Insurance

Insurance

Insurance is another important asset of your construction company.  Secure the proper business insurance, including WorkSafeBC coverage, to better protect you and your company against claims for personal injury and property damage.  Insurance will provide you with protection of those claims, which may arise out of your company's operations. 

Incorporate Your Construction Business

Bridget Field of Small Business BC recommends, “Due to the nature of the industry, being medium to high risk, we advise construction companies to consider incorporating in order to provide limited liability protection of their personal assets, in addition to having business insurance.” If you want to learn how to properly incorporate yourself, Small Business BC has a listing of seminars and sells anincorporationkit, designed to assist business owners who want to incorporate their business without using a lawyer. 

Business Permits & Licenses

Visit your local municipality or visit www.bcbizpal.ca to find out what types of business permits and licenses you will need to secure for your new company and the type of work you intend to perform.  Secure all required insurance, permits and licenses before you start your first job.

What advice would Scott give aspiring entrepreneurs? “Work within your means and try not to grow too fast.  I recently downsized my staff from thirteen to four so I can have a more hands-on approach.  I find clients are happier because I’m at the job site for quality assurance,” says Scott.

Careful planning and attention to detail will ensure that your construction company stays afloat during the first few years of operation. With the qualified task force, proper business considerations, legal requirements and a desire to succeed, your construction business will reap benefits.