Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Most Doctors Protect Their Family But Forget to Protect This

20 Aug 2026 · 1 min

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1:06

In this advisory video, Ndubuisi “Andy” Egwim warns doctors who run locum‑type businesses that they often overlook protecting the company itself if they become unable to work. He explains that when a doctor is the primary income generator, serious illness can halt revenue while fixed costs—staff salaries, software, accounting, premises, subscriptions, and loan repayments—continue. Egwim outlines the main types of business protection available: key person cover, shareholder protection, relevant life cover, and business loan protection. He stresses that the appropriate solution depends on the specific financial problem the owner wants to guard against, prompting viewers to consider whether the family needs income after death, whether the company needs cash flow if the owner cannot work, whether a partner would need funds to buy the owner’s shares, or whether a business loan is tied to the owner’s ability to work. While emphasizing that family protection should come first, he urges doctors to also assess the company’s financial dependence on their health and ability to work.

Chapters

Far fewer of us consider what happens to the company if you cannot work. Imagine you are the company's main income generator, as many doctors' locum companies are. If you become seriously ill, revenue stops, and nobody hopes for that, but the company costs may continue. Software— if you have staff, they still get paid. Accountancy, premises, professional subscriptions, loan commitments— there are different forms of business protections for these risks to consider. Key person cover, shareholder protection, relevant life cover, business loan protection, You don't necessarily need every single one of these, but you need to find out what you need. So what financial problem am I trying to protect against? That's the question to ask. Does the family need income if someone dies? Does the company need cash if you cannot work? Would your business partner need funds to buy your shares in the unfortunate event that you pass? Does the company have a loan that depends on you? Of course, you have to protect your family first. But also understand whether the company itself is financially dependent on your health and ability to work.