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?

For many practice owners the answer is: Business Overhead Expense insurance (BOE).

Cover Your Expenses When You’re Out Sick

Business Overhead Expense insurance can cover many of your operating costs if an illness or injury keeps you from working. It can be considered a professional lifesaver because it can help prevent your practice from drowning in a sea of mounting bills and expenses.

These can include rent, employee salaries, payroll taxes, utilities, equipment maintenance, loan payments, property taxes, even the cost of a locum tenens physician to take your place while you’re out.

The fundamental purpose of BOE insurance is to help keep your practice viable – for you, your patients and your staff. In short, it can help protect everything you’ve worked so hard to achieve.

Preserve Your Personal Finances

It’s important to understand that this is separate and distinct from the benefit you might receive from your personal disability insurance.

Most physicians have their own personal disability insurance plan. This helps replace your personal income when you cannot work. But the benefit you receive from your disability plan would almost certainly not be enough to cover both your household expenses and the expenses of running your practice.

Business Overhead Expense insurance provides a benefit in addition to your personal disability benefit. So you won’t have to use your disability benefit, or for that matter, your personal savings or retirement funds to cover your practice expenses.

Think About Your Partners Too

Business Overhead Expense insurance is also an important consideration if you share a practice with partners. If one of your partners were taken ill your share of expenses could increase accordingly and become a financial burden. If all partners have a BOE insurance plan then if one partner becomes ill their share of expenses may be covered.

Don’t Risk The Health of Your Practice

TMA Insurance Trust advisors can help you secure BOE insurance designed exclusively for members – the TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America.

Our advisors have years of experience helping Texas practice owners and they do not work for sales-based commissions. So you can be sure their advice is without bias and that your interests always come first.

Don’t jeopardize the financial health of your practice. Speak with one of our advisors to set up a no-cost, no obligation call at 800-880-8181, 8:00 am to 5:00 pm Monday to Friday CST.

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.