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Re: Insurance

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Even if you win the defense costs may exceed your ability to pay!!!

				Regards,

				H. Daryl Richardson

Mark E. Deardorff wrote:
>
> 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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