If you are starting your own business as a medical biller and coder, what kind of insurance do you need?

It might be tempting to say “not much,” especially if you are setting up a computer in a home office and working part time. But then you start to think. What would happen if your computer was lost or stolen and you were not able to keep working for a period of time? What would happen if a client who stopped by to see you slipped on your front steps and got injured?

According to the U.S. government’s Small Business Matters resource for small businesses, here are some kinds of coverage that you would be wise to consider before starting a small business of your own:

-     Home-Based Business Insurance – According to Small Business Matters, homeowners’ insurance policies generally do not cover home-based business losses. While you may be able to add property damage riders to your policy, you may need to purchase additional policies to cover other risks, such as general and professional liability.

-     Commercial Property - This covers losses and damage of company property due to fire, smoke, severe weather, vandalism, and other events. It can cover lost income, business interruption, buildings, computers, company papers and even money that you have on hand.

-     General Liability - This insurance can provide protection against accidents, injuries and claims of negligence.

-     Professional Liability - If you provide a service, this insurance protects against malpractice, errors, and negligence in the services you provide to your customers. (Let’s say, for example, that a client incurs a loss because of errors you made.) Some state governments require certain professions to carry such a policy. To check your state’s requirements, click here.

Where can you find out more about the coverage you need? Speaking with an insurance agent in your area can be a good place to start, since local agents are likely to be aware of state and local laws and legal precedents. The Independent Insurance Agents & Brokers of America, a not-for-profit professional organization, offers a “find an agent” service that you can search online.