Business overhead expense insurance from is an insurance contract designed to help business owners meet monthly business overhead expenses during a disability.
If you were to become totally disabled based on the definitions in the contract, the insurer, would pay the approved expenses your business may incur while you are unable to work. Coverage can help with:
- Giving you enough time to recover or make alternative arrangements without the burden of financial worries.
- Keeping your business open and preserving client relationships.
- Preventing you from depleting business assets to pay for overhead expenses.
- Helping you pay suppliers and maintain a healthy credit record.
- Maintaining valuable services and benefits for your employees.
Business overhead expense insurance can be customized to your specific needs. Because the premiums are considered a business expense, the premiums are tax-deductible (consult your tax advisor regarding deductibility of premiums and tax treatments of benefits).
Covered Expenses:
- Rent
- Salaries of employees
- Benefit Plans
- Utilities
- Property Taxes and Mortgage Insurance
- Depreciation of Furniture and Equipment
- Cost of Repairs and Maintenance
- Casualty and Malpractice Insurance
- Business Loan Interest
- Car Expenses
- Office Supplies
- Postage
- Accountant Fees