Starting a Small Business

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Saturn_Europa

Senior Member
Location
Fishing Industry
Occupation
Electrician Limited License NC
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?
 

brantmacga

Señor Member
Location
Georgia
Occupation
Former Child
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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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.
 
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.
 

Saturn_Europa

Senior Member
Location
Fishing Industry
Occupation
Electrician Limited License NC
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!!
 

just the cowboy

Inactive, Email Never Verified
Location
newburgh,ny
Watch what you do.

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
 
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