Disability Insurance Broker Explains How to Cover Your Business Interests with Disability Insurance
As an experienced Disability Insurance Broker for physicians and dentists, I often get questions about the best way to cover business interests with disability insurance. In a business setting, the most common type of disability insurance that’s required is one that will handle your business overhead expenses. In this way, if you become disabled, you won’t lose your business or practice because the expenses continue and you’re not there to earn the income to pay those bills.
This policy will pay those expenses usually with a short waiting period, maybe 30 days. You will then have to wait 1 or 2 years until you’re either back to work or you have the opportunity to sell that business or practice as an ongoing concern as opposed to a fire sale. There also may be benefits payable to a substitute for you for some period of time at an income that’s probably less than yours, but gets someone else in there to help do what you were doing.
If you are a physician or dentist and have questions about the best way to cover your business interests, contact our professional Disability Insurance Brokers for guidance. Let our experience work for you.
This educational blog was brought to you by experienced Disability Insurance Broker Michael J. Bruno, seasoned Chartered Financial Consultant, Chartered Life Underwriter and Registered Health Underwriter. Specializing in financial planning and disability insurance for physicians and dentists for over 30 years.