Protecting What Matters Most

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?

Like other insurance agencies, TMA Insurance Trust is a full-service insurance agency with a staff of professional agent-advisors who have years of experience. But that is where the similarities end. Here are four exclusive advantages for members from TMA Insurance Trust you may not be aware of.

Time passes fast. Especially for physicians, who invest heavily in their education and training. Days turn into weeks, and months into years. Along the way you may get married, buy a home, have children. Perhaps you start your own practice or pursue a specialty. With each change that comes along, life has undoubtedly gotten more complex. Income, assets, investments, and savings likely have grown through the years.

In 2019, did you expect that a pandemic would sweep the nation? Some practice owners faced insurmountable obstacles outside their control and their practices did not survive. Those that still own viable practices may be thinking of ways to better protect their practices in the future. Though there is no insurance against a pandemic, there are types of coverage that can help provide additional financial protection for your practice.

One such type is Business Overhead Expense (BOE) insurance.

The world is changing at mind-boggling speed. It’s hard to predict what our lives will be like in the next 24 hours – let alone in the future.

That said, if our income is exposed to risk – due to the possibility of a serious illness or injury – it could put our long-term financial health in jeopardy.

Being a physician has never been easy. But these days, the challenges seem greater than ever; especially for practice owners. As you work tirelessly for the good of your practice, creating new safety standards and serving the backlog of patients that have been waiting for your expertise, you have other issues to consider as well.

You are your business.

That statement is true for any physician who owns their own practice.

Why? Because you are the backbone of your practice – which is literally your business. If you were ill or injured and couldn’t work, who would be responsible for keeping your practice up and running? You would, of course.

You are responsible not just to earn income for yourself and your family, but you must also be there for your patients as well as your staff.

Imagine it’s a hot summer day, you’re at the beach and the sun is blazing. So what do we do for protection? We spread on the sunscreen.

But what if we miss a spot – say, on our back, arm, or leg? Well, you know what happens. If we leave a part of our body exposed, that night we’ll likely be treating ourselves for painful sunburn damage.