Just getting started...insurance questions...
Just getting started...insurance questions...
(OP)
I live in NY and would like to start doing some engineering work myself. Initially I plan on doing perc/deep hole tests. I recieved a quote for insurance and the price was $478 for general liability ($1 million coverage) and $5,151 for professional liability. Do I really need the professional insurance for doing perc/deep hole tests? I don't think I will have many jobs for the first few years so I would be losing a bunch of money if I paid close to $6,000 a year for insurance.
Eventually I plan on gettin into site plans and possible small residential/house/garage projects and then I would obviously need the professional insurance.
Thanks.
Eventually I plan on gettin into site plans and possible small residential/house/garage projects and then I would obviously need the professional insurance.
Thanks.





RE: Just getting started...insurance questions...
Civil Development Group, LLC
Los Angeles Civil Engineering specializing in Hillside Grading
http://civildevelopmentgroup.com
http://civildevelopmentgroup.com/blog
RE: Just getting started...insurance questions...
If you are not confident of recouping $6,000/yr in expenses (this is not the only expense), perhaps you want to reconsider your plans.
This topic has been discussed several times in this forum, do a search.
Rafiq Bulsara
http://www.srengineersct.com
RE: Just getting started...insurance questions...
I expect their to be some investment when starting a company but it is easy for me to see that a $5,151 professional liability insurance cost would make it impossible for me to get a business going as a side job.
RE: Just getting started...insurance questions...
RE: Just getting started...insurance questions...
You should also find out somehow if moonlighting is okay. Out here in SoCal that kind of stuff follows you pretty much forever.
Civil Development Group, LLC
Los Angeles Civil Engineering specializing in Hillside Grading
http://civildevelopmentgroup.com
http://civildevelopmentgroup.com/blog
RE: Just getting started...insurance questions...
Thanks for the input.
RE: Just getting started...insurance questions...
My quote was ~$3,300 for 250k in coverage, and about $5,000 for 1mil in coverage. Those are industry minimums, and don't start to go up until you get into the 250,000+ revenue area.
I'm going to proceed with the 250k level at 3300/yr premium and see how things go.
RE: Just getting started...insurance questions...
This subcontracted work would be mostly with geotechnical engineers and surveyors.
RE: Just getting started...insurance questions...
RE: Just getting started...insurance questions...
Dan - Owner

http://www.Hi-TecDesigns.com
RE: Just getting started...insurance questions...
RE: Just getting started...insurance questions...
Bumping for interest.
RE: Just getting started...insurance questions...
I did that with my aircraft repair business.
In 1989 my wife said " I am selling everything up and moving to California, you can come too if you want to."
B.E.
Now in California.
RE: Just getting started...insurance questions...