Your dental practice could suffer a financial loss even if nothing physically happens to the building or its contents. How will your practice generate revenue to cover essential expenses to keep the practice running if you suffer a disability? In the event of a short term/temporary disability, such as a broken wrist, you will want a strong practice to come back to once you are full recovered. In the event of a long-term permanent disability, you will want something in place to keep the practice up and running until you are able to sell it or put a transition plan in place.
There are ways to protect yourself against this type of financial loss. First, have a plan! Who in your office, if not you is able to communicate and with patients and employees and take control of your office. Second, how will you be able to continue to pay bills? A business overhead expense policy will pay for business expenses while you are disabled and unable to practice or, in the event of a permanent disability, until you are able to sell and transition the practice.
A business overhead expense policy is not for every dental practice. There are other ways to protect against this type of financial loss. Professional relationships with other dentists and oral surgeons in the area could be one way. Do you have colleagues who would be willing to help in a time of need? Would you be willing to help a fellow dentist or oral surgeon if they became disabled? Do you have partners or associates that you could rely on? These are all questions that we help you work through when deciding how to best protect your dental practice a financial loss caused by a disability.