Question about starting a side consulting business and insurance?
Question about starting a side consulting business and insurance?
(OP)
I have a quick question about E&O insurance and having the insurance for part time work. I have a full time job at a company but at times I have the opportunity to do some work for a friend of mine when he needs some Civil and Environmental Engineering work done. I talked to an insurance agent about insurance and filled out all the paper work. The problem is they said I do not generate enough revenue in order insure me and they usually do not have E&O insurance for part time consulting. Is this true for others that have maybe done this type of work? I checked four insurance companies and get the same response. It is not that I don't think I do good work but you all know how it is with liability and the good old tort system of America, which I will not get into on this forum.
If anyone has some input, I would appreciate it. I do not do structural because of course that holds the greatest liability in the civil field but just wondered if anyone else has run into this situation. Thanks for the input.
Runoff
If anyone has some input, I would appreciate it. I do not do structural because of course that holds the greatest liability in the civil field but just wondered if anyone else has run into this situation. Thanks for the input.
Runoff





RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?
If you are stamping, then E&O is good to have, since as you say, "the good old tort system of America".
Usually, part timers can't justify the E&O insurance because they are only working on the side, part of the time.
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
Have you read FAQ731-376 to make the best use of Eng-Tips Forums?
RE: Question about starting a side consulting business and insurance?
Good luck,
H.
RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?
Your are right. Putting your asset in your wife's name isn't used. My lawyer friend, who is a partner in the firm, moved his assets into a trust. Although also not 100% proof, it is much more diffiult (courts are less inclined to override a trust).
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
Have you read FAQ731-376 to make the best use of Eng-Tips Forums?
RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?
RE: Question about starting a side consulting business and insurance?