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Marshall Said:

Where can i find the cheapest general liabilty insurance for my construction business?

We Answered:

Contact a business insurance agent. That's what they do well and it is their business. Contact more than one if you want.

Carlos Said:

Construction Business?

We Answered:

I would start with asking your local chamber of commerce... they should have a list of what you are required to have.. but insurance is something you should have whether its required or not... CYA.. also.. here are a few books that will help in your quest for a legit business...

Jessie Said:

Any advice on small business construction insurance?

We Answered:

Residential/Commercial insurance will be very expensive. Rates can be anywhere from 15K to 50K. Check with your insurance agent and see what type policy you have. The best to get is $2 Million on your G/L Aggregate and get it "per project" on your Products-Comp Op aggregate limits. If you cannot get $2 Million on your Comp/Op Agg try and get $1 Mil on an Excess/Umbrella. All this depends on your job history and annual revenue. Most important have your agent shop around for you.

Myrtle Said:

What kind of insurance do I need for a small construction business?

We Answered:

Speak to an agent. It will include liability, business liability, workers comp, property, etc. etc.

Cathy Said:

whats the difference between insurance and bonded insurance on roofs?

We Answered:

There's no such thing as bonded insurance.

For contractors, there's insurance - general liability and workers compensation, to cover if you cause damage or injury to someone else. It protects YOU, put pays someone else who would sue you for something you're negligent about (NOT faulty workmanship, though).

Then there are bonds. A bond is a guarantee from the insurance company, that you'll do something, and the guarantee is to ONE specific someone else. It does NOT carry over. The guarantee could be, that you'll pay the subcontractors on a specific job. Or, it could be that you'll finish the job by a certain date. But you have to buy a bond for EACH job. Then, if you don't meet the conditions of the bond, the insurance company pays out the predetermined penalty amount.

Insurance is your protection against accidents. They happen, and the insurance company expects some claims. Bonds are guarantees. The insurance do NOT expect claims. Be prepared to have to personally guarantee (and have the finances to back it up) any penalty amounts you're required to have.

Everett Said:

how much would it cost to start a construction business?

We Answered:

You can get money free from the government in the form of a grant. The money is always based on your business plan. A good plan will have a minimum of three years of projections Both earning and expenses. The more homework you have done the better your chances of getting the money you will need but nobody can tell you how much it will cost. You are the person that will have to make that determination based on your due diligence.

Get a free business plan creator at the site below and begin working from there.

Terrence Said:

where in new york can i get a tax id number and a business license for my new construction company.?

We Answered:

Beware that if you are located in NYC, there is a business tax. I found out because business owners don't have to do jury duty if they provide a copy of their city tax return.