As a doctor, you will be able to cover the risk of disability and the resultant loss of income with your personal policy against disability. However, if you are running your own healthcare center or clinic, or if you are a partner in such an establishment, there would be business overheads to cover in the event you are disabled and are not able to work. That’s a situation you would like to manage with as little cost as possible and avoid digging into your personal savings to pay this cost. That’s when you require a high limits business overhead expense disability insurance policy.
It’s different when a doctor earning a wage gets disabled and is unable to work and when a doctor earning revenues from his/her stake in a healthcare center gets disabled and isn’t able to work. Ideally, in both cases, your personal loss of income would be covered adequately by your personal doctors disability insurance policies. However, when you are unable to work for your healthcare center, it paralyzes the center to the extent of your contribution in generating revenues. There would be unpaid wages or worse, some unfortunate staff could lose their jobs and all this can be prevented with a little investment in a business overheads policy.
It’s not difficult to cover your business overheads
Falling sick or meeting an accident and getting disabled for a couple of years or more is not in your hands. It’s a risk that we all live with every day but how you manage your expenses including your business overheads while you are disabled and unable to work can be managed with a little far-sightedness.
After you have adequately covered your personal loss of income with a high limit physicians disability insurance policy make a little more investment to cover the business overheads in your healthcare center while you are recovering. It may not cover all of your overheads but will be enough to cover the bigger and critical expenses.
Don’t allow your business to disintegrate while you recover
It’s not at all easy to set up your own healthcare center or for that matter to acquire a partnership stake in a bigger healthcare center. As long as everything is running normally, you are going to work and earn, as usual, it would seem like smooth sailing.
Being able to recognize the risk of disability looming on the horizon is what every smart individual is able to do. Thereupon, you get a healthcare professionals disability insurance policy to cover any personal loss of income due to disability. Next, you should get a high limit business overhead expense disability insurance cover for your business.
As a busy doctor, it’s not really easy for you to set timeout to read and understand insurance policies well enough to be able to make an investment in a high limit business overheads and expense disability insurance policy. That’s why it is better to consult a reliable disability insurance advisor who will guide you on the right policy or policies to invest in. MGIS is one of the few insurance carriers that offer the best high limits business overheads and expense disability insurance policy for doctors.
For more information about disability insurance visit https://www.mgis.com