When it comes to insurance, most people make sure that they have life insurance. In recent times, there has also been a demand for High Limits business disability insurance that offers benefits in case of an accident or injury. However, it is important to bear in mind that both these types of insurance cater solely to meet the personal needs of individuals. It does not offer a solution to businesses or medical practices that suffer when the business owner or medical partner is unable to work because of an injury or accident.
This is where Overhead Expense insurance gains significance. This kind of insurance works by offering compensation for business expenses encountered while the medical practitioner is unable to work due to any kind of disability. As a result, the business will function smoothly even if one of the partners is unable to come in for work or contribute to the overall expenses.
What if you have no Business Overhead expenses disability insurance?
When one partner associated with medical practice is affected by an injury or accident, the practice can suffer. It will be unable to cover various expenses involved in running the business. This includes office expenses, payroll, rent, water, utilities, and more. Subsequently, a few employees may have to be laid off, the existing partners will have to bear the additional financial burden, and – in worst-case scenarios – the business may move towards bankruptcy.
High Limits Business Overhead insurance disability policies available from disability insurance brokers are a convenient solution to help prevent a devastating end to a successfully running business. There are innumerable examples of businesses that fail miserably because they did not pay adequate attention to protecting the business in the case of an unexpected calamity.
What expenses are covered?
Overhead Expenses disability insurance Utah insurance typically covers almost all expenses related to running a practice such as:
- Employee salaries
- Contribution towards employee benefits
- Office equipment
- Mortgage or rent
- Loan payments
- Property tax
Once a partner or the sole owner of the practice is unable to run the business due to disability caused as a result of an accident or injury, he/she can request benefits from the Overhead Expenses Disability scheme. They can then rest assured that the business will function as usual and instead focus on their recuperation.
How to apply?
Applying for healthcare professionals disability insurance for Overhead Expenses is easier than you imagine. If you are a business owner aged between 18 and 64 and if your business has been running for over two years, you are eligible to apply for this type of insurance. You must also not work from home, have a separate office, and must be able to prove your income.
Make sure you purchase your insurance solutions from trusted disability insurance companies for maximum payouts and rollover benefits.
For more information about how Overhead Expenses disability insurance services can help keep your practice running even in case of an accident or injury. It is a one-stop resource for all kinds of insurance plans specifically designed to meet the demands of doctors, dentists, and other healthcare professionals.