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Courtney Said:

General Business Insurance cost?

We Answered:

The minimum premium on most small Business Owner Policies (BOP) is $500. If you want something more accurate, please give type of business, sales, location etc.

I see you've added extra info. Since it's a retail store it will fit well into a BOP form, but will likely be more than the minimum, maybe closer to $1,000. The building construction will help you, masonry has cheaper rates than a woodframe building.

Marcus Said:

What's the different between insurance and bond for a small general contractor business?

We Answered:

Insurance is usually to insure your business against accidents like vehicle accidents or if you accidently damage something while on the job etc.

Bonds are usually job specific as in perfomance and payment bonds that if for some reason your company doesn't or can't finish the work or don't pay subcontractors the bonds are in place to insure that the job will be finished.

They are two completely separate things & on some jobs you may be required to have both. You always have to insurance, bonds you get as needed. Usually a bond isn't required unless the contract is over a certain $$ amount but many gov't jobs in the US will require a bond.

Insurance usually just takes $$$, bonds your company must meet certain requirements to get & some aren't bondable.

Ruben Said:

What is the cost of basic (general) small business insurance?

We Answered:

There is no "basic" cost. All depends on type of business, needs of your business, location, risk etc...

Your best option would be to discuss your insurance needs with an Insurance Agency in your community. They can assess all these factors and help you determine you needs and protecting your liability, while making certain to save you time and money.

Linda Said:

Cost of a General Contractors License/Business Insurance?

We Answered:

This is the kind of question that can't be answered on this forum. What state, what location? Every insurance policy costs differently based on many factors. If you're going legitimate, invest in an attorney--you'll be glad you did.

Wendy Said:

I want to start a roofing business in Louisiana, can I just purchase general liability without workmens comp?

We Answered:

If you set up your company as a partnership where all 3 of you are partners (and you do not employ anyone else not even a day laborer) you can probably decline coverage. However, you need to make sure that you can do this with regard to Louisiana law. Consult with an insurance agent who is licensed in Louisiana and who specializes in business insurance or attorney for verification. Or you can also consult with the State at (225) 342-7555. If you can decline coverage and choose to do so, realize that each of you will need to have health insurance, life insurance and disability insurance which might not be so easy to get because of your occupation. Roofing is considered one of the most hazardous employments due to the propensity for falls.

Your agent should be able to sell you commercial general liability coverage and if you have chosen to decline the workers compensation will probably ask you to sign a waiver. If you can and do choose to waive your right, I would also have each of your sons sign for the sake of clarity and to avoid any future misunderstandings.

Good Luck