Overhead Expense Insurance for Veterinarians

Despite our best efforts and greatest plans, life can throw unexpected curveballs. Your life and business can get flipped upside down with incidents that pull you away from your business. Major injuries or severe illnesses can pull veterinarians out of the office for extended periods. For this reason, we offer long term disability insurance for veterinarians.

Take control of the situation and get acquainted with your resources. Business overhead expense insurance can keep your practice running even if a terrible incident mandates long-term bed rest for you.

What Is Business Overhead Expense Insurance?

Business overhead expense insurance shouldn’t be confused with personal disability insurance. A business overhead expense policy covers all of the operating expenses of running a business in the event you are disabled and cannot run your veterinary practice.

The purpose of this type of insurance policy is to keep your business afloat without cutting into your personal assets. Most overhead expense insurance policies cover the following types of recurring business expenses:

  • Rent or mortgage
  • Salaries and benefits for employees
  • Administrative overheads
  • Utilities
  • Office supplies
  • Repairs or maintenance costs

As a general rule, you can expect nearly any routine business expense to fall under this type of policy. The main types of expenses not covered include income taxes, furniture, and other purchases that are non-essential to keeping your veterinary practice running.

In some cases, a business overhead expense disability policy can even pay to hire a temporary employee who covers your work, depending on the nature of your situation. In any case, this type of insurance covers most fixed overheads necessary for a small business.

Do I Need Overhead Expense Insurance if I Have Personal Disability Insurance?

Personal disability insurance and business overhead expense insurance may seem similar but they cover different situations.

Personal disability insurance protects your income, while business overhead expense insurance protects your business. This means that if you can’t work due to long-term hospitalization or medical care, you won’t accrue personal debt with a business overhead expense policy.

The main point of business overhead expense insurance is to prevent a disabling incident from forcing you to sell or liquidate your veterinary practice. In essence, you retain the power as the owner of your business to decide if you want to move on from it, rather than the situation necessitating such a decision.

What Do I Need to Consider?

Most business overhead expense policies have shorter benefit periods than personal disability policies. Typically covering up to two years, your insurance provider will need important information from you for you to receive payments.

Due to the nature of the business, it can seem overwhelming to choose a veterinary insurance policy. At Vetinsure, we’ll work with you to expedite the process and make it as easy as possible for new clients.

The Vetinsure team can help you with calculating overhead, factoring direct versus indirect costs, and totaling operating costs so you'll be better prepared if the unexpected happens. We are here as a resource for you, so call us today at 800-272-1249.