If you’re an attorney with a private practice, what would happen to your law firm if you became ill or injured and could not work for an extended amount of time? As the attorney, you are the key member of your team. There is only so much your paralegal(s) and office staff members can do without you present.
What is Office Overhead Expense Insurance?
Office overhead expense insurance is defined as a type of insurance for business owners that pays overheads if the policyholder becomes disabled. Four important reasons to consider an office overhead expense (OOE) insurance policy:
- You don’t want to lose your office space.
- You want to keep your best employees.
- You want your business to keep its momentum.
- You don’t want your law firm to suffer because of your disability.
What Does Office Overhead Expense Insurance Cover?
If you were to take a close look at your books, you would find that more than half your revenue is being spent on overhead expenses to keep your practice going. That’s one of the reasons why investing in office overhead expense insurance is so vital to your practice. OOE Insurance covers:
- Employees’ salaries
- Mortgage payment or office rental payment
- Utility bills, heat/air conditioning, electric, gas, water, and telephone
- Employee Benefits
- Office equipment and leases
- Accountant fees
- Office Insurance
- and more!
Office Overhead Expense Insurance does not cover your own salary — that’s what disability insurance is for — nor does it cover repayment of debt, income taxes, automobile lease payments/insurance, or other personal insurance premiums.
When you have a law practice you’ve built from the bottom up, the last thing you want is to have it crumble all around you in the event of an unexpected injury or illness. Protect your practice — contact the Texas Bar Private Insurance Exchange to receive a free quote for Office Overhead Expense Insurance.