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Thread: Starting a Small Business

  1. #1
    Join Date
    Apr 2016
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    Raleigh, NC USA
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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
    Join Date
    Mar 2007
    Location
    Valdosta, GA
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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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    Apr 2016
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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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    Jun 2004
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    Cherry Valley NY, Seattle, WA
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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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    Apr 2016
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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!!

  8. #8
    Join Date
    Apr 2016
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    Raleigh, NC USA
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    I ended up getting a million of coverage for around $50 a month. Setting up an LLC was super easy. I'm in business!!

  9. #9
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    So much we could say, so little time.

    It's a daily learning experience , even for the tenured

    best fishes...

    https://youtu.be/hgw_yprN_-w

    ~RJ~

  10. #10
    Join Date
    Oct 2013
    Location
    newburgh,ny
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    Watch what you do.

    Doing just resi is no big problem. Don't go into industrial where human life safety is involved, such as machine control or alarming. When you mention people safety prices go thru the roof, and you have to live with "did I do everything right" even though you know you did.

    Cowboy
    A cowboy may get thrown , but they always get up and walk forward.

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