Startup to Expansion: Navigating Contractor Insurance at Every Stage

The United States was built on the shoulders of small businesses. For years, men and women have set up shop and hung out their shingles to create an enterprise that makes money and takes care of their families. The way that companies conduct business has evolved over the years, but one thing remains the same—they all go through different stages of business growth. Some only make it to two or three stages of a growth cycle. Others become household names. At all times, protecting the business is vital to their success. This includes contractors like you. No matter what phase of growth you are in, having contractor insurance from a reliable Mississippi broker is the best choice you can make.

Typical Business Growth Stages Contractors Face

If you are considering becoming a contractor, whether in plumbing, landscaping, or another trade, you will face at least one of these growth stages:

1. Startup: This is an exciting stage where you establish your business. You determine your legal structure, set up bank accounts, obtain necessary licenses and permits, and rent a space. You also face a few challenges, like finding your first customers, securing financing, and creating your business plan. Contractor insurance in Mississippi is vital at this point to keep you protected as you set your roots down.

2. Early growth: Once you begin taking on more projects and expanding your client base, you have entered a time of early growth. Some challenges you may have include managing an increased workload, hiring staff, and maintaining a steady flow of projects.
3. Established: Now, you have built a solid reputation as a reliable contractor. Your client base provides consistent and stable revenue streams. You may sometimes struggle to maintain quality work and your reputation in the face of increasing competition.
4. Expansmarket or will come a time when you are ready to expand your services, enter a new market, or take on larger projects. Some complexities come with growing, scaling operations, and maintaining quality control.
5. Diversification: Not every contractor will choose to do this, but those that do will look at ways to diversify their services and offer a more comprehensive range of contracting services to meet demand. You may need to learn new skills and manage different types of projects.
6. Mature: Many contractors cannot wait to get to this stage. They have a well-established business with a wide range of clients and multiple revenue streams. The challenges at this stage include staying innovative and competitive, adapting to industry changes, and planning for future succession.
7. Succession: What happens when you are ready to retire? You execute your exit strategy. This means you are prepared to pass the baton onto a successor. This gets tricky as you focus on a smooth transition and handling the legal and financial aspects of exiting your contracting business.

Contractor Insurance in Mississippi Protects Your Business Growth

Take some stress off yourself as you grow your enterprise by working with the Hawsey Insurance team for your contractor insurance coverage. We have decades of experience helping businesses of all types of contractors. We understand your needs and are happy to review existing policies, offer options to fill any gaps, and provide tips for keeping claims at bay. We supply a wide range of coverage options to ensure you get the coverage and protection you need to keep your business growing through all the stages. Call us today for more information on general liability, property insurance, cyber insurance, fleet insurance, and more. We’re happy to help!

Call Hawsey Insurance at 601-856-7707 to request a quote for contractor insurance in Mississippi. Feel free to contact us online or make an appointment to stop by our Madison, Jackson, and Southaven, MS offices.