There is not too much to worry about when it comes to general insurances. Most of us take out packaged cover for offices which includes all the necessary elements such as public and employee liability. A sound broker should be able to place this for you at the best rate and most insurers are big names such as Zurich or Norwich Union so claims should not cause any problems.

However, I would urge all practices to look at life and critical illness cover for the partners. Of course a sound partnership agreement must be in place but, whether or not it is, such cover for partners removes the really difficult things if ever anything goes badly wrong, such as a partner dying or being taken seriously ill. These things tend to get put off because they never seem pressing but they are.

Cover needs to provide good compensation for a partner and his or her family so that they can leave the practice if necessary without money worries, and also needs to provide a pot of money for the firm. There may be locum fees to meet to cover the partner's work in their absence and recruiters to pay when a replacement has to be found.

Such cover should mean that when an equity partner (or their estate) is paid out under such awful circumstances (a) the partner and/or their famly are financially secure, (b) the remaining partners can be satisfied that they treated him or her fairly and well, and (c) that the firm's working capital was not stripped to make such a payment. If the right cover and the right agreements are in place everyone knows exactly where they stand, no one will be left struggling financially, and the firm's future will not be affected.

The pain of losing someone will still be acute, but it won't be financial pain as well.