POLL for SELF EMPLOYED, Do You Have Insurance?

This is for all of you self employed "Independant" Engineers, Contractors, Programmers, Technicians, Moonlighters, etc.

This would NOT be for those who have a larger organization, like Tom Jenkins or Elevmike.

Sorry Casey,

My browser opened in a window and I voted before I scrolled down to read the post...

Well, okay Mike. Just don't vote anymore on this POLL!


So, how's business? Keepin' busy?

Casey,

I know that you like posting polls, but what is the point behind this one?

Paul

I was wondering that myself. I am technically self employed and KNOW that most (if not all) companies will require you to have certain thingss with insurance (work comp, liability) being the main ones. Hard to get much work without because their policies or insurance will not allow you to be on the property.

I had another business once wholesaling cars. I would buy and repair cars then resell. I had to be bonded for the wholesaler's license, have insurance (in this case auto coverage too) and if I hired someone I had to either have on payroll and provide work comp OR if sub-contracting they had to provide proof of insurance. Not even a small business can afford to pay for damages or injuries to someone on their property without having coverage of some form.

If in business, even if just a sideline, the insurance is a must for personal protection as well as being able to get certain jobs.

Personal opinion, maybe, but I do not see how you can get the work without it.

CaseyK said:

So, how's business? Keepin' busy?

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Things are good. Looking for good field techs.

Just as a matter of interest, I carry Worker's Compensation (compulsory), $20 million public liabilty, $20 million product liabilty. I finished a quotation on Friday where the client requires Contract Insurance, Professional Indemnity insurance (thought the consultant engineer carried this), 2 lots of 5% irrevocable Banker's Guarantees, 2 1/2% witheld till practical completion, a further 2 1/2% witheld till the end of defects liability and for the successful tenderer to indmenify them against everything. Written by a lawyer of course.

The Banker's Gurantees would mean I would have $25,000.00 of my funds tied up for up to 12 months from the date of practical completion. They want the Professioanl Indemnity insurance to be carried on for 6 years after project compeltion. They even want the job listed with the insurer as a "job of interest" with respect to the Publec Liabilty and Product Liabilty insurances.

Put a lot of exclusions in the quote. Some silly idiot will probably take the job on with everything included and not do it properly.

Lawyers will eventually send small business broke or make things so hard that there will be no small business.

BobB said:

Lawyers will eventually send small business broke or make things so hard that there will be no small business.

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LOL, they got me out of the big time.

marketting your business

PLucas said:

Casey, I know that you like posting polls, but what is the point behind this one? Paul

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Well, the POLL came about after Ron and Steve mentioned Insurance.

I see very very few independents with insurance.

I myself have never had a company ask me if I had any.

I have gotten the impression from a lot of threads that there are a lot of members here that are independent or moonlight that do not have insurance.

I have never had a company that didn't when/if I had to enter a manufacturing plant. The closest exception was when I custom built computers and only had to go into the office area(s).

CaseyK said:

Well, the POLL came about after Ron and Steve mentioned Insurance.

I see very very few independents with insurance.

I myself have never had a company ask me if I had any.

I have gotten the impression from a lot of threads that there are a lot of members here that are independent or moonlight that do not have insurance.

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Thanks for the answer Casey,

If you had put that in your first post, I wouldn't have asked such a blunt question.

Paul

Quite interesting. Many of us over here work for ourselves and have to produce our certificates of currency to who we work for whether that be the actual client or a prime contractor who we subbie too. In fact, i cannot even get paid most of the time without submitting the certificates with the invoice to prove that at least my worker's compensation and public laibility are current - every time I submit an invoice by the way.

When I started out, I was in the process of finalizing liability insurance when I went to a customer's site. They were down, out of production, and losing money. They knew I didn't have insurance yet, but wanted me to fix the problem.
But.. aside from that one exception I have always carried insurance, million per incident, 2 million total for the year.
On top of which I highly recommend BCBS for health insurance. It's very good to have.
In Ohio an LLC doesn't have to carry Workers Compensation unless they have more than 2 employees. At this time I don't carry it, but I look forward to, and also dread, the day that I have to carry it.

I have a question about the types/amounts that one should
carry. I currently have a 2 million general liability, but
have seen on this forum statements to the effect that that amount and/or type would be insufficient for programming PLCS for industrial and commercial machinery control. I oroginally obtained the general liability policy for doing elctrical work
part-time. Now I am being requested to do some programming and installs of drives and PLCs. Do I need an insurance upgrade?

katratzi said:

I have a question about the types/amounts that one should
carry. I currently have a 2 million general liability, but
have seen on this forum statements to the effect that that amount and/or type would be insufficient for programming PLCS for industrial and commercial machinery control. I oroginally obtained the general liability policy for doing elctrical work
part-time. Now I am being requested to do some programming and installs of drives and PLCs. Do I need an insurance upgrade?

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Check with the plant. What do they need? What they need is what you should get. More would be fine, if you've got the money. In that case you could get me a new laptop.