3 Financial Tips For Beginning Your Therapy Private Practice
Posted on: 8 February 2018
Ever since you started grad school, you've probably been dreaming about the day when you would go into private practice as a therapist. After years of internships and working as a staff therapist, you now have the referral business, loyal customers, and experience to work for yourself in your own therapy office. In order to ensure that your transition to private practice is a success, here are a few tips that will protect you financially and legally:
Lock Down Your Business Owner's Insurance Policy
When you worked as a staff counselor, you were most likely covered under the practice's commercial liability and property insurance. You will now need your own business insurance coverage, including property insurance and commercial liability insurance.
As a therapist with your own office, it makes the most sense to get these policies bundled together under a Business Owner's Policy (BOP), which includes property insurance, commercial liability insurance, and business interruption service. These policies will ensure that you are protected financially and legally if someone is injured in your building, a natural disaster causes your business to shut down temporarily, and in a variety of other situations as well. Bundling them together in a BOP saves money and streamlines everything.
Sign Up for Professional Liability Insurance
Another form of insurance you need when you go into private practice is professional liability insurance. This type of insurance specifically protects you if a client decides to sue you because they are unhappy with the therapy they received, claim that the advice you gave caused them financial distress, or claim that you were negligent.
Even if there is no basis to the claims, hiring a lawyer to defend you and potentially missing work to deal with court can all add up to a significant expense. Your professional liability insurance will kick in to cover your legal expenses so that you can get through this difficult situation without suffering financial loss. Contact companies like All Risk Insurance Group for more information about liability insurance.
Work With a Business Coach
Having a successful private practice is as much about running a business as it is about providing high-quality therapy to clients. A business coach can act as a guide and mentor, helping you to set income goals, sort out your expenses, and become profitable from the very beginning. Having a business coach in your corner means that you don't have to fly blind as a brand new business owner.
Starting your own private therapy practice is both challenging and rewarding. Following these tips will ensure that your transition goes well financially as well as professionally.
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