How to Choose a SIC Number
SIC stands for Standard Industrial Classification. SIC codes are four-digit numbers used to classify a company into a specific industry set. Many government organizations such as the Department of Labor continue to use the SIC code instead of the North American Industry Classification System (NAICS). For this reason, it is important to know both codes. There are many resources to look up SIC codes to see which one best fits your business; however, one of the most reliable sources is the U.S. Department of Labor's website.
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Instructions
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Go to the United States Department of Labor website for Occupational Health & Safety (OSHA). The site maintains one of the largest databases for SIC codes on the web. It also provides users with the ability to look up the corresponding NAICS code.
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Type one or two keywords that relate to the industry of the company you are researching. If you want to search for a phrase, or more than one keyword together, input the phrase within quotes. For instance, if you are looking for a company that works in the oil and gas sector, enter the search keyword(s)---oil and gas---and click "Submit."
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Review the industries listed. Select the industry that best fits the company's line or lines of business. For instance, the first industry that comes up for the search, oil and gas, is 1311 Crude Petroleum and Natural Gas.
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Read over the description that goes along with the code to make sure you have the best code classification to fit your industry. If you're not sure, go back and look at other code descriptions until you find the best fit.
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Tips & Warnings
Keep in mind that companies can have more than one SIC code. This is because companies can have more than one line of business and may classify themselves under all these lines of business instead of just one. You may need to conduct the same process for other lines of business within the company to obtain all the codes.
The SIC code is not specific to any one particular company unless that company is the only company in the industry. That is, a company can have a specific SIC code its management has chosen, but it is not a unique code assigned to that particular company.
References
Resources
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