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Re: Insurance

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Gerard,

	I don't know if I should say congratulations or not but I will say good
luck to you.

	Regarding insurance I expect you will need to think about four things.
1.) You will need errors and omissions (or professional liability, or
what ever you might call it).  This is probably the most expensive
insurance you will buy.
2.) You should have general liability insurance which covers the same
sort of things that your home owner's insurance policy would cover.  You
may, in fact, be able to combine home and business under one policy; but
your home owner's policy alone probably will not provide complete
protection for your business activities.
3.) You should make sure that your automobile insurance covers "for
business use" otherwise if you are in an accident the insurance company
may be able to avoid paying damages due to uninsured use.
4.) Workers' compensation has special local legal implications which
vary from state to state and province to province.  You should check
this out.  As an employer you may be legally required to buy this; as a
sole practitioner it may be optional.

				Regards,

				H. Daryl Richardson

Gerard Madden, PE wrote:
>
> 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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