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Business Overhead Expense DI (BOE)
Disability
Insurance
Insurance
If you are responsible for some or all of the expenses to keep your office open, you should consider purchasing a BOE policy in addition to your individual disability insurance policy. While an individual disability insurance policy will help pay your monthly personal expenses, a BOE policy helps cover the expenses of operating your practice if you or a partner becomes too sick or injured to work. BOE policies are designed to cover part or all of your monthly business expenses, such as rent, equipment leases, staff salary, etc. These expenses do not stop just because you are too sick or injured to work.
The bottom line is, if you get disabled, you will still be held accountable to pay for your share of the practice operating expenses. Without an income, it is difficult enough to cover your personal expenses. Not having the liquidity to cover business expenses can be disastrous for a physician trying to build a thriving practice.
The bottom line is, if you get disabled, you will still be held accountable to pay for your share of the practice operating expenses. Without an income, it is difficult enough to cover your personal expenses. Not having the liquidity to cover business expenses can be disastrous for a physician trying to build a thriving practice.