Business Overhead Expense Insurance
Key Features and Benefits:
- You may apply for coverage if you are between ages 18 and 60
- The plan is enforce until you reach age 65. After age 65, it is conditionally renewable, as long as you remain employed full-time (minimum of 30 hours per week) and are responsible for the expenses of maintaining an office or business.
- Benefits can be paid over a period of time of either 12 or 24 months
- Benefits may start after as few as 15 days of disability
- Premiums may be tax-deductible as a business expense
- Various options are available, including the ability to increase your coverage at a later date
- If appropriate, return to work assistance may be provided to support your transition back to work
For more information about Business Overhead Expense Insurance please fill the Request Form and one of our representatives will contact you.
Business Overhead Expense Insurance is an expense reimbursement policy that covers the fixed monthly overhead expenses required to keep a business running until the return of the insured owner, after a period of disability. This allows business operations to continue until the insured owner either returns to work or makes a decision regarding the future of the business.
If you want to protect your business in the event of your extended disability, this benefit is for you. When used together with Personal Disability insurance, Business Overhead Expense benefits can let you recover, worry-free, while your business continues to run as smoothly as possible. This plan doesn’t just protect your business; it gives you peace of mind.
Business Overhead Expense Insurance is designed for principals of closely held businesses or practices and owners of small businesses. It is most vital for businesses and practices in which the owner’s ability to generate income makes the difference between the office being open or closed for business—for example, Real-estate agent, physicians, lawyers, accountants, Mortgage broker and others.
Business Overhead Insurance usually covers expenses, including wages and salaries, utilities, taxes, rent, accounting and legal fees, interest, office supplies, principal and interest on mortgages, malpractice and other insurance, and other operating expenses, up to the amount insured in the applicable policy. The owner’s income is usually not covered.
Business Overhead Expense policy can be maintained until the insured reaches age 65. After age 65, the policy is conditionally renewable while you are employed full-time (minimum of 30 hours per week) and responsible for the expenses of maintaining your office or business.