Like most sub-contractors, you are probably good at your trade. However, to be a prime, you need money, lots of money! Insurance is only a small part. As Cre8jobs said, it is not unusual for the prime to wait over 90 day, sometimes longer, before seeing any money from the owner. As a prime you also have additional costs; sales staff to get the project in the first place and get the next job so your work doesn’t run out. You will spend most of your time keeping the owner happy, managing your crews, managing your subs, and most importantly, managing your cash flow. Some jobs require bonding. That is a whole new set of requirements that I won’t touch at this point other than to say you need even deeper pockets to get bonded.
Since you are already a working sub-contractor, I have made the assumption that you are either incorporated or an LLC, have a Lawyer, CPA, Banker and a good business Insurance Agent. If my assumption was incorrect, you will need all 4 and I strongly recommend incorporating or LLC to have a successful operation.
‘Good luck my friend!
