ACEP has joined forces with the Emergency Medicine Business Coalition (EMBC) — a growing network of 46 independent democratic groups representing seven million emergency department visits annually — to launch the Independent EM Group Master Class.  Also known as Indy Class, this training conference is held each February at the ACEP Headquarters and bridges the gap between clinical excellence and business acumen. Indy Class serves as a vital forum where emergency medicine business leaders share best practices, collaborate on innovative solutions, and support those launching independent practices.

Starting a new emergency medicine group is both exciting and complex. Beyond clinical care, new practice owners must establish essential vendor relationships, including accountants, legal counsel, human resources consultants, insurance providers, and revenue cycle management firms. This operational infrastructure is critical to long-term success — and one of its most vital components is insurance.

Insurance for Small Businesses

Owning a small business takes passion, vision, and tolerance for risk. Although challenges are inevitable, comprehensive insurance coverage allows you to prepare for the unexpected. It protects your practice from financial loss, builds trust with partners, and ensures business continuity.

Here’s a breakdown of the most important insurance types that every emergency medicine group should consider:

1. Short-Term Disability Insurance (STD): STD insurance covers a portion of a physician’s or employee’s income if they are temporarily unable to work because of illness, injury, or childbirth. This insurance often serves as a bridge before long-term disability coverage begins.

STD key components:

• Elimination period: Benefits begin after a short waiting period, usually zero to 14 days.
• Coverage duration: Most STD plans last between six and 26 weeks, with 12–13 weeks being the most common duration.
• Benefit amount: Typically provides up to $2,500/week in income replacement.
• STD policies may require people to exhaust sick leave or paid time off first.
• Maternity benefits: Often six to eight weeks of coverage

2. Long-Term Disability Insurance (LTD): LTD insurance provides income replacement for employees who remain unable to work after their STD coverage lapses. Most physicians maintain an individual LTD policy that offers consistent protection throughout their careers, regardless of job changes. Adding a group LTD policy on top of that provides an extra layer of income protection—often at a relatively low cost—that helps close any gaps in salary replacement.

LTD key components:

• Elimination period: Typically 60 -180 days.
• Benefit duration: Can last for years or until retirement, depending on the plan.
• Own-occupation and same-specialty coverage: For physicians, especially those in high-skill fields like emergency medicine, having “own-occupation” LTD insurance with same-specialty protection is critical. This type of policy ensures that if physicians become disabled and can no longer perform the specific duties of their medical specialty, they will still receive benefits—even if they are able to work in another capacity or field. For physicians, this tailored coverage isn’t just a benefit — it’s a necessity.
• Benefit amount: Coverage typically around $10,000/month in income replacement.

For both STD and LTD policy, who pays the premiums matters, When physicians pay their premiums with after-tax dollars deducted from their paychecks, any LTD benefits they receive is generally tax-free income. However, if the business pays the premiums — or if the physician pays them with pre-tax dollars — the benefits are usually taxable income. Choosing to cover your own LTD premiums out of pocket may result in a slightly higher upfront cost, but it provides critical financial protection down the road, helping you maximize your income when you may need it most.