As a physician, your practice is more than just a profession—it's a testament to your dedication and hard work. However, unforeseen circumstances like illness or injury can disrupt even the most well-established practices. In today’s inflationary economy, rising costs may outpace your ability to fund emergency savings, leaving your practice vulnerable if you’re unable to work.
TMA Insurance Trust supports independent physicians like you by helping you maintain your independence. That’s why we developed the TMA Member Business Overhead Expense Insurance Plan (BOE), issued by The Prudential Insurance Company of America.
Why BOE Insurance is Crucial
Business Overhead Expense (BOE) insurance is designed to cover your practice's monthly expenses if you’re unable to work due to a covered illness or injury. There are many things involved in running a practice and keeping it open if something were to happen to you. By being proactive and securing business overhead expense insurance, you’ll be making sure that at least these top three crucial areas are covered:
- Maintain Patient Care: Without BOE insurance, if you’re unable to see patients, they may seek treatment from competing physicians and might not return when you’re back. BOE insurance funds a locum tenens to ensure your patients continue receiving care from your practice.
- Retain Quality Staff: If your practice is forced to cease operations, your staff may seek employment elsewhere. BOE insurance covers salaries and benefits, helping you retain your valuable team.
- Preserve Financial Stability: BOE insurance helps protects your practice’s financial health, ensuring your personal disability insurance benefits are used exclusively for your household expenses.
Coverage would also include the ability to care for essential costs such as rent, employee salaries, payroll taxes, utilities, office supplies, equipment depreciation, maintenance services, loan payments, property taxes, and even the cost of hiring a locum tenens to treat your patients.
Why Choose the TMA Member BOE Plan
If you are a practice owner in a partnership, discuss BOE coverage with your partners so that all TMA members in the practice can consider applying. Helping to ensure comprehensive protection for your practice means greater peace of mind for everyone involved.
- Higher Payout Options: Choose from up to $50,000 per month for up to 12 months, or $35,000 per month for up to 24 months to cover your practice’s ongoing expenses.
- Longer Payout Periods: Benefits can be paid for up to 36 months (or until the aggregate benefit amount is reached).
- Lower Premiums: The TMA Member Plan offers lower premiums compared to many competing carriers, providing great value and affordability.
- Retroactive Payout: The first payment is made retroactively after you’ve been disabled for 30 consecutive days, covering the waiting period.
- Waived Premiums During Disability: Your premiums are waived while you’re disabled and receiving benefits, eliminating additional financial burdens.
Help Secure Your Practice’s Future
Don’t leave your practice vulnerable. By securing BOE insurance, you’re not just helping to protect your practice—you’re helping to safeguard your professional standing, business momentum, and everything you’ve worked so hard to achieve.
Contact us today to ensure your practice remains strong and independent, no matter what challenges you may face. Find out more about the benefits of BOE insurance and how it can help protect your practice's independence. Click the button below or call 800-880-8181 to speak directly with a TMA Insurance Trust advisor. Our team is available Monday through Friday, from 8:00 AM to 5:00 PM CST, to provide you with detailed information and personalized assistance.
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 high quality insurance plans.
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