Ask Experts Questions for FREE Help !
Ask
    kellyc123's Avatar
    kellyc123 Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 17, 2007, 05:20 AM
    Home improvement business
    I am considering starting a home improvement business in Connecticut , I already know how to get a contractors license but I would like to know what the average cost of liability insurance and workers compensation insurance is and is it possible to make monthly payments. I have equipment but need to know if start up costs are affordable before applying for license.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Mar 17, 2007, 05:56 AM
    Workers comp and liabiitly insurance is often underwritten and rates depend on past experience, past claims, years in the business and more.
    There are companies that allow monthly payments but many do require annual payments.

    I would visit a full line insurance agent. They can give you rates from several companies

    Also many contractors hire all their workers as sub contractors and do not have to provide workers comp,
    wags's Avatar
    wags Posts: 80, Reputation: 4
    Junior Member
     
    #3

    Apr 6, 2007, 06:53 PM
    I would also consult with a good CPA and Attorney that handle construction. Even if you don't hire workers, you need to have good contracts with your sub contractors, they also will need to provide proof of insurance. Also try www.sba.gov they can give you some answers also. Good Luck!

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Outdoor home improvement/landscaping [ 3 Answers ]

Thank you. I also need to replace the siding that is at the lowest level because of water damage. I will also be replacing the gutters. My home is on a slab of cement. There seems to be old foam insulation that needs to be replaced. Can I do both, replace the foam with rigid foam insulation and a...

Home Improvement rip-off? [ 3 Answers ]

I hired someone my brother knew to do some carpentry work in my basement. His verbal estimate was $3000. When he said he was finished, he invoiced me for $8800. I won't go into detail about what was or was not done (we didn't even get door knobs), but there was no written contract ever proposed...

Home improvement and depreciation [ 3 Answers ]

In 2005, I made an improvement to my home (built a deck). I also rent out two rooms in my home. I depreciate the portion of the home rented. Am I required to depreciate the expenses for this home improvement? Or is depreciation on home improvement optional? Thank you

Home business [ 2 Answers ]

I will be caring for a child in my home (5 days a week, 8hrs. A day). Do I have to pay taxes on my income ($95. A day), and if so, how do I go about it? Thanks. :)


View more questions Search