Everyone knows the principle behind a backup generator. When the electricity goes down, the generator powers on. In the event of an outage, your equipment stays up and running. Nothing skips a beat. Business goes on uninterrupted.
Don’t Let a Disability Disrupt Your Practice
As an independent physician and business owner, you have big responsibilities. You are first and foremost responsible for the care of your patients. Then there is the time, energy, and significant expense involved in running your office.
So what would happen if you were seriously ill or injured and could not work for an extended period of time? Who would see your patients? How would you meet your financial obligations? How would your practice continue to function?
Keep The Lights On While You Are Out
Business Overhead Expense insurance is like a backup generator for your practice. But instead of electricity, it provides a financial benefit – the money to help pay your business expenses if you cannot work due to a serious illness or injury.
Business Overhead Expense insurance can help keep your practice up and running while you take the time to recover. So you can focus on getting better, not worrying about the health of your practice.
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Your Absence Could Cost Money You Won’t Have
As mentioned, the costs of running your practice are substantial. Every month there is rent, utilities, loan payments, taxes, and the salaries of those who work for you.
What if you were out for 3, 6 or even 9 months? How would you make those payments? If you were not in the office to generate income, where would the money come from? Business Overhead Expense Insurance can be your backup.
Your Replacement Comes With a Price Tag
Whether you are a solo practitioner or work with partners, if you were out for a long period of time, it’s likely someone would need to cover for you – a locum tenens physician. Without a replacement your patients might go elsewhere for medical care. Paying the salary of a locum tenens physician could be a heavy financial burden. Business Overhead Expense insurance can help cover that expense.
It’s Not Personal, It’s Business
At some point in your career, you may have obtained personal disability insurance. This is meant to help cover your personal income if you are too sick to work. It’s not meant to cover the expense of operating your practice.
Business Overhead Expense insurance is designed to provide funds to help cover the expense of running your practice – so you may not have to dip into your personal savings or retirement accounts to avoid financial disaster.
You Can Benefit From This Plan
At TMA Insurance Trust, we are deeply committed to the success of independent physicians. We appreciate your dedication, hard work, and the enormous investment you’ve made in your practice.
To that end, we offer TMA members exclusive access to The TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America. This plan is designed with many valuable benefits. These include:
- Higher coverage amounts – As high as $50,000 per month.
- Longer term of benefits – Up to 24-month benefit period is twice as long as some other plans which may only cover 12 months.
- Locum Tenens coverage available – You can choose to cover the cost of a locum tenens physician which can prevent patients from seeking care elsewhere.
- Retroactive benefits – If you have been unable to work for 30 continuous days, the first benefit is paid retroactively to the date of your illness or injury.
- Waiver of premium – During all the time you are unable to work, your coverage will be continued at no cost to you.
- Partial disability coverage – If you suffer even a partial disability, you can still receive benefits.
- Flexible and customizable – The policy pays a monthly benefit based on your actual overhead costs – so you don’t have to worry about paying for more coverage than you actually need.
Our Advisors Work For You – And With You
Choosing Business Overhead Expense Insurance can involve many individual considerations. So we invite you to consult free of charge with one of our knowledgeable advisors. They can help tailor a plan that takes into account your specific circumstances.
Call Now to Help Backup Insurance Protection
TMA Insurance Trust advisors are not paid sales commissions – so you won’t feel any obligation or sales pressure. Their sole mission is to help you find the right plan that works for you.
Contact us today to help back up your practice Business Overhead Expense Insurance protection. Call us at (800) 880-8181.
For over 60 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 the highest-rated plans in the industry.
