Starting My Own Business As An Ergonomist
Question: I am also a P.T. and planing to get a business license to be an independent contractor to treat patients. My question to you is whether you know if I would need two separate business licenses to cover myself separately as a PT and Ergonomist? Also, in terms of obtaining liability insurance, would these two need to be separate?
Answer:I do not think so…unless your accountant would want you to do it for tax purposes.
I carry the HPSO insurance from APTA about $225 per year for $3,000,000 coverage. You can add coverage as a consultant for $25 (twenty five dollars) extra. You will also need to carry business liability if they choose to sue your business. We carry $5,000,000 for about $700 per year.
Question: I’m doing some investigation on the difference between professional liability and business liability insurance. You think I need business insurance even though I won’t have a physical building? What else would the business insurance cover that is not already covered by the professional liability insurance?
Answer: It depends on how you are paid. If you are paid to you directly, they will ask for your Social Security number & issue a 1099 at the end of the year. If you have it paid to your business, they will ask for your Federal ID #. If you have it paid to a business, you will need BOTH personal & business liability.