Concrete Contractors: How To Earn Your License In Oklahoma
The Difference Between
General Contractors And Specialty Contractors
Now, we want to discuss insurance. General contractors don’t need to have general liability insurance since the state doesn’t regulate the licensing process. However, accidents, injuries and damages are bound to happen, and you will need all the legal and financial protection you can get. Having business insurance is ultimately going to benefit you and here’s why:
- You will attract more clients. People are much more likely to do business with you knowing that you possess all the proper insurance.
- You will avoid any major financial penalties that could result in bankruptcy.
- You will have certain financial protections in place so that you can easily replace any faulty or broken equipment, such as tools or vehicles.
An injury can happen at any time no matter how much experience you and your crew have. Property damage is also a potential liability that can have a devastating effect on your business if you don’t possess insurance coverage. We strongly recommend that you shop around and ask for quotes from providers so that you can find an insurance policy that is affordable and meets all of your needs.
You should also consider purchasing workers’ compensation insurance and surety bonds. As a concrete contractor, your reputation is everything. Clients will take pride in doing business with you knowing that you are going the extra mile to protect your employees and business.
Surety bonds will come in handy in situations when you are unable to complete a project. The client will try to obtain compensation through legal means if you can’t get the job done for some reason. However, your surety bond will cover you and pay off those obligations. Surety bonds come in a wide range of prices.
License And Registration
You will also need to determine the structure of your business prior to registration. You may need to register with the Oklahoma Secretary of State’s office depending on the size of your company. You can access an online step-by-step guide that will instruct you on how to register and start your business in the state of Oklahoma.
The state will require you to register for a tax identification number(s) for the purpose of tax withholding, sales and use tax (seller’s permit), and unemployment insurance tax. The Oklahoma Tax Commission provides information on its website that explains the process of obtaining a tax identification number.