Doctors often set up their own clinic or healthcare center after about a decade of service in hospitals or nursing homes.
Doctors often set up their own clinic or healthcare center after about a decade of service in hospitals or nursing homes. If you are a doctor, you would know that it is not always possible to set up your own healthcare center all alone. Hence, you enter into a partnership and split the stakes. Over time, your healthcare center grows as more people line up for appointments with you and your partner doctors. More employees join, and the center starts expanding. Then, one day you are diagnosed with a serious ailment requiring complete rest for at least 4 years. You heave a sigh of relief – 'Thank God, I have an individual disability insurance (IDI) policy.'
Now, that is fine because it will adequately compensate for the loss of your salary with which you can pay your bills. What's going to happen to your stake at the healthcare center? Without any contribution, you could end up diluting most or all of it. If that happens, you could be back in service at a much lower income after you recover. Hence you must cover the risk to your business overhead expenses with disability insurance services that are designed specifically for this purpose. It will adequately cover the loss of your contribution to your business for the period of your disability.
Your personal IDI policy won't cover business overheads
Many people don't realize that business overheads can be covered adequately with a little investment in a high limit business overhead expense insurance cover. It is a unique doctors disability insurance policy designed specifically for self-employed professionals like doctors.
Unlike most other businesses, a healthcare center depends on a doctor partner's individual contribution towards the center's revenues. As a contributing partner doctor, if and when you become disabled and are not able to work, your contribution can be sustained with a physician's disability insurance covering overhead business risks.
Would you allow your business to disintegrate till you recover?
Setting up a business or, at any rate, consolidating your stake in a partnership takes time, effort, and money. You also cannot afford to overlook the importance of your contribution to the services that your healthcare center provides to society. A healthcare professional's insurance can cover you against a disability that prevents you from working and contributing.
Irrespective of whether you are running your own dentist's clinic or are a partner in a dental care center, think of the long term when investing in a dentists disability insurance policy. The objective of your insurance cover should be to get adequate compensation both for your loss of personal income as well as to cover your business overhead expenses.
Get professional advice to optimize your insurance cover
It is not easy to read up the fine print of multiple healthcare professionals' disability insurance policies to know which one is ideal for your risk. It takes a lot of time that would have to be diverted from your practice. A busy doctor just cannot afford to do so.
Therefore, it is much better to hire the services of a reliable and capable disability insurance broker who is an industry professional and knows about all the best insurance policies. Do invest a little time in selecting the right insurance broker, though.
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