<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1200425829968335&amp;ev=PageView&amp;noscript=1">

How Business Overhead Insurance Can Save Your Medical Practice

Have you ever asked yourself, “Can my business survive if I’m not there”? Most physicians would say no since their practice relies on them so much. Whether you are just starting your own practice, or you are growing an existing one, it’s important that it keeps running smoothly even if something should happen to you.

Like most physicians who own a small  or midsize practice, you are the key player in keeping your practice profitable, and if you’re not there to see patients, your practice will quickly fail. Well, that’s what Office Overhead Expense Insurance is there for – a way to keep your business functioning even when you can’t be there.

You know that running a successful medical practice isn’t cheap. According to the Medical Group Management Association the median overhead for a primary care practices is 59.5% of revenue. With over half of revenue being spent on overhead expenses, it’s easy to see why having a security net for your business is so important. 

The Overhead Expense Insurance protects your business by continuing to pay your employees’ salaries, paying all your business expenses such as rent or mortgage, electricity and property taxes – all of the expenses you can’t forego when you are too hurt or sick to work.  As reported by the Bureau of Labor Statistics, the annual median pay of a Physicians Assistant is $90,000 a year and growing. So, even if you aren’t planning on being away from your business for a year, you would still need to pay your valuable assistant approximately $7,500 a month, and that’s for only one key employee.

Having a plan in place to pay monthly bills and salaries could be the difference between staying in business and having to close your doors. Plus, with an Overhead Expense Insurance plan, your savings will stay intact – so you don’t have to spend retirement/vacation money on your business needs.

Top 4 Reasons to Buy Overhead Expense Insurance:

You don’t want your business to suffer because of your disability – It doesn’t matter whether you have partners or not, if you are on leave due to a disability, your business will suffer. According the American Academy of Family Physicians, family physicians said they spend 34.1 hours in direct patient care each week. In another survey by the Physicians Foundation, they found that 39.8% of doctors see 11-20 patients per day. That means you would potentially be missing out on the revenue of up to 20 patients per day.

You want to keep your employees – Your employees have been loyal to you and you want them to be okay should you need to take some time off. Overhead Expense Insurance will pay for your employees’ salaries and benefits while you’re away.

You want your business to keep its momentum – This is true no matter if you have a long-standing practice, or you are just starting one. Also, with the funds you will have, you could potentially hire someone to work in your stead until you are back on your feet.

You don’t want to lose your storefront – An Overhead Expense Insurance plan will pay for your lease, rent or mortgage, so you don’t have to worry about losing your business space. Having to move your business causes confusion, which may result in your patients moving to another medical practice.

You have a company that you built, the last thing you want to do is have it crumble beneath you. With Overhead Expense Insurance, you can ensure that your business is taken care of. Contact us to learn more about the benefits of Overhead Expense Insurance.

Recommended Posts

Get Optimal Coverage and Control Costs with Special Group Health Options

Group Health Insurance Coverage Solutions for Owners and Independents

Why Cheaper Health Insurance Isn’t Always The Best Choice

Practice Owners: The Group Coverage You Need and Support You Deserve

Get the Best Coverage and Service for Group Health Insurance

We’re Here to Help Your Practice: Now and in the Future

Get Year-Round Help for Group Health Insurance

It May Be The Best Kept Secret For Controlling Your Health Insurance Costs

Protect Your Practice with Business Overhead Expense Insurance

Get Optimal Coverage and Control Costs with Special Group Health Options

The TMA Member AD&D Plan: Intentional Insurance for Accidental Injuries

Practice Owners and Independents - Get the Group Coverage You Want, Even Without Employees

The Four Advantages of Buying Insurance From TMA Insurance Trust

Why Good Dental Health Supports Good Physical Health

Open Enrollment exclusive: PPO Coverage For You and Your Family

Why Cheaper Health Insurance Isn’t Always The Best Choice

Practice Owners: Special Health Insurance Options You May Not Be Aware Of

Help Safeguard Your Practice from Operational Setbacks

Special Insurance Savings For Women

Help Protect Your Practice’s Heartbeat With Business Overhead Expense Insurance

Don't Let An Injury Injure Your Practice

Don’t Let Illness Or Injury Sabotage Your Practice

You’re Seriously Ill. You Can’t Work. What’s Your Plan For Your Practice?

The Four Advantages of Buying Insurance From TMA Insurance Trust

Helping Physicians Manage Their Time Wisely

What You Don’t Know About The TMA Member Long Term Disability Insurance Plan

Strengthening Your Coverage with the TMA Member AD&D Plan

Benefit Your Practice with a Second Opinion on Your Group Health Coverage

Supporting Texas Physicians with Personalized Health Insurance Options

Navigating Storms: Secure Savings on Your Home and Auto Insurance

Planning for the Unexpected: The Importance of Life Insurance

Stay Safe, Play Smart: Help Protect Your Adventures with Accident Insurance

Dental Insurance: A Wise Choice for Your Health and Finances

Practice Owners: Special Health Insurance Options You May Not Be Aware Of

Practice Owners: The Group Coverage You Need and Support You Deserve

Get the Best Coverage and Service for Group Health Insurance

How to Help Your Practice Prepare for the Unexpected

We’re Here to Help Your Practice: Now and in the Future

Help Keep Your Practice Up And Running When You’re Out Sick

Get Year-Round Help for Group Health Insurance

5 Things Business Overhead Expense Does That Personal Disability Insurance Doesn’t

Speak with a TMA Insurance Trust Advisor:

Newsletter signup to receive our monthly newsletter

border