Business Overhead Expense Disability Insurance
You have a number of things to take into account the moment you decide to own and operate your own business. Will your company be able to sustain itself if you were not able to work and manage the business? Would you be able to maintain your business for a long period of time if this were the case? Business Overhead Expense Disability Insurance (BOE Disability Insurance) is designed to prevent your business from filing bankruptcy or being forced to sell under financial distress because you have become disabled.
Take a moment to consider all of the time, money, and effort that you have put into building your business and making it the success it is today. You wouldn’t want to lose your business due to an unexpected disability. Most business owners hope to pass their companies down to future generations and allow them to take advantage of being a small business owner. Don’t allow a unexpected disability to diminish your dreams.
What Happens if I’m Disabled?
If you encounter an accident and are unable to work or you have become permanently disabled, your Business Overhead Expense Disability Insurance will help to take care of the costs associated with running your business. You will be able to decide what length of time you want the policy to pay out the monthly benefit. A Business Owner Expense Disability Policy will typically pay a benefit from 12 to 24 months. The main purpose for Business Overhead Expense Disability Insurance is to make sure your business expenses, including your Medical Malpractice premiums are paid until you can return to work. If you become permanently disabled, having your business expenses covered will also allow you time to sell your business distress free, if you so chose.
What Does it Cover?
It is important to note that all of the money received from a BOE Disability Insurance Policy must be used for your business expenses. This policy is a reimbursement policy. You will need to pay your expenses and will then be reimbursed up to the monthly benefit allowed in the policy. The policy will not cover your personal living expenses or medical bills. Some of the important things your policy will cover, include: rent, employee salaries, office equipment expenses, utilities, membership dues and subscriptions, payroll and property taxes, and insurance premiums for your employees and even medical malpractice premiums. Depending on the type of policy that you choose, you will also be able to hire a professional temporary replacement to handle your daily tasks until you can return to work. To find out more about how this policy can protect your business please contact our office.