Business Insurance

One purchase to consider for your new business is the proper type of insurance. Many companies that offer personal home, car and life insurance also have commercial plans. You may receive a discount by adding another insurance plan under your established carrier. All clinicians must have malpractice insurance but other types exist as well including

General liability AKA "slip and fall" coverage
Professional Liability- group policies typically include liability insurance for the business and the individual
Business Property Insurance
Errors and Omissions
Auto Coverage- to cover driving clients around town
Dog Bite Coverage- if animal assisted therapy is used in the practice
Comprehensive Equine Liability- if equine therapy is used in the practice

Some of these policies are offered by specialized companies so be sure to understand the policy and get several quotes before committing to a carrier. Insurance companies that offer commercial services may "bundle" several services together at a lower rate.

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Getting Licensed in Wyoming

Depending on your graduate school specialty area, you can find Wyoming mental health provider application materials and requirements on the following websites: For bachelor or master level social workers, licensed professional counselors and psychotherapists, marriage and family therapists, you can obtain the needed application forms from the Wyoming Mental Health Professions Licensing Board at http://mentalhealth.wyo.gov/ For doctoral level psychologists, school psychologists, post-doctoral psychology interns, and specialists in school psychology, you can visit the Wyoming Board of Psychology at http://psychology.wyo.gov/ School psychologists or Specialists in school psychology who wish to pursue a license as a Licensed Professional Counselor (LPC) should contact the Wyoming Mental Health Professions Licensing Board at http://mentalhealth.wyo.gov/

State Rules and Regulations

The mental health licensing board in each state not only oversees the professional and ethical expectations of counselors but it typically outlines which professional licenses can and cannot own own private practices. For instance in the State of Wyoming, mental health licenses that require temporary or ongoing supervision are not allowed to own a private practice. This includes Certified Social Workers Provisionally Licensed Clinical Social Workers, Professional Counselors and Marriage and Family Therapists Certified Mental Health Worker Clinicians that have full licenses (LCSW, LMFT or LPC) typically have fewer restrictions in owning a private practice. If you are uncertain if you can own a private practice, review the rules and statutes posted by the mental health licensing board in your state. Call or email the board directly with any questions not outlined within the state statutes.

Federal Tax Payments

Federal taxes as a self employed individual and for a business operate differently then other employment arrangements. You will pay your typical percentage of tax withholding plus an additional self employment tax. Self employment tax is currently about 15%. The rate consists of two parts: 12% for social security (old-age, survivors, and disability insurance) and 3% for Medicare (hospital insurance). Essentially self employment tax is the amount a company pays on your behalf when you work for them. Since you are now self employed, you are responsible for both chunks of the payment. Depending on how you established your practice as a legal entity alters how the business is taxed. Remember that the legislators of the country reform tax law often and your tax liability may change with new laws. Consider having an CPA in your community complete your taxes rather than an online service. This can maximize your deductions. Keep accurate logs and books throughout the year for

Mental Health Practice Support

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