In the current inflationary economy, many practice owners are encountering rising expenses that may surpass their ability to sustain their emergency savings. If they were to become unable to work due to an illness or injury, the funds they have managed to save for emergencies might not provide sufficient coverage for the practice if its revenue ceases. The loss of earnings could lead to a cascade effect of losses that extend beyond the financial aspect - loss of personnel, loss of patients, and loss of their reputation in their community.

You can help ensure your practice thrives even when you can’t with the TMA Member Business Overhead Expense Insurance Plan issued by The Prudential Insurance Company of America.

A Lifeline For Your Practice

You may be sidelined by a severe injury or illness, but your practice doesn't have to suffer the same fate.

How BOE insurance helps protect your practice:

• It can help cover expenses associated with keeping your practice viable while you are unable to work, such as rent, employee salaries, payroll taxes, utilities, loan payments, property taxes, maintenance services, and more.
• It helps maintain the continuity of your practice. If you are temporarily unable to work, the practice may need to reduce its services or close for a period of time. This can lead to a loss of patients, reputation, and revenue. BOE insurance can help cover the cost of a locum tenens physician to continue to care for your patients until you are able to resume practicing.
• It supports employee retention. Medical practices rely on a dedicated team of staff to provide quality care and keep operations running smoothly. Business Overhead Expense insurance helps ensure that salaries can be paid even if you are unable to work, which helps retain skilled and experienced staff members.
• It provides more peace of mind. As a doctor running a practice, your focus should be on providing excellent patient care and growing your business. BOE insurance offers greater peace of mind by protecting you from the financial burden and stress associated with a significant illness or injury. Knowing that your practice's ongoing expenses are covered allows you to concentrate on your recovery.
• If you have partners, it can help protect their interests. If you become unable to work due to illness or injury, your BOE insurance benefits can help cover your share of expenses. You can even direct that your benefits be paid directly to the practice to ensure it keeps running smoothly until your return. 
• It helps protect and preserve your personal finances. Having BOE insurance allows you to keep your personal disability insurance benefits allocated solely for your household’s needs.

Here’s how we’ve purposefully structured The TMA Member Business Overhead Expense (BOE) Insurance Plan to support your practice:

• Higher Payouts – Up to $50,000 in monthly benefits to cover the ongoing expenses of your practice.
• Longer Payouts – Benefits can be paid for up to 24 months (or until the aggregate benefit amount is reached).
• Lower Cost – The TMA Member BOE Insurance Plan offers a lower premium compared to many competing carriers, resulting in greater value and better affordability.
• Retroactive Payout – You receive a benefit for the waiting period. The TMA Member BOE Insurance Plan will make the first payment retroactively after you have been disabled for 30 consecutive days.
• No Premiums When You Are Disabled – Your premiums are waived so there is no cost to you while you are disabled and receiving benefits.

Practice owners who have partners should consider the advantages of having all partners apply for BOE coverage. This action could result in your practice being more fully protected.

Don’t Miss a Beat, Get BOE

Keep your practice steady and strong with the TMA Member Business Overhead Expense Insurance Plan. Our advisors' knowledge of this complex protection can assist you in securing coverage easily. We encourage you to call them at 800-880-8181, Monday to Friday from 8:00 to 5:00, CST. You also have the option to utilize our online platform to apply. Click the button below to get started.

For over 65 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.