Starting a practice 7-8 months out: Benefits and insurance

Choosing insurance coverage and practice perks can be daunting. This third installment of our series will help you snare the right ones.
You’ve been busy scouting a location for your practice, lining up experts to facilitate things, drawing up a budget, projecting your cash flow, and securing financing. You’ve also filed the paperwork for the certificates and licenses you’ll need to begining patients.
The next step—and it’s a big one—is to begin fleshing out the fringe benefit plan you can offer your staff and arranging for personal and business insurance coverage.
There’s a lot to digest, but don’t get discouraged. Your advisers can help, so lean hard on these people. Whenever possible, we’ll also suggest places for you to get more information.

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Human Capital…What’s Your Plan?

The ‘Bread Winners’ for most families go into the world every day with one particular objective; accomplish your goals to provide for your family. Your income is imperative to the current and future success of your family, short term needs like food & utilities to long term goals such as college funding for your children and retirement.

How often to you think about your true financial value to your household? Or your ‘Human Capital’ value? We consider Human Capital to be the future value of your present income or for example, your income ($100,000) x future need (20 years) or $2,000,000.

Having a plan to make sure your family’s income need can be replaced or provided if you the ‘bread winner’ can’t continue to provide it, due to loss of life or disability is very important to say the least.

As well having an ‘Emergency Fund’ established for short term ‘Human Capital’ needs is vital, and in some cases both short & long term needs can be handled with one solution.
Be proactive and establish or review your plan today to make certain your family’s future can be bright & successful regardless of the risks or hazards that life has in store.

– Troy Barrow, LUTCF is an independent Agent practicing professionally for six years and is the owner of Arlington Insurance Planning Services, licensed in the States of New York and New Jersey. You may contact Troy at 646 580-5189 or