Protect your Practice
Protect your practice from key financial risks.
How do I protect my practice against unexpected events?
Protecting practice income
Professional overhead expense insurance is a type of disability insurance (sometimes called office overhead insurance) that can be structured to provide your practice with an income in the event of your disability. This can help cover such costs such as equipment leases, rent for your office, utilities, payroll and other practice-related expenses.
Protecting a group practice
Physicians often share office space and related expenses with other physicians. If one partner becomes disabled or is no longer able to practise, expenses still need to be paid. If the partner dies, the heirs may need to be paid for their portion of the business.
A shareholder agreement and permanent life insurance policies can provide an equitable solution. If one partner dies, the insurance payment can be used to buy out the heirs and pay office expenses.