Physician Disability Insurance: Getting the Coverage you Need

Most disability policies will pay benefits if an individual is unable to work. But the specific job requirements of a physician may require additional specified physician disability insurance.
For example, most disability insurance policies restrict benefits to a certain period, under the assumption that you could have re-learned a new profession within a few years. For a physician, however, a change in employment would most likely mean a considerable decrease in income. Physicians may thus wish to purchase a policy with an “own-occupation” clause, which will continue to pay benefits even if you must abandon your practice, or even if you must abandon medicine altogether and take up another occupation.  

Physicians who own their own practices may also wish to cover their practices’ business expenses during the period they are disabled. A typical disability insurance policy only covers an individual’s personal needs, but if a physician owns his or her own practice, an injury or disability also means a loss to his or her business as well. A physician disability policy covering business overhead expenses can provide funds to cover rent or mortgage payments on the office location, employee salaries, or other expenses incurred by your practice.