As a practice owner or partner, even though you may have addressed your need for personal disability insurance, you may still find yourself financially exposed to office expenses. Business Overhead Expense protection is the best option you have for keeping these bills off your back as you recover.
BOE as it is commonly referred to, is a type of income protection that is specifically designed to help pay for your practice overhead expenses keeping your doors open while you are disabled or until you decide not to practice any longer. The expenses covered are items such as staff salaries, utilities, equipment, taxes etc., your typical business expenses. Just as with personal plans these policies should be non- cancelable, guaranteed renewable and include a future increase option which allows you to purchase additional benefits later without a medical exam. However there are important differences to note. In your business overhead contract the waiting periods are much shorter, typically 30 days. Additionally the benefit period is also shorter with 12, 18 or 24 month payout periods.
Given that the expenses at the practice are far greater than those at home, there is no questioning the need for the protection. It can save you from financial ruin and allow you to focus on the job of healing or changing your life’s course as a result of a disability.
