Your practice stands as a testament to your life’s work, representing years of dedication, commitment, and hard work. You’ve built a career that gives you the independence to provide the best care for your patients while working to secure your financial future. But if a sudden injury or illness prevented you from practicing, how long could your business be sustained without you?
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.
As a practice owner, you chose independence because it allows you to provide the best care for your patients, on your terms. Your practice is a testament to your dedication and hard work. However, life is unpredictable, and a personal injury or illness can disrupt even the most well-established practices. This is why it's crucial to prepare and protect your practice against such disruptions.
Most people know that insurance is there to help protect what’s important in our personal and professional lives. But as a woman physician what you might not know is that the pricing for certain kinds of insurance can be different for women than it is for men.
That’s because in many cases, premiums for insurance products are based on the gender of the person seeking coverage. And often, women bear higher costs because they represent greater risk to insurance companies.
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.
As a physician, you have invested much time, effort, and expense in growing your independent practice. At a moment's notice, an injury or unexpected illness can have devastating effects on what you have painstakingly built up. Now is the time to help protect your practice from financial injury. Business Overhead Expense Insurance (BOE) is disability insurance designed to cover the expenses of your practice when you are unable to work due to a covered illness or injury.
What happens to your practice if you can’t work? Disability insurance can help keep your household on track financially if you become too sick or injured to work, but what about your practice? Having an emergency savings fund established is beneficial, but in today’s inflationary economy, many practice owners may find that it will no longer keep their practice running for as long as they anticipated.
Do you remember why you chose to become a practice owner? One reason is likely because you value your independence – being able to run your own practice and career the way you see fit.
But with that freedom comes the responsibility of managing what amounts to a small business. You must be at the helm day in and day out to see that everything runs smoothly.
So what would happen if you were seriously ill or injured and couldn’t work for a long stretch of time? How would your expenses be paid? Who would care for your patients? How would your practice survive financially?
