Practice Owner Solutions
As a practice owner,
you understand the commitment it takes to grow your business, take care of your employees and patients, and provide for yourself and your family. But what happens if you, your partner, or key employees become too sick or hurt to work?
Salaries, business loans, lease payments, practice supplies, utilities, and insurance premiums can loom large during a crisis. Sudden production loss often leads to concerned employees who begin looking for new jobs, and patients who aren’t getting the care they are used to receiving. These are just a few of the many threats a disabling illness or injury can pose to a practice.
Protecting what you’ve worked so hard to build is easier than you may think, and some of the premiums may qualify as a tax write-off. Yet so few practice owners are properly informed about the ways they can transfer these threats to an insurance company. Below are just a few of the many solutions designed to protect you & your practice.
Common Protection Solutions
Overhead Expense – Covers tax-deductible normal, necessary and customary expenses incurred to run your practice.
Business Reducing Term – Covers fixed-term business payments including business loans, purchase agreements, lease agreements, and employee contracts.
Disability Buy-Out – Funds the purchase of the totally disabled owner’s interest in the practice.
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Buy/Sell Agreements – Allows partnerships to protect themselves against the sudden death of their partner, by funding the purchase of their partner’s share via life is insurance. These should be reviewed and revised as the practice grows.
Key Person Insurance – Protects against the untimely death or disability of a rainmaker for the practice. It can also be used as a tool to encourage key employees to stay at your practice for a certain period.
Income Protection – Also known as individually owned disability insurance, it provides a tax-free income benefit in the event of injury or illness. This is something that every physician and dentist should own even if they are offered group long term disability through their employer. Group benefits often have eligibility restrictions, the monthly benefit amount is usually capped, group benefits are almost always taxable, and if you change employers the coverage is lost.
ARE YOU AND YOUR BUSINESS PROTECTED AGAINST THE UNEXPECTED?
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How Doctor Protectors Can Help?
We understand medical and dental practitioners face unique challenges, with limited spare time. We are experts at understanding the nuances of the many different protection solutions for your practice, so you don’t have to!
Doctor Protectors uses a concierge approach to help owners better understand the possible risks to their practice, or ways to enhance it. We then streamline the process of obtaining practice owner solutions by leveraging multiple top carriers to provide the best rates and solutions available.
