Running a business involves more than just selling products or providing services. There are ongoing costs associated with keeping the doors open, even when you’re unable to work due to illness or injury. This is where business overhead expense (BOE) coverage comes in.
What is BOE coverage?
BOE coverage is a type of insurance specifically designed to help businesses cover their fixed expenses if a key owner or employee becomes disabled and unable to work. It’s important to note that BOE coverage does not replace personal disability income; it solely focuses on the business’s financial needs during a covered disability.
What are some common covered expenses?
- Rent or mortgage payments
- Utilities
- Loan payments
- Payroll for essential employees (excluding the disabled owner/employee)
- Insurance premiums
- Accounting and legal fees
Benefits of BOE coverage:
- Protects your business: BOE coverage can help ensure your business can continue operating and meet its financial obligations even during a disability.
- Provides peace of mind: Knowing your business is financially protected can offer valuable peace of mind for you and your employees.
- Attracts and retains talent: Offering BOE coverage can be a valuable benefit for key employees, making your company more attractive in a competitive job market Softballwebsites.com/.
Things to consider:
- Cost: BOE premiums are based on factors such as the business’s size, industry, and the health of the individuals to be insured.
- Coverage limits: BOE policies typically have limits on the amount of coverage provided and the duration of benefits.
- Eligibility requirements: Not all businesses or individuals qualify for BOE coverage.
Consulting with a qualified insurance professional can help you determine if BOE coverage is right for your business and navigate the various policy options available.