Going Independent Status Update

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In case you were wondering, I thought I’d tell y’all how it’s going. First of all, I’ve somehow picked up a southern accent as evidenced by my use of “y’all”.

Health Insurance: I thought about limiting our insurance to taking vitamins and being VERY careful, but apparently that isn’t perceived as being very responsible nor wise. So with that option being, how shall I put it, stupid, Akumi and I researched the various options out there and settled on two individual PPO plans with Blue Shield. Getting two individual plans is cheaper than the cheapest family plan which was overkill for us. Since we don’t have kids and are both relatively young and relatively healthy, this is a good option for us.

Errors & Ommisions Insurance: I’ve read that this is important for independent contractors, but as I never make mistakes, I couldn’t imagine that it would apply to me. Even so, I am looking into it. In the meantime, I had my lawyer buddy Walter give me some wording for my contract to cap my liability at the amount of the contract. That was an idea that Jeanine, my former boss at Solien gave me when I had lunch with her recently. Right now, none of my contracts require E&O coverage. Do you need E&O coverage?

The Contract: Immediately after quitting my job, the start date for the bulk of the development work got pushed back to June. This kinda came out of left field, but that’s the risk I took by going independent. As it stands, it is actually working out nicely as I’m getting a much needed break. Tomorrow we’re getting started on some billable architecture work. We’ll definitely have some work to do, just nothing full time till June I think. In the meanwhile, I’m pursuing a couple leads on some short term work to fill in the time in between in case I need to do so.

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5 responses

  1. Avatar for Chris Serjak
    Chris Serjak March 21st, 2005

    You're braver than I am. Heading to Iraq was nothing compared to going out on your own. No irony intended. I've thought about it for years, but I really enjoy knowing what's going to be on my paycheck every two weeks.

  2. Avatar for Dimitri Glazkov
    Dimitri Glazkov March 21st, 2005

    Good luck, man! Next step -- starting a cool, bleeding-edge company of your own. Maybe call it "Phoogle"...

    You picked the Southern accent up from reading my blog, no doubt :)

  3. Avatar for Haacked
    Haacked March 21st, 2005

    Chris: Thanks man, but I don't think the risk I'm taking is in the same league as yours. Then again, with the ill-advised new bankruptcy laws Congress is enacting, maybe so.

    Dimitri: well that's the hope! And I had no idea you had a southern accent. But with a name like Dimitri, I shoulda done knowed you was from the southern parts.

  4. Avatar for Dimitri Glazkov
    Dimitri Glazkov March 21st, 2005

    You bet I have a southern accent! A Russian from Southern Siberia, currently livin' in the Heart of Dixie -- that's just too much of "South" put together :)

  5. Avatar for Chris Dunn
    Chris Dunn March 23rd, 2005

    Check out www.pacepros.com.

    They take care of this kind of stuff for the self-employed/independent contractors.