Protection is key to running a successful business; business continuation plan is to be reviewed on a regular basis to ensure that the business or owner(s) when faced with illness and/or injury, have a steady flow of income to help keep the business running whiles owner(s) recuperates.
This allows business operations to continue until the insured owner either returns to work or makes a decision regarding the future of the business.
Business overhead expense insurance is designed for self-employed professionals and small business owners typically with less than five employees where the enterprise depends on the ability of the owner(s) to generate income and pay the bills.
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; physicians, lawyers, accountants, engineers, and others.
If a small business owner or a co-owner becomes disabled and unable to generate income, business overhead expense insurance can help:
Cover Fixed Expenses: cover ongoing fixed expenses such as rent, property taxes
Running Your Business: Pay salaries to retain valuable employees and keep your business running.
Plan Summary & Features;
Ages 18-60 eligible to apply
Non-cancellable until age 65 (conditionally renewable after age 65)
Benefit payments are available for 15 or 24 months
Benefits can start after only 15 days of disability
Premiums may be tax-deductible as a business expense
You can increase your coverage at a later date
Return to work assistance is available