If you are a physician or a dentist suffering from an illness or injury for an extended period, what would happen to your well-established practice? You will have a dozen or more expenses to deal with, including rent, payroll, cleaning and maintenance of the premises, energy bills, etc. With expenses mounting and income literally drying up, your carefully and painstakingly built business can come crashing down in no time.
The only way of protecting your medical practice business in such circumstances is to buy high limits business overhead expense disability insurance. It will ensure that the mandatory expenses are easily covered, and your business is ready to welcome you back when you recover from the illness or injury.
Why BOE Is A Must For Physicians and Dentists
The BOE disability policy protects your personal assets as you don’t have to dip into your savings to meet ongoing expenses. The policy is designed to cover unavoidable expenses and allows you to recover in peace. It pays a monthly benefit to keep your medical practice afloat for the duration of your recovery, subject to terms and conditions. An experienced disability insurance broker will be able to guide you in buying the right plan for your practice.
The overhead expenses covered by High Limits Business Overhead Expense Disability Insurance are:
Mortgage or rent payments
- Salaries of staff and their benefits
- Utility Bills
- Property Taxes
- Professional dues and Accounting Fees
- Janitorial Services
- Office supplies
- Interest on various business Debts
- Office Supplies
Some high limits business overhead insurance may even cover the salary of a temporary staff member that carries out your duties.
It is important to note that there is a difference between high limits business overhead expense disability insurance and healthcare professionals disability insurance.
BOE policies term does not exceed two years in most cases. It does not protect the ability to generate income. A personal disability insurance policy does that. BOE insurance allows you to keep your practice going even when you cannot attend work and carry out your duties. Depending on the plan you have signed up for, it will pay for the various recurring monthly expenses until you are ready to work again.
If your illness or n injury forces you into a long-term absence from office, you will have two years to decide. Sometimes, accruing debts may force you to shut down or taper the practice. With two-year term BOE insurance from one of the leading disability companies, you will have enough time to carefully weigh all the options and make the right business decision.
Why You Must Choose a Plan Wisely
With the right high limits business overhead expense disability insurance, physicians and dentists can get excellent and long-term cover for their overhead expenses. They can resume work without any financial burden when ready to practice again.
A medical practice that depends on the skills and expertise of a few individuals and if the income source is dependent on a small group of people will always be at a huge risk if one person of the team is disabled. High limits business overhead expense insurance can give such a practice the protection required to generate the necessary income to stay afloat during such difficult times. Make sure you contact one of the best disability insurance services to know more about the policy. Please visit https://www.mgis.com/solutions/high-limits-disability-insurance/high-limits-business-overhead-expense/ for more information.