If you run a dental business, you must have come across several insurance plans and one of the most important among them all is a business overhead insurance. It’s always good to ensure that if something goes wrong in terms of your health and you are unable to work, your dental business should continue to run without any major impacts. Business overhead insurance is all about that!
Let’s explore what exactly is a business overhead insurance and why your dental practice needs one!
A business overhead insurance, sometimes also known as a business overhead expense (BOE) insurance or disability overhead expense insurance, allows you to pay the monthly expenses required to run your dental business including rent, the salary of the employees, electricity bills, equipment maintenance, accounting, and legal fee, and other expenses when you suffer an illness or injury or not able to work.
So, if for some reason you are not able to run your business, you can claim this insurance which will pay your monthly expenses based on your business overhead. Many insurances even cover the taxes. So, you can choose an insurance plan accordingly.
A business overhead insurance is ideal for you if you run a small clinic with less staff to generate profits as even a small amount of loss can impact your business badly.
If you face a severe injury or your health deteriorates in such a way that you need an ample amount of bed rest, this insurance will keep you completely covered. Depending on the type of policy you choose, a business overhead insurance can pay the overhead expenses for up to 2 years. This will ensure that your clinic continues to function smoothly even during your absence.
Meanwhile, you can focus on having a speedy recovery without worrying much about the expenses involved in running your clinic.
One major advantage of investing in business overhead insurance is that you won’t need to spend your savings to keep your business running. Also, you won’t need to shorten your staff. They are the ones who will ensure that your clinic functions smoothly as you recover at home.
It’s very important to have financial stability even during the worst phases of your life. And there is nothing better than being assured that your dental business is running at the right speed even when you are absent due to a medical emergency.
A business overhead insurance acts as a financial lifeline for your dental practice when you’re not in a physical condition to run it. It protects your fiscal health by making the payments that you need to keep your dental practice running.
Before purchasing this insurance, compare the perks offered by various insurance companies and choose the one that suits the requirements of your dental clinic.