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I want to open my own medical practice. What insurance do I need to purchase?


metical-practiceOpening a private practice is expensive and involves multiple insurance issues. You will need to purchase Professional Liability Insurance to protect yourself as a practicing healthcare professional. Also known as physician malpractice insurance, it is designed to cover you for claims for alleged malpractice in rendering or failing to render professional services.

You will need Business Insurance protection for your practice. Property and Liability coverages are usually bundled together in the Business Owners Package (BOP). The BOP can be customized to fit your particular needs and is much more cost effective than if the coverages are purchased separately.

Business Automobile, Flood (excluded on BOP), Employment Practices Liability (for suits by employees), Cyber Liability (hacking of your computers), Medefense (governmental audits) and Umbrella Liability Insurance (higher general liability limits) enhance the basic protection offered by the BOP.


As a practice owner, it is very important to have a business perpetuation or succession plan in place. Buy-Sell Life and Disability Insurance address this need.

A business with four or more employees is required to purchase Workers’ Compensation Insurance—to provide employees with financial compensation for medical bills and lost wages due to work-related injury or sickness. The Employers Liability coverage protects you from lawsuits involving work-related accidents or sickness. We recommend you purchase Workers’ Compensation Insurance regardless of the statutory requirement.

When reviewing your Business Insurance needs, it is a good time to review your Personal Insurance Coverage (Home, Auto, Flood, Umbrella, Valuable Articles). Prices and coverages change from year to year, and a regular review is important.
Because Gracey-Backer believes in providing a complete insurance program for its clients, we can help you with all your insurance needs. The most important thing is avoiding a gap in coverage, finding the right company, tailoring the coverage to your needs, and doing all this at a competitive price.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

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