[thelist] LLC and Insurance (Was: Contract Opinion)

[Eric Engelmann]

Disclaimer: I aint no lawyer. But did do an LLC incorporation.

<snip>
1.) If I'm an LLC, do I still need liability insurance? <snip> The same goes
for the
insurance, if I have that, do I really need to mess with being an LLC?
</snip>

Many RFPs/larger clients require you to have insurance. I don't recall if we
had insurance right off the bat or not, but you'll need it at some point.
Recommend asking your local small business development center. LLC protects
your personal assets, but i assume liability insurance pays the plaintiff
that sues you and wins, essentially protecting the company's assets.

<snip>
2.) Those sites that blast "Form an LLC Online!"--are they good to use? Is
the "basic package" good enough?
</snip>

Its your business, and if you do it wrong it can have wide ranging
consequences. I don't have any bad experience to speak from, but don't skimp
a couple hundred bucks for something that could in the long run be a big
problem to fix.

<snip>
3.) where to get professional liability and errors and omissions insurance?
</snip>

We asked the guy that got us our liability insurance. :-) Any insruance
rep/broker will be able to find quotes for you from a number of companies.
Don't know of any easy way other than asking around; I don't think
progressive does E&O so you can just sign up online :-)

Also: Waaaaay back (I had to look it up! Ah, the good old days) I had this
tip:

http://lists.evolt.org/archive/Week-of-Mon-19990621/087951.html (see the
bottom)

Especially the part about the small biz development centers. They're there
to help you.

Find a local SBDC maybe by starting here:

http://www.humanspan.com/clients/templates/alpha/bridge.asp?pagenumber=740

or at www.sba.gov

or in your yellow pages.

Good luck,

Eric