What is Key Person Disability Insurance?

 

Do you have another physician or PA that works for you? Are they critical to the success and profitability or the practice? Does having them there allow you to take more time to focus on the growth of your practice or to simply work less?

If so you should consider a key person contract on them. A Key Person contract simply provides back to the practice a monthly benefit if that key person is unable to do their specific job. With that monthly benefit the practice is free to use that money for whatever the practice feels is necessary whether that is just paying the monthly bills, hiring a locums in, use as a recruiting bonus or incentive, you decide.

 
 
 
 
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with Gary Baird
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  Business Overhead Coverage

This often overlooked protection helps protect partnerships by offering a monthly benefit to pay regular reoccurring bills in the case of a disability.
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  Disability Buyout Coverage

Long-term disabilities can have a major financial impact on practices with multiple partners. Buyout coverage offers financial protection to all affected.
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M.D. Disability Insurance Services is owned by M.D. Financial Services, Inc.