If you work in the medical field and plan on opening a private practice, one of the first steps will be purchasing adequate insurance. Long before welcoming new patients, you’ll need to obtain certain kinds of coverage to protect both yourself and the business. While the specific terms and total coverage limits will depend on a variety of factors, there are a few generalities to keep in mind. For example, all private practices should have the following kinds of coverage. 

3 Kinds of Insurance Your Private Practice Needs 

1. Professional Liability

Sometimes called medical malpractice insurance, professional liability coverage protects health care providers from lawsuits brought by patients. Unfortunately for those in the medical field, getting sued is more a question of “when” and not “if.” In other words, facing litigation is essentially inevitable, and when it does come around, you’re going to want compensation for your legal bills and any settlements the claimants end up winning.   

2. Commercial Property 

Even the smallest private practices are equipped with costly medical equipment, furniture, electronics, and other supplies. In the event of a covered disaster—vandalism, theft, flood, or fire, for example—commercial property coverage will reimburse you for the actual cash value (ACV) or replacement cost of the damaged or missing items. 

3. Business Interruption 

If you’re unable to practice because your office is destroyed in a natural disaster like a hurricane, tornado, or earthquake, business interruption insurance can serve as your safety net. This coverage compensates policyholders for any income they lose following a covered catastrophe. 

To purchase coverage for your private practice, turn to Philip Kent Beck Agency. Based in High Point and serving business owners throughout all of North Carolina, this company is proud to help clients prepare for any eventualities. A Nationwide Insurance®​​​​​​​ agency, they offer policies from one of the country's leading carriers. To request an insurance quote for your medical business, reach out on their website or call (336) 434-2111.