Business Overhead Expense (BOE) Disability Insurance

Nov 30, 2017

The Business Overhead Expense (BOE) Disability Insurance Policy is primarily designed for self employed professionals. It is especially beneficial for Medical or Dental Professionals who own their own practice or are seeking to start or purchase a new practice.

In the event that you become disabled, a BOE policy would pay a monthly benefit based on your actual business expenses. These policies are most commonly designed with a one or two year benefit period. The reasoning for this is that typically within one to two years of filing a disability claim, you will know if your disability has left you permanently disabled and unable to continue in your profession. Or, hopefully, you will have recovered and and have resumed your practice.

The intent of a BOE policy is to cover crucial business expenses during this interim such as: rent, materials, inventory, and employee labor.  Some BOE policies can be designed to cover the salary cost of a temporary replacement dentist or physician who can handle your patients’ needs while you are evaluating whether or not you can continue operating your practice.  

In addition to covering Business Overhead Expenses, BOE policies can also be designed to give you “Bank Loan Protection” (BLP). Often, banking institutions require proof of Disability Insurance when businesses secure new loans in effort to ensure that if borrower becomes disabled, payments to the bank are covered.  A BOE plan can be tailored so that you can meet these loan requirements when/if purchasing a new practice.  

If you are a self employed individual or you own a medical of dental practice, a BOE policy is an important consideration.  In the event you become disabled, this valuable plan will afford you the time and ability to keep your practice thriving while you evaluate what to do next.  If you decide that you need to sell your practice, a BOE may help you retain a higher patient base during your absence so that your business maintains its value and you can sell it at a higher price.

BOE Policies are especially beneficial to Dentists, Dermatologists, Internal Medicine Physicians, Plastic Surgeons, Orthopedic Surgeons, or any other specialty that operates their own practice.

To cover yourself personally and professionally, I would highly recommend that you have two separate disability policies:

  1. An Individual Disability Insurance policy to protect your personal finances, and
  2. A Business Overhead Expense policy to protect the practice that you’ve worked so hard to build.

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