What insurance does a construction contractor need?

What insurance does a construction contractor need?

Typically, these project contracts will require the contractors to at least carry general liability, workers’ compensation, and builders risk insurance. Sometimes, surety bonds and inland marine insurance will also be required, but much less often.

Does Montana require a contractor’s license?

Montana law requires construction contractors with employees, corporations or manager-managed limited liability companies in the construction industry to register, which is the same as a license.

Who needs an ICEC in Montana?

A worker must be: Engaged in their own independently established business, occupation, trade, or profession. Covered under a self-elected workers’ compensation insurance policy or obtain an Independent Contractor Exemption Certificate (ICEC).

What is general liability insurance for contractors?

Public liability insurance for contractors protects contractors when there is injury or damage to a third party or third party property, such as a client or the client’s property. This coverage is the most crucial insurance for any contractor and for some occupations is required by law or to get on site.

How much does it cost to get a contractors license in Montana?

Pay Necessary Fees The application fee for construction contractors is $70. The fee for the independent contractor application is $125. If applying for additional specialty trade licenses, bear in mind that there may be additional requirements, including exams and fees.

How do I start a construction company in Montana?

How to Start a Business in Montana

1. Choose a Business Idea. Take some time to explore and research ideas for your business.
2. Decide on a Legal Structure.
3. Choose a Name.
4. Create Your Business Entity.
5. Apply for Licenses and Permits.
6. Pick a Business Location and Check Zoning.
7. Report and File Taxes.
8. Obtain Insurance.

Does a handyman need a license in Montana?

General contractors, including handymen, are not required to hold a license to work in Montana. However, if you have employees, you will be required to register with the Department of Labor and Industry, Contractor Registration Unit. To register, you must show proof of workers’ compensation insurance.

How do I register as an independent contractor in Montana?

Independent contractor’s licenses

1. First, prove you independently own a business.
2. Get a Montana Tax Identification Number with the Montana Department of Revenue.
3. Then fill out an independent contractor exemption certification.
4. Fill out and mail in the application form.

Does an independent contractor need insurance?

As a consultant and independent contractor, you should consider having public liability insurance and professional indemnity insurance. If you engage other workers as employees, you will also need workers compensation insurance.

How much does $1000000 in liability insurance cost?

For a basic $1 million general liability insurance policy, a business may pay anywhere between $300 and $1,000 a year depending on the above factors. Of course, the size of your business matters.

How do I become an independent contractor in Montana?

Do independent contractors need a business license in Montana?

To perform contractor work in the state of Montana, you will need to obtain a business license to do so. Furthermore, you will need to acquire the proper permits and additional paperwork to bid or perform contractor work in the state of Montana.