Office Overhead Expense Protection

Who needs Overhead Expense Protection?

Overhead expense protection gives you many terrific economic benefits. Each office has its own unique circumstances, which determines the best plan for you. We do this type of planning routinely. Here we can provide a general planning outline.

If you work in and have an ownership interest in a business or professional services office, you have a need. This is true regardless of the organizational structure. The needs and benefits vary depending on the number of professionals working in the office. The amount of premiums paid for professional liability insurance is an important factor.

In a single professional office, the need is absolutely essential in order to keep the office open. In group offices (let's just say up to 10 professionals) the need is critical. In larger offices it can be a significantly important consideration. In all instances it would have a great economic advantage to the office.

What are the most important benefits of overhead protection?

When you are disabled, your overhead expenses keep coming in. Overhead expense protection can pay those bills without depleting your other income, savings, disability, or having your associates dig into their pockets to pay them. Because of the high office costs, large benefits are available. The economic advantages are big because the premiums are really low, and in most cases they are tax deductible as a business expense.

What happens when you're disabled for a while?

	''Here's your disability income check....BUT I got all these office bills to pay too!!'' Yes.. these bills do keep coming in even when you're not working. If you want to keep the office open either you or your associates will have to figure out how to get the money to pay them.
	''I'm sure glad we have Insurance to pay them for us.'' Yes.. Overhead Expense can pay those bills, and they can sure be high, even if shared with other associates. With these bills paid you could even hire another professional to help keep up the work flow (that salary wouldn't be covered, but should be handled from income produced).

What if you can't go back to work and have to sell your practice?

Unfortunatelly, this happens far more often than we like to think. There are really only two possibilities. You either have a valuable operating office that will receive a high market value, or you have little or no activity and little value for someone to be interested in.

	Without Overhead Protection...You will have an expensive and difficult time keeping the office open and out of debt. There is little incentive for someone to be interested in giving you a fair market value for your expensive investment.
	With Overhead Protection...You are able to keep your office open, functioning, and not saddled with lots of debt. A prospective buyer could easily be interested in paying you a really good market value, and you can get a good return on all the investment you've made.

How can you find the best overhead expense plan for your situation?

Setting up a good overhead expense protection plan requires a great deal of expertise and experience. We are experts at providing these benefits, and have lots of experience in setting these plans up for professionals. Let us provide you with the best answer. Give us a call, or send an information request. We'll be happy to provide a free analysis for you to review.

Morrissey Agency presents this page with the intention of providing useful and interesting information, and to have a little fun too. The information presented is for illustrative purposes only, and is in no way to be construed as an offer of insurance. Every effort is used to maintain accuracy on this site, but we can't guarantee that this information is accurate for every possible situation. Contact us for more complete information. We'll be happy to help.