Cost-Effective Business Overhead Insurance
Running a medical practice or small business is challenging when living with a disability. Disability overhead insurance covers ongoing business expenses while you recover.
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The PRS team is equipped with the tools you need to improve your financial standing. Request a meeting with one of our advisors.
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Whether you’re transitioning from resident to practice or preparing for retirement, PRS is ready to assist you.
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Disability Overhead Insurance Keeps Your Medical Practice Afloat
While individual disability insurance protects your income if you’re unable to work, it doesn’t account for your medical practice. Business overhead insurance provides relief to business owners by covering day-to-day business expenses while you focus on recovering.
Physician’s Resource Services helps you navigate the qualification process and makes sure you receive the policies and insurance premiums you need to protect your small business and your income. Our financial advisors have experience in every form of business overhead expense (BOE) insurance and leverage our relationships with insurance companies to negotiate beneficial terms.
Our financial planning is detailed and tailored to your specific needs. Overhead expense coverage includes:
- Malpractice insurance premiums
- Covering salaries
- Utilities
- Mortgage and rent
- Professional dues and legal fees
Find Protection With Physician’s Resource Service
Dealing with an injury is a stressful and vulnerable experience. Your financial situation may seem uncertain. Physician’s Resource Services brings clarity and structure to your financial plan. We have you covered, from tax services and financial planning to investment management.
How To Qualify for Business Overhead Insurance
Business overhead expense insurance covers small businesses that have expenses a policy can cover. All fixed business expenses that occur during the routine operation of your medical practice qualify. If you can’t perform your job and are receiving care for your disability, you qualify for business overhead insurance.
Insurance companies have different eligibility requirements that the PRS team can help you navigate. With years of experience in the industry, we can negotiate favorable insurance premiums on your behalf. In general, to qualify for overhead expense coverage and begin receiving monthly benefits, you must:
- Be between ages 18 and 60
- Be in business for at least two years
- Demonstrate a record of expenses
- Work at the company for at least 30 hours a week
Business Overhead Expense Insurance Taxation
Unlike individual disability income insurance, business overhead expense insurance is tax deductible. While policy benefits are subject to income tax, premiums are deductible as a direct business expense.
Physician’s Resource Services can guide your financial planning and help you understand the tax implications of your insurance protection. Our tax preparation and planning services are designed to maximize your returns and meet your short- and long-term financial objectives.
Schedule A Consult
Business overhead insurance protects your medical practice while you recover from an injury. Reach out to our team and learn how to qualify for a benefit period.
Who We Help
PRS is dedicated to providing the solutions physicians need to overcome financial hardship and support their vision for the future. Learn more about who we help.
