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Side Work

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I'm a practicing structural engineer with an established firm in North Carolina.  I'm considering taking up some residential work on the side with my brother who is a builder in Colorado.  Does anybody have advice about liability, insurance issues, dangers of doing work independent of your firm, or anything else I might not think of? 
My boss is OK with the idea as long as I make sure that nobody could ever come after our firm's insurance policy due to my being employed here.  Anybody experienced this before?

Thanks a bunch!