[B-ri]

My side work has been steadily increasing and I've recently lost a couple of jobs because I don't have insurance. I'd like to start my own company soon, but that probably wont be for another year. Until then I want to get some basic coverage for my side work.

My question is, do I have to have a business or register as a sole proprietor in order to receive insurance? I'm unclear on what steps I need to take.


Thanks

 

[HARRY304E]

My side work has been steadily increasing and I've recently lost a couple of jobs because I don't have insurance. I'd like to start my own company soon, but that probably wont be for another year. Until then I want to get some basic coverage for my side work.

My question is, do I have to have a business or register as a sole proprietor in order to receive insurance? I'm unclear on what steps I need to take.


Thanks

Put up 5 posts and I can send you a PM for the company I use.

You can get about $2,000,000 in coverage for less than $1,500 per year or so.

Welcome to the forum..:thumbup:

Once you have 5 posts or so the private message system will turn on so hurry up!:laughing:

 

[backstay]

You need to ask an insurance agent.

 

[B-ri]

Thanks Harry, I've posted on here before lost access to an old email account.

But besides applying/getting insurance, is there anything else I need to setup?

Thanks

 

[HARRY304E]

Thanks Harry, I've posted on here before lost access to an old email account.

But besides applying/getting insurance, is there anything else I need to setup?

Thanks

Register a DBA ('Doing Business As')in your town,and start from there.

One of the mods can tell you how to get your old account working again.

 

[FlyingSparks]

Just setup an LLC they are not they expensive to start/maintain, this way you don't have to have a paperwork headache in the future. Haha

 

[five.five-six]

Can you even get insurance without a license?

 

[HARRY304E]

Can you even get insurance without a license?

Nope , you must be licensed here.

 

[480sparky]

If you do work that requires you to be licensed, and you're not, insurance may not pay for any covered incidences.... you'd be on the hook for it.

 

[daveEM]

Set up the company, get a licence, insurance. Go full blown contractor in 2020. Pay minimal fees to keep thing going till you are ready.

Don't cut throat the Handymen in your area.

 

[87Electric]

Can you even get insurance without a license?

Yes! I had insurance before I had my license.

 

[five.five-six]

Yes! I had insurance before I had my license.

What kind of insurance?

 

[NacBooster29]

I carry my own liability insurance.
I have it set as d.b.a. with my name.
I have a 2 million dollar coverage with a few adder items.
It averages to about $600 a year.
I opted out of commercial coverage as that is not my target .
Every year they send an audit of yearly gross sales and because its so little my premiums stay relatively low.
Also I don't carry workers comp, as I'm sole proprietor.
I go through the Hartford. And find them reasonable to deal with. Basically I pay quarterly and they leave me alone! Every once in awhile I have to have my agent send in a certificate to pull permits .
And yes I'm licensed, and I also pay what my accountant tells me. She handles the paperwork.

 

[SHADOW]

There is something i don t undersrand, why people try to help somebody who steal business from them. If he was one of your employee, i am pretty sure you would fire him.

 

[Next72969]

There is something i don t undersrand, why people try to help somebody who steal business from them. If he was one of your employee, i am pretty sure you would fire him.

my boss covers my side work

 

[SHADOW]

And that is the reason I should hire un licensed electrician,pay him lower so i could charge cheaper à hour to my client to ne able to compete with business stealer

 

[HARRY304E]

And that is the reason I should hire un licensed electrician,pay him lower so i could charge cheaper à hour to my client to ne able to compete with business stealer

First,the OP is licensed,and is looking into getting the insurance so he can pull permits without having to have the HO sign the insurance waver.

Second as electrical contractors we should NEVER compete on price.


Price jobs at what you want to make,and sell the job,the other guys price will not matter once they sign the contract.

Let the bottom feeders compete on price and bankrupt themselves .

 

[SHADOW]

Is he a licensed EC?

For what I undersrand, hé is doing side job until he may start is legal business!

Maybe i dint undersrand correctly, if so, then i am sorry if i may havé offend you.

 

[NacBooster29]

It sounds more like a second job than a side job. If the guy is pulling permits and carying insurance.
Besides maybe he has to compete with you on price. Who said his number is low?

 

[daveEM]

I suspect he is competing on price.