Health Coverage
Individual Disability Income
Business Overhead Expense
Disability Buy-out Insurance
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Click here to get a free Business Overhead Expense quote.
Business Overhead Expenses can be a heavy burden for the Disabled Business Owner; coming as they do at a time
of Disability, with regular living expenses continuing, business expenses continuing, and business income frequently
severely interrupted.
Business Overhead Expense Insurance is not a substitute for Personal Disability Income Insurance.
Business Overhead Expense Insurance is needed in addition to Personal Disability Income Insurance so that your
Personal Disability Income Insurance is available to pay for other ongoing obligations.
A Business Overhead Expense Insurance policy will, after the Elimination Period selected, pay the Monthly
Benefit purchased for up to 12, 18, or 24 Months.
Unlike Personal Disability Income, Business Overhead Expense policies pay benefits only when Two Conditions
are present:
Total Disability due to Injury or Sickness must be present.
Covered Overhead Expenses must be incurred during the Disability.
Some of the Eligible Covered Expenses that Qualify for Reimbursement include:
Accounting and Legal Expenses
Association Dues
Automobile Expenses
Employee Benefits
Employee Salaries (but not your salary)
Equipment Depreciation
Equipment lease payments
Insurance Premiums
Laundry
Loan and Mortgage Interest
Rent
Taxes
Utilities
Ineligible Expenses include:
Your Salary
Salaries of any other members of your Profession or Occupation
Repayment of Loan or Mortgage Principal
Tax Deductible
Business Overhead Expense premiums are considered to be a business expense and are fully Tax-Deductible.
Features to Consider with Business Overhead Expense Insurance
Accumulating Benefit provision
Conversion Privilege
Guaranteed Insurability (right to increase benefits)
Presumptive Total Disability provision
Suspension during military service
Transplant and Cosmetic Surgery provisions
Waiver of Premium
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