STEP 8: Professional and Practice Insurance

Private Practice Private Practice Startup
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Keep yourself covered.

Now that you have the building and its contents, it’s time to look at insurance. There are 2 types of insurance to consider:

1. PERSONAL LIABILITY INSURANCE

a. Professional liability insurance.

    • Malpractice insurance.
      • In the event that someone files a lawsuit based on your medical management.
    • Indemnity insurance.
      • In the event that someone files a lawsuit based on a breach of professional conduct, e.g., breach of confidentiality.
    • It’s imperative that you get professional liability insurance before practising in the private sector at all.
    • Some personal professional insurance companies available:
      • MPS.
      • AON.

2. BUSINESS INSURANCE

a. Building and content insurance.

      • In the event of theft, natural disaster, damage to property, etc.
      • HIGHLY recommended, if not compulsory.

b. Product liability insurance.

      • In the event that someone files a lawsuit against your practice due to damage caused by your equipment, medication, or appliances, e.g., consequences from using expired medicines.

c. Public liability insurance.

      • In the event that someone files a lawsuit due to an injury sustained from slipping or falling at your practice.

Since you might not need all of the above, we recommend that you start off by speaking to a reputable business insurance provider, preferably one that specifically caters to private medical practices, and hear what they have to say about what your practice would need.

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