Should a Loss of Income Occur! Who will pay the Bills?

Small business owners and the self-employed are in

"double trouble"

should a disability occur!

Not only have they lost their personal income, but also their business expenses are not going to stop.

Business Overhead Expenses (BOE) is the solution! In addition, the premiums are a tax deduction for the business!!

A Business Overhead Expense (BOE) policy is a must-have for professional firms and businesses that rely on a few revenue producers. It covers the ongoing operating expenses of an insured’s business if they become unable to work due to an injury or illness. BOE policy protects you against the use of personal assets to pay for business expenses. A BOE policy is typically short-term, from 12 to 24 months, paying a monthly benefit to keep the business running until the insured recovers.

In the event of an unexpected injury or illness, a BOE policy can be the difference between sustaining an operating business and sliding into bankruptcy.

What Expenses Are Covered by BOE Policies?

  • Rent or Lease Payments

  • Business Property Taxes

  • Malpractice, Property, Liability and Other Business Insurance Premiums

  • Employee Wages and Benefits

  • Utility Bills

  • Loan or Lease Payments for Furniture and Equipment

  • Laundry and Janitorial Services

  • Security and Maintenance Services

  • Accounting and Legal Fees

  • Billing and Collection Fees

  • Professional and Association Dues

  • Continuing Education

  • Depreciation

  • Interest on Business Debts

  • Office Supplies, Postage and Subscriptions

  • Other Fixed Business and Equipment Expenses

    In some cases, BOE policies also cover the salary on any temps hired to do the job of the disabled person. Income taxes or the cost of inventory are a few expenses that are typically not covered.

    Let’s have a coffee and talk over your situation!

    Glenn Stewart, CIP, CRM, CHS.  1-888-256-8685