You are your business.
That statement is true for any physician who owns their own practice.
Why? Because you are the backbone of your practice – which is literally your business. If you were ill or injured and couldn’t work, who would be responsible for keeping your practice up and running? You would, of course.
You are responsible not just to earn income for yourself and your family, but you must also be there for your patients as well as your staff.
What If You Were Out Sick?
So what would happen if you could not come in to the office because you were seriously ill or injured?
How would you pay your bills? Who would see your patients? How would your staff get paid?
All these questions can be answered with one response: business overhead expense insurance.
Your Practice Can Run While You Recuperate
Most physicians today have long term disability insurance to help replace their personal income if they are disabled and cannot work.
But what about the expenses of your practice? Everything you worked so hard for could be wiped out if you could not work.
Business overhead expense insurance is designed to help you pay expenses so your practice can keep running smoothly in the event that you or another partner becomes disabled and cannot work.
One Plan For Many Expenses
With business overhead expense insurance, you, or your partners in a group practice, have the assurance that there will be funds to help pay for the numerous office expenses that will occur in your absence.
It can help you pay for expenses like rent, employee salaries, payroll taxes, utilities, office supplies and equipment, maintenance services, loan payments, property taxes, and more.
If needed, it can even help pay for locum tenens services to cover your patient load when you are not able to work.
Get Up To $1.2 Million Of Coverage
TMA members have exclusive access to the TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America. It features a wide range of benefits you may not find with other plans of this type.
The TMA Member Business Overhead Expense Plan pays a monthly benefit of up to $50,000 per month to cover overhead expenses. And the benefits are paid for up to 24 months – double the benefit period of most other carriers.
That could result in up to $1.2 million of total benefits.
What’s more, we’ve added the flexibility to extend benefit payments for up to a total of 36 months. Here’s how it works:
If you do not use your full monthly benefits during the first 24 months of payments and your disability continues, you can continue to collect monthly benefits until your maximum “aggregate benefit” is reached – or you reach an additional 12 months of benefit payments, whichever comes first.
No Premiums While You’re Out
Unlike other plans that have a waiting period and then pay benefits, the TMA Member Business Overhead Expense Plan will make the first payment retroactively after you have been disabled for 30 continuous days.
And during the time you are disabled, your premiums are waived – so your coverage will continue at no cost to you.
Retain Employees – And Your Patients
Unless you can afford to cover the salaries, benefits and payroll taxes of your employees while you recover, it’s very possible they will leave your practice. Then you’ll have to retrain a new staff at a later date.
In addition to losing employees, many of your patients might seek care elsewhere. If you had to close your practice and start over again, how would you regain your professional momentum?
The TMA Member Business Overhead Expense Plan provides an option for a locum tenens physician – so your practice can carry on – and your patients can be cared for until you return.
If you don’t have to suspend or shut down your practice, you’ll be able to retain your loyal employees – and won’t have to lose the patient relationships you’ve enjoyed for so many years.
A Group Practice Shares Benefits
In a group practice where costs are shared, each physician covers a portion of the office overhead expenses. We therefore recommend that each partner have their own coverage with the TMA Member Business Overhead Expense Plan.
That way if one of the partners is disabled there will be funds to pay that physician's portion of the office expenses.
It’s also good to know that the TMA Member Business Overhead Expense Plan is portable – so should you open or join another practice, it can follow you wherever your career takes you.
More Benefits – More Value
The TMA Member Business Overhead Expense Plan is available to TMA members who are under age 70 and are working full-time.
A TMA Insurance Trust advisor can help you decide how much coverage you may need for your practice and answer any questions you may have. So why not take advantage of a cost-free consultation.
Our advisors have years of experience helping practice owners get the plan that works best for them and their practice. And because they do not work for sales-based commissions there will never be any pressure or obligation.
You can contact a TMA Insurance Trust advisor for assistance toll-free at 1-800-880-8181, 7:30 am to 5:30 pm Monday to Friday CST.
Apply Easily Online Now
You’ve worked hard to build your practice and achieve the success you now enjoy. This can be the perfect time to help protect its financial viability – and your future.
We’ve made it easy to apply online. Get started now by clicking below.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.