BENEFITS CONSULTING
Author: BenefitConsultants.com
While discussing the many benefit packages available to your business do not overlook Business Overhead Expense (BOE) Insurance.
This type of insurance is designed for the small business owner that relies on a small number of people (or just one person) to produce revenue. In short, a disability policy is purchased by your company to provide coverage on the business owner. The premiums are paid by the company and should the insured become disabled the company receives benefits to pay for ongoing expenses. There are certain overhead expenses that will continue after a business owner becomes disabled. Expenses that are typically covered by a BOE insurance policy include the following:
- Rent
- Rental or lease costs of office equipment
- Maintenance of equipment
- Business debts where interest payments are due
- Utilities
- Employee’s wages and payroll taxes
- Postal expenses and Stationary expenses
- Taxes on the business property
- Workers’ Compensation insurance premiums
- Accountant or bookkeeping fees
- Professional membership and subscription fees
By covering these expenses while the owner is disabled the business can continue to operate.
Some expenses that are not covered by a BOE policy include the salary of a temporary employee hired to fill in for the disabled person, income taxes, inventory costs and furniture costs.
Protect your business from loss in the event of a disability. Obtain professional Benefits Consulting TODAY!
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