If a sudden injury or illness prevented you from practicing, how long could your business function without you? While many physicians have disability insurance (DI) to cover their mortgage and groceries, those benefits rarely stretch far enough to cover office rent, staff salaries, equipment leases, and more.
As a practice owner, a serious illness or injury could create two financial crises at once: the loss of your personal income and the ability to cover your practice's overhead. The TMA Member Business Overhead Expense (BOE) Insurance plan, issued by The Prudential Insurance Company of America, provides the specific protection you need to help keep the lights on and your staff paid while you focus on getting back on your feet.
More Than Just Paying Bills
The value of Business Overhead Expense insurance (BOE) isn’t just about paying the bills. It helps protect your practice by maintaining staff, preserving the practice's reputation, and even covering the cost of a locum tenens to ensure patient care continues.
BOE Insurance isn’t a replacement for personal disability insurance; it’s a vital part of your comprehensive financial safety net. Disability insurance helps to secure your personal household and finances, while BOE helps to cover major expenses such as rent, payroll, insurance, leases, loans, taxes, and utilities. This strategy can help protect your personal finances and further preserve the business you have spent years building as you recover.
Key Features of the TMA Member BOE Insurance Plan:
- Higher Payout Options: Providing flexible coverage options of up to $50,000 per month for up to 12 months or $35,000 per month for up to 24 months, helping fit your practice’s needs and cover expenses.
- Lower Premiums: TMA Members can benefit from more affordable member rates compared to competing carriers.
- Extended Benefit Periods: Coverage lasts up to 36 months (or until the full benefit amount is paid).
- Retroactive Benefits: The first benefit payment is made retroactively after 30 consecutive days of disability, helping cover the waiting period.
- Waived Premiums During Disability: While receiving benefits, your premiums are waived, eliminating additional financial strain.
Streamline Your Path to Protection
Why choose which part of your life to protect? You can help safeguard your personal income and your practice revenue at the same time. We recommend starting with the TMA Member Long Term Disability Insurance (LTD) plan, which provides monthly benefits of up to $18,000 in "Own Specialty" coverage with simplified underwriting.
To help keep coverage affordable, TMA Insurance Trust has been paying 25% of premiums for participants since 2018. Once you are approved for the TMA Member LTD plan, eligible members can receive a guaranteed acceptance offer for TMA Member BOE Insurance based on their existing underwriting. It’s a streamlined way to help protect your business and your household at once.
Your family and your practice rely on you. Be ready for the unexpected with a game plan that helps protect them both.
Contact an advisor today at 800-880-8181 to learn more about the benefits of BOE insurance. Our team is available to speak with you directly, Monday through Friday, from 8:00 AM to 5:00 PM CST.
TMA Member Business Overhead Expense plan is issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-certificate contains all details, including any policy exclusions, limitations and restrictions, which may apply. CA COA #1179, NAIC #68241. Contract Series 83500.
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