Episode 7: What insurance do you need for your private practice? (with Jake Mellor)

"Not all policies are created equal" - Jake Mellor What are the different kinds of insurance you might need for your business? You want to make sure you and your business are protected. Today’s guest is Jake Mellor, owner of Mellor Financial Services, which specializes in insurance, wealth management, tax preparation, and tax planning. He describes insurance options at every stage of your business. Jake is not with State Farm, although he sometimes wears khakis. As an independent insurance agent, he represents the client, not the company. Check out our handout for this episode by clicking here! Episode Highlights: Prioritize: Insurance and wealth management maximizes return and minimizes risk Protect: Income, families, business, and future—everything you work for and care about Insurance for Small-Business Owners: Business Owner’s Policy (BOP): Covers the basics (property/premise insurance) Business Interruption Policy: Triggers when natural or economic disasters occur Income Replacement Policy: Provides income coverage for individuals/staff Life Insurance: Facilitates transition, merge, sale, or acquisition of ownership Key Person Policy: Business ops interrupted when specific person passes/leaves Malpractice Insurance: Get at least $1 million in general liability coverage Cyber Policy: Increasing rate of cyber crimes should be covered under HIPAA Short- or Long-term Disability Insurance: Makes sense to insure all employees Workers’ Comp: Business owners may be able to waive right to be included Employment Practices Liability Insurance (EPLI): Internal employees address ownership of various issues Key Indicators: Insurance premiums and number of patients determine total revenue Take Care of Yourself: Become an asset via proper personal and business planning Must-Have Options: Package deals, business auto insurance, term life insurance policy Most Common Missing Options: Cyber liability policy and EPLI Links and Resources: Strategic Insurance Agency Strategic Insurance Agency: 1-800-773-1848 Mellor Financial Health Information Privacy (HIPAA) U.S. Department of Labor GreenOak Accounting Therapy For Your Money Podcast