Acquire liability insurance. In the event of accident, injury or property damage, liability insurance will protect you from having your assets seized. Look into a few different providers to compare rates and see what sort of coverage they offer. Good insurance is absolutely critical for small business owners, who stand to lose a lot more should something go wrong.
Familiarize yourself with construction codes and regulations. All cities have laws that dictate things like how contractors can do business, what types of materials and equipment are okay to use and how professional contracts should be handled. It will be necessary for you to have a working knowledge of these regulations as a private contractor. You can study them on your own time while you’re finishing an apprenticeship or receiving on-the-job training.
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Research the licensing requirements for your area. These laws governing professional contractor work will be different depending on where you live. It’s important to be aware of these laws and what they mean from the outset. Contact the licensing board for your state or district to find out more about what you’ll need to do to get your business off the ground.
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File the necessary business documents. For starters, you’ll need a general business license to begin taking on contract work. You may also have to have other specific licenses that permit you to operate in off-limits zones or handle certain materials. A separate home business permit will be required if you plan on using your own residence as the headquarters for your contracting business.