What Is High Limits Business Overhead Expense Disability Insurance for Physicians

A successful medical practice can come to a grinding halt if you suffer serious health issues or a permanent disability. Is there any way you can keep the funds rolling in from your lucrative healthcare business? 

Business overhead expense (BOE) disability insurance is the answer. The insurance is designed to cover the costs of running your business when you suffer a disability and are unable to manage your healthcare facility. The expenses covered by the insurance include wages, rent, taxes, debts, or mortgages.

It is important to understand that business overhead expense disability insurance will not cover your personal wages. You will have to invest in physicians disability insurance for that.

How Does BOE Insurance Work?

As a healthcare business owner, you simply cannot afford to stay away from your office. However, if you face a major health issue that forces you to stay away from your business, the consequences can be huge. With BOE disability insurance, your expenses are covered by the insurer through monthly payments. This will help you run your business smoothly. 

Do You Qualify?

You must have been running your clinic for at least two years. It would help if you also had a proper commercial clinic because most disability companies do not consider businesses run from home as commercial establishments. To qualify for BOE insurance, you must also show a specific income as revenue (proof of income through business) to be eligible for BOE insurance.

The Benefit Period

In most cases, high limits business overhead expense insurance benefits are available for a period ranging from 18 or 24 months. A benefit period is also offered subject to specific conditions. The benefits cease when you recover from the disability, and your health is good enough to resume work.

How Much Income Will You Get?

When you subscribe to the BOE disability insurance policy, you are allowed to choose the maximum benefit amount you want to receive every month. If you choose the services of one of the reputed disability insurance companies, you can expect 100 percent of your monthly operating expenses. It is even possible to rollover the unused monthly benefits of one month forward.  

Key Features and Benefits

Your BOE disability insurance is guaranteed renewable. If you keep paying the premiums on time, you will continue to receive the monthly benefits. The policy cannot be canceled or modified. Renewal of the policy can be done after you cross age 65, subject to specific terms and conditions.

What Are Residual Benefits

Some BOE disability insurance plans also offer residual benefits. If you are disabled but still able to perform some of your duties and responsibilities, you can receive partial benefit payments. The insurance also helps you rehabilitate through recovery benefits. If your disability is severe, you can qualify for presumptive disability benefits.

You must make sure you work with the best disability insurance broker to get the best offer for your BOE disability insurance plan. An experienced broker will guide you in making the right choice based on your business needs and the coverage you are looking for.