Self-employment on the side...
Self-employment on the side...
(OP)
I just got my civil engineering license. I currently work for a company that produces stone, concrete and asphalt. Every 5 years we have to update our mine plans and renew our permits which include a stamped site plan. We currently sub-out the site plans as we don't have a licensed engineer. I am hoping to start stamping our plans myself instead of subbing them out.
The stuff I would like to do on the side is perc/deep hole tests and small residential projects. It would not be a conflict of interest with my current company at all.
What kind of insurance do I need? Liability, E&O, etc.?
How do I go about getting insurance?
If I do end up stamping the plans for my current company would it be reasonable for them to pay for my insurance?
Thanks.
The stuff I would like to do on the side is perc/deep hole tests and small residential projects. It would not be a conflict of interest with my current company at all.
What kind of insurance do I need? Liability, E&O, etc.?
How do I go about getting insurance?
If I do end up stamping the plans for my current company would it be reasonable for them to pay for my insurance?
Thanks.
Talk To Other Members
RE: Self-employment on the side...
However, I would keep the insurance policies separate - they pay for theirs and you yours - If I remember correctly, on the policy you have to list what you will be doing which they will see and question if you combine them.
CNA is a good company to start with, and some engineering societies have their own insurance too.
You need E&O.
Mike McCann
MMC Engineering
RE: Self-employment on the side...
RE: Self-employment on the side...
You will pay for professional liability insurance based on your GROSS revenue. You don't want your company's gross revenue figured into that!!
RE: Self-employment on the side...
RE: Self-employment on the side...
In addition, you may also need worker's compensation and commercial auto liability insurance.
WC requirements vary by state and owner. Being a sole prop. you may be able to get a zero payroll policy (these are relatively inexpensive). Check with a local insurance agent that handles business insurance.
Commercial auto may also be a client requirement.
If you are doing work for a developer and are on their site they may request both WC & comm auto (for when you drive your vechicle on their property).
A typical homeowner probably would not ask for these policies.
These are in addition to general liability and professional liability (E&O) insurances.
Ron and Mike are definitely right about keeping your employed and SE E&O policies separate.
Patrick