Chapter 1: How Business Insurance Protects Allied Health Practitioners
Part 2: Which Insurance Policies Meet the Needs of Sole Proprietors and Independent Healthcare Practitioners?
Business Owner's Policies for Sole Proprietors and Independent Contractors
A Business Owner's Policy (or BOP) is a bundled package that combines General Liability Insurance and Property Insurance for one affordable premium.
In order to qualify for a BOP, your small healthcare business must NOT….
- Have large offices or lots of employees. Because BOPs are tailored for small-business owners, there is a limit to the square footage and number of employees you can have and still qualify for this plan.
- Work in a high-risk environment or workplace. Typically, medical offices are considered low-risk, whereas construction sites would be considered high-risk.
- Need more than a year's worth of Business Interruption Insurance. This coverage can be added to the Property Insurance portion of a BOP. A Business Interruption Insurance policy offers funds to replace income you're unable to earn when you're forced to temporarily close by a covered Property event. The compensation you receive is based past earnings.
Most small private practices and medical offices can easily meet the requirements for a BOP. In return, they save money on their protection plan and still enjoy essential commercial coverage.
Next: Umbrella Liability Insurance for Sole Proprietors and Independent Contractors in Healthcare Fields