets? Don’t want to have to resort to the Assigned Risk Pool? How could anyone blame you? With the Assigned Risk Plan, not only do you face long wait times, you have to deal with mid-term audits as well as carrier turnover.

But, what about the handymen? Oftentimes they are required to show proof of coverage before beginning a new job. If they can’t find the policy they need, how will they get to work? If you’re looking for a workers’ comp market, and want to avoid the Assigned Risk Plan, you may want to consider SolePro.

An insurtech platform, SolePro has automated the process of writing workers’ comp online. Applications, signatures, payments, and automatic renewals are all processed through the platform. There are no minimums or requirements, and you own your book of business.

With three workers’ comp products available, agents can easily find their insureds the workers’ comp policy they need. The workers’ comp products are as follows:

  • Solo X: Offering instant minimum premium workers’ comp “ghost policy” quotes, Solo X is a great alternative to the Assigned Risk Plan when it comes to an owner-only, excluded policy. A mere 15 questions answered will produce a quote for you to share with your insured within seconds. A nice perk of Solo X is that it is bundled with a 24-hour accident policy, offering protection on or off the job. Better yet, no mid-term audits!
  • Solo I: This product is designed for owner only handymen who wish to be included in coverage.
  • Plus: Designed for handymen with employees and/or subs. Can include or exclude in coverage.

Not only does SolePro offer agents the opportunity to provide workers’ comp solutions for their insureds, they also offer a GL/BOP market. Additionally, in some states their general liability offering is rated on a per-peson basis, rather than based off of payroll.

Outside of handymen, SolePro writes over 900 classes of business through their 15+ carrier partners.

Interested in learning more? Reach out to SolePro here. Or, visit them at solepro.com.