The question: I have my business plan done and I have an office to lease. What kind of insurance do I need for my practice startup?
The answer:
1. First, you will of course need malpractice inusrance. I just did a post on buying malpractice insurance, so you can go there for more details.
2. If you are leasing an office, your leasing company or property owner will require business property/casualty/liability insurance. Sometimes they specify minimums. This type of insurance will cover:
a. The contents of your office, in case of damage or destruction (fire, tornado, vandalism, etc.) Note that the property owner will have coverage on the building, but may require you to participate in paying for this coverage.
b. "Business interruption" insurance, covering you in case you can't use your office for a period of time. This insurance pays you based on your estimated expenses for the time you must be out of your office.
c. General liability insurance, in case someone gets injured or in some way suffers a loss while on your property. This is the most expensive part of the insurance, but it's necessary. You can obtain this insurance from any general insurance agent; you may be able to get it from the same insurance agent as your personal home and auto insurance, at a discount. Shop around for rates, but focus on service; low rates don't mean much if you can't get good service in case of a claim.
3. You should also obtain disability insurance as soon as possible, which covers you in case you can't work for a period of time. If you have a family, disability insurance is essential. I'm reviewing disability insurance provisions and will write about this later. There are specific disability insurance providers who cover health care professionals.
That's about it to start with.
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