Are independent contractors required to have their own liability insurance?

Generally no. However, you may decide NOT to work with independent contractors who don't carry their own insurance, especially if they are providing services which would be expensive for you to insure yourself (for example, construction work)....

More Information: Employee vs. Subcontractor: What’s the Difference & Why You Should Care

Tagged With: 1099 Subcontractors,  Liability Insurance

How do I track subcontractor payments in Quickbooks?

You should enter their bills or payments as multiple line items, using separate expense accounts for materials and labor. At the end of the year it is theoretically possible to print 1099's right out of Quickbooks, but in actual practice, it...

Tagged With: 1099 Subcontractors,  Liability Insurance,  Quickbooks,  Workers' Compensation Insurance

SIC (Standard Industrial Classification) Codes

SIC (standard industrial classification) codes are often used by insurance companies to set rates for businesses; classifications are used to determine risk. Your SIC code will affect your liability and workers comp rates, and may also affect...

Tagged With: General Business,  Health Insurance,  Liability Insurance,  Workers' Compensation Insurance