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You have been swinging a hammer for a while now putting the big dollars in someone else’s pocket. You realize that you have the knowledge and experience to give things a go on your own. The question is how do you not end up in the same shape as the original Hammer Time guy with your parachute pants pockets empty and creditors banging on your mansion doors. It is actually quite simple if you are competent in your trade. If you have the necessary skills to do the work all you will need is some proper business planning.mc hammer pants

The following is a condensed version of what you will need to do to become a success

GET LEGAL ADVICE

I know in most cases money will be tight when you are first starting out. You have to realize that building a strong foundation, is the same in business as it is in construction. If you start off on a poor foundation it will cost your more money and headaches in the future.

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Ask your Lawyer what type of business structure is the best for you. In most cases it will be either a Corporation or a LLC. Ask her to explain the differences and costs. Also ask her why she thinks that choice is the most beneficial to you. The most common reason to set your new business up as one of these entities is that it may protect your personal assets from the business’s creditors if something goes wrong. Your attorney will be able to explain to you how this works and what you need to do to make sure you are protected.

SETUP YOUR BUSINESS ON THE INTERNET

Once you have the business setup there are some very basic things that you can do to get your phone ringing. First you should at least get an email that has your business name in the domain. It looks a lot better to customers than a Gmail or yahoo email. You should also have a website. We can have one made for you if you like. You can also make a facebook page, Yelp review page and Google page very easily and at no cost. Also make sure that your voice mail is set up and the message sounds professional. I do not know how many times I have called a contractor and got the message that the voice mail is not set up or the voice mail is full. Just think if you were a prospective client would you call that person back?

GET THE RIGHT INSURANCE YOU NEED

Finding the correct can be a daunting task. It does not have to be if you use ContractorsLiability.Com.
Our experts can get you the coverage you need at a price you can afford. They will take the time to explain to you different types of coverage.

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  • COST OF INSURANCE: The first thing most new contractors want to know is how much will contractors general liability insurance cost. In most cases General Liability Insurance will cost around a $1,000 per year. This is just a ball park range. Certain types of higher risk contractors such as roofing will be higher. The State you work in also has a great impact on the cost of your insurance. Liberal States have higher rates generally than conservative States. The other thing is that these policy can generally be financed so after the down payment your monthly payment would be less than $100 per month.
  • TYPES OF COVERAGE: The most important coverage that you must have to protect you and your business is General Liability Insurance. In a nutshell it will cover you if you cause injury to a third parties person or property. These policies also cover the attorney fee’s that may be incurred in defending your business from a lawsuit. As I am sure you are aware Lawyers are expensive and to be paying them from your own pocket can but you in a bind pretty quickly. Commercial Auto Insurance, if you use your personal vehicle in the course of your work you should obtain Commercial Auto Insurance. This is generally more expensive than personal vehicle coverage. The reason you should get this coverage is that if your vehicle is involved in a work related accident your insurance company can deny your claim. An additional benefit is that Commercial auto insurance can be written off on your taxes as a business expense. Workers Compensation Insurance, this type of insurance covers your workers or yourself if you are injured on a job. This type of insurance can be quite expensive as it is based on the payroll of the business. In most cases when you are just starting out you have no employees, so you do not need to have this coverage for yourself. The majority of small contractors choose not to purchase this coverage for themselves. This can be risky because if you are injured you will not have any coverage and medical bills can mount quickly. Another wrinkle with workers compensation insurance is that if you are doing work for a large contractor they will often require you to get a workers compensation insurance before they give you a job or let you on a job site. ContractorsLiability.Com can get you what is called an “If Any Policy”. This will not provide you any workers compensation coverage, but it will allow us to issue a certificate of insurance showing that you have workers compensation insurance. These policies are typically around $1,000.00. This will allow you to bid on larger jobs and meet other contractual requirements.
  • HOW LONG DOES IT TAKE TO GET COVERAGE: We can generally get your covered the same day. Our applications are easy and we have special relationships with a number of insurance companies that allow for quick turn around time.

Stop worrying about your coverage. You will have peace of mind with working with ContractorsLiability.com. We take the stress out of finding the right insurance coverage for you so you can focus on starting your business. It’s easy! Once you enter your information for a quote, we automatically find the best and most affordable contractors insurance to meet your needs. We provide same day service, so you can get insured fast.

ContractorsLiability.com is one of the fastest growing providers of contractors liability insurance on the internet.
We have accomplished this by putting Contractors first. Our team will work with you to get the best rates and coverage on contractors liability insurance. That is why we have built our company and our reputation on making the process as painless as possible.

If you are serious about your personal and business goals we are the insurance organization you want to do business with. You can depend on ContractorsLiability.com to listen, understand, and deliver you the best insurance coverage and customer service possible.

CLICK HERE to get a FREE insurance quote from one of our agents! We strongly respect your privacy and will NEVER share your information with any third parties.

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