Working as an Independant Contractor

[mmdeacon]

I have been offered a job as an independent contractor doing Industrial Engineering work for a start up company. I have three questions: 1) How should I set a pay rate? This will be a IRS form 1099 position. 2) What do I need as far as independent contractor insurance? 3) Anything else that's really important that I need to know about?

[edeaster]

You are probably worth about 50% more than your last engineering position due to paying 2X as much FDIC and your own health insurance.
The firm you are contracting to should provide product liability insurance on the service you provide.
Remember, they both respect and need your talent otherwise you wouldn't have been asked.
I've been self employed for 35 years and it took about 20 to determine my value.

[PinkertonD]

Anything else that's really important that I need to know about?

There was a thread here nearly identical to your request, maybe a few weeks back. Go back through the threads as there were quite a few replies, that should assist you.