Question Beyond 1099s

LHenckler

Contributor
Messages
14
Location
North Chelmsford, MA
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0
Good morning,

I have been fortunate to do help a few providers with their practices with billing/coding/collections etc. I am paid with 1099s. I do set aside money if needed come tax time. (in Massachusetts) I am considered as an 'at will employee' so it could be a year, or years I work with them.

I want to make sure that I myself is protected forbid there are legal issues. What I am wondering is if I should establish an LLC or something along those lines, or is there a recommended business insurance I can take out for myself. I am not sure a LLC or DBA would be worth it due to what I make. It is a sporadic amount that I get paid. I am not a billing company or business; it is just me helping a provider or two out as long as they need it!

Any suggestions or guidance would be greatly appreciated. Thank you!
 

thomas7331

True Blue
Messages
4,146
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11
You can purchase what's called 'Errors and Omissions' (EO) insurance which might be sufficient to cover you should you happen to do something that ends up costing a provider financially. You might consider speaking with an insurance broker about your options and get their recommendations. An accountant could probably also look at your situation and advise you about the costs versus benefits of incorporating.
 
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