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RE: Insurance

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You don't need to buy Workers Comp for yourself even if you are
incorporatated. Only if you have employees. Make sure your homeowners policy
has an umbrella to cover you if your profesional liability (same thing as
E&O) doesn't cover the full amount. Buy cost of defense coverage. We have
had situations (gasp, I am not perfect) where the cost of defense exceeded
the settlement!

Also consider valuable paper coverage. Should there be a fire or water
damage this will cover your cost to replace the lost documents (physical or
electronic including accounting records.)

Make sure you inventory your equipment (computers, plotters, etc.) and list
them specifically with your homeowners carrier so that you are assured of
coverage.

Mark Deardorff, President!
Deardorff & Deardorff

> -----Original Message-----
> From: Gerard Madden, PE [mailto:gmadden(--nospam--at)attbi.com]
> Sent: Wednesday, March 06, 2002 11:33 AM
> To: seaint(--nospam--at)seaint.org
> Subject: Insurance
>
>
> Well I'm starting my own business as I have found that I'm either
> "overqualified" or too expensive for most local firms to hire
> me, especially
> since everyone is claiming a slow down in the bay area.
>
> Anyway, I know there are a number of good engineers on this
> list who are a
> small business, either on their own or with a couple of
> employees. I will be
> working out of my house until I build up a steady client base. I was
> wondering if any of you could recommend and/or list the types
> of insurance I
> should look into.
>
> I know there is professional liability & E+O Insurance. Are
> these the same
> thing? What about all the other ones (workers comp etc..)
> That I should
> have. I am a sole proprietor at the moment, but I am not sure
> if there is
> any real benefit in going Incorporated, but If I did I take
> it I would then
> need to get workerman's comp.
>
> Lastly, If anyone can recommend places that offer affordable
> insurance to
> engineers, I'd appreciate any leads. You can respond
> privately if you'd
> like.
>
> thanks,
> -gerard
>
>
>
> Gerard Madden, PE
> Civil Engineer, Owner
>
> Madden Engineering
> 540 Monroe Street
> Santa Clara, CA 95050
>
> T: 408.564.5515
> F: 408.564.5530
> E: gmadden(--nospam--at)attbi.com
>
>
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