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Thread: Starting a Small Business

  1. #1
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    Starting a Small Business

    I'm kicking around the idea of starting a small business doing residential service work in NC. I've got the LLC figured out. But I'm still researching insurance and bonding. What do other NC electricians do? What's the cost?

    Do I need bonding if I'm not going to be hiring subs or doing large jobs?

  2. #2
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    Quote Originally Posted by Saturn_Europa View Post
    Do I need bonding if I'm not going to be hiring subs or doing large jobs?
    I think so. If nothing else, homeowners will ask about it; and it protects them if something goes missing while you're working.

  3. #3
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    Many jurisdictions require bonding, though not much. Usually less than $10k. A couple of towns I work in it’s as low as $1k.


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  4. #4
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    Quote Originally Posted by Saturn_Europa View Post
    I'm kicking around the idea of starting a small business doing residential service work in NC. I've got the LLC figured out. But I'm still researching insurance and bonding. What do other NC electricians do? What's the cost?

    Do I need bonding if I'm not going to be hiring subs or doing large jobs?
    My bond costs $110 per year. My insurance is $1100 per year. I had to pay a little more for insurance because I had trouble finding a company that would do multiple states.
    Ethan Brush - East West Electric. NY, WA. MA

    "You can't generalize"

  5. #5
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    Quote Originally Posted by electrofelon View Post
    My bond costs $110 per year. My insurance is $1100 per year. I had to pay a little more for insurance because I had trouble finding a company that would do multiple states.
    Cool!! Who do you use? What's your coverage?

  6. #6
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    Quote Originally Posted by Saturn_Europa View Post
    Cool!! Who do you use? What's your coverage?
    I think they are called preferred contractors Insurance Corporation, but there is a middleman in there skimming off the top called Statewide insurance brokers. I think it's the typical 1 million policy. I don't necessarily endorse this company, I mean I haven't had any issues, but I view this type of insurance as just a formality that I will never get anything out of.
    Ethan Brush - East West Electric. NY, WA. MA

    "You can't generalize"

  7. #7
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    Quote Originally Posted by electrofelon View Post
    I think they are called preferred contractors Insurance Corporation, but there is a middleman in there skimming off the top called Statewide insurance brokers. I think it's the typical 1 million policy. I don't necessarily endorse this company, I mean I haven't had any issues, but I view this type of insurance as just a formality that I will never get anything out of.
    Thank you for the info!!

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