High limits business overhead expense disability insurance is different from insurance that offers individual and group coverage (IDI) where your personal loss of income is compensated in adequate measure. Now, if you are a senior doctor and a partner in the healthcare facility where you work, there would be a significant loss to the establishment if you become disabled. The outcome of a partner becoming disabled can spiral into a more serious situation for the establishment resulting in revenues getting hit, job layoffs for cost control, and even bankruptcy in a worst-case scenario. High limits insurance against disability to cover business overhead expenses is designed precisely to meet this kind of risk.
Don’t allow your disability to affect your business
After all the hard work you did to reach such a position, it would be really unfortunate to see it falling into pieces due to your disability. Of course, your partners would do all they can to manage the emergency and your personal doctors disability insurance will cover your own loss of work and income but what about your business?
There are people employed in your healthcare facility, whose jobs would be at risk and there are patients who are in queue for an appointment hoping to get treated by you. Truly, a doctor’s responsibility toward his/her society is enormous and there are no comebacks once you get into this line of work. Speak to the right disability companies to cover against any loss of income personally as well as at the level of your organization.
Define your role and its impact on your business
It is one thing to buy a physicians disability insurance policy and quite another to get the much-needed benefit at claim time. Hence, you need to know that insurance providers have their own definitions about the loss for which you are making the claim, which should match the definition of the insurance provider.
As a doctor running your own healthcare facility, you would have acquired specialization in one or more areas of healthcare delivery. At the time of purchasing the healthcare professionals disability insurance, you have the option of specifying your specialization. If you do that, the chances of your claim getting rejected is minimum; if not, the chances of rejection are higher.
Adequate replacement of losses incurred by your business
There are many expenses that your business incurs on a daily basis and these are directly related to the kind of revenue that you generate with your own efforts. The loss of this revenue due to your disability is what you need to cover with the high limits business overhead expense disability insurance services.
There are working capital expenditures like wages, purchases, inventory, accounts receivables and many other sundry expenses that make up a neat pile at the end of the day. It is not always easy to put an exact aggregate figure for such expenses but you will have to choose your compensation amount from the options provided by your healthcare professionals insurance carrier.