medical practice
by Kelly Reed

3 things to consider when starting a private medical practice

I want to start my own practice, what do I need to know about insurance?   Whether you are directly out your residency or breaking off from a hospital|private practice; the following will outline the insurance needs of a private practice into three simple categories [Personal Insurance, Business Insurance and Employee Benefits].

Personal Insurance: In college, I had a finance professor teach the concept of “pay yourself first.”  In order to run an effective practice, first make sure your personal house is in order.

  • Life Insurance
  • Disability Insurance
  • Property + Liability
    • Homeowners Policy
    • Personal Auto Policy
    • Umbrella Policy

Business Insurance: Properly protecting the assets of the business will ultimately protect your personal bank account.    

  • Medical Professional Liability
  • Businessowners policy [property + general liability]
    • Employment Practices Liability
    • Employee Benefits Liability
    • Crime Coverage
    • Workers Compensation
    • Umbrella
    • Business Auto
    • Privacy + Network Security [Cyber Liability]

Employee Benefits: How do I obtain + retain a best in class staff?

  • Health Insurance
  • Group Life
  • Group Disability
  • Voluntary Benefits
  • Retirement Plan

Running a business today is complex.  Whether internally or externally, identifying an expert who specializes in your profession will allow you spend more time in your unique ability of practicing medicine.  To learn more contact Kelly Reed | 906.315.7227 |

The enrollment period for 2023 individual and family health plans ended on January 15. Please contact us to determine if you qualify for a special enrollment period.

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