Monday, March 03, 2008

Can Your Expert Practice Survive the Unexpected?

Are you prepared for the unexpected? Could your practice survive your absence for an extended amount of time? After a recent extended illness, I am giving a lot of thought to these questions and more, and urge you to do so as well. What will happen to your practice if you unexpectedly take ill or suffer an accident or natural disaster?

Do you have disability insurance? Do you know a trusted colleague you could pass your active cases to? What about your employees - do you have a plan to pay them if no new business comes in the door for awhile? Do you have a minimum of three months reserve built up for your own living expenses? Who would notify your clients and put your plans into action if you were unable to do so? Do they know what you would want done?

I certainly hope that none of these situations occur and any plans you make regarding them never have to be enacted but, as my mother says, the best way to prevent disaster is to plan for it.

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