Insurance for Licensed Professional Engineer
As a licensed civil engineer in Maine, I’m interested in taking on a side project where I review and stamp drawings for small projects. What kinds of insurance should I consider? Would it be advisable to establish an LLC for this work?
I appreciate any guidance you can provide! Thank you.
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It’s great that you’re looking to expand your work as a licensed civil engineer! When it comes to reviewing and stamping drawings for small projects, you’ll want to ensure that you’re adequately covered from a legal and financial standpoint. Here’s a breakdown of what you might need:
Insurance:
Professional Liability Insurance (Errors and Omissions Insurance): This is essential for engineers and protects you against claims of negligence, errors, or omissions in your work. It’s especially crucial since you’ll be stamping drawings, which holds a significant level of responsibility.
General Liability Insurance: This can provide coverage in case of bodily injury or property damage that might occur as a result of your business activities. While this may be less critical than professional liability for your specific role, it’s still a good layer of protection.
Workers’ Compensation Insurance: If you plan to hire any employees or contractors, this is usually required by law to cover workplace injuries.
Business Structure:
Additional Considerations:
Consult with a Lawyer/Accountant: It’s always a good idea to consult with a professional familiar with business regulations and liabilities in Maine. They can guide you on the best structure for your side gig and specific insurance needs.
Check State Requirements: Make sure to check any additional licensing or insurance requirements set by the Maine state engineering board or local ordinances.
Good luck with your side gig! It’s exciting to leverage your expertise!