Tempemonon

Personal disability insurance protects a physicians ability to earn income, but what protects his or her medical practice? Business overhead expenses are just as relentless for those who suffer a disability. A practice that relies on a small number of people (or one person) to produce revenue is economically vulnerable if one of those individuals becomes disabled. A business overhead expense (BOE) disability policy will cover the ongoing operating expenses of your practice. It ensures that you do not have to use personal assets to pay for business expenses if you become disabled. If the insured does become disabled, a BOE policy pays a monthly benefit based on business expenses, not anticipated profits. The following are some business overhead expenses that are covered by BOE insurance: - Rent or Mortgage Payments - Employee Salaries and Benefits - Utility Bills - Property Taxes - Accounting Fees, L hr support for small businesses egal Fees, and Professional Dues - Malpractice and Other Business Insurance Premiums - Maintenance and Janitorial Services - Depreciation - Interest on Business Debts - Office Supplies - Other Fixed Expenses that are Ordinary, Necessary, and Tax Deductible Some policies even cover the salary of a temporary employee hired to do the duties of the disabled. Income taxes, the cost of inventory, and the cost of furniture are a few expenses that are not covered. There are several key areas in which BOE insurance differs from personal disability insurance. Benefit Periods Usually, BOE insurance policies have short benefit periods that do not exceed two years. Remember that BOE insurance is not protecting your ability to generate incomethat is what a personal disability policy does. Instead, BOE insurance allows you to keep your practice open, or at least pay for its expenses until you recover.