As a business owner, if you become sick or hurt, how would pay your employees and meet your monthly expenses? In the event that you become disabled, there’s more at stake than just your personal obligations; the future of your company could be in jeopardy. Ongoing expenses such as rent, utilities and employee salaries cannot be forgotten.

Business Overhead Expense (BOE) insurance can help by paying a portion of overhead expenses so the business can continue to operate even while you are unable to work. Premiums for a BOE policy are generally tax deductible and the policy provides 24-hour coverage, 7 days a week, on or off the job.

Generally, there are two conditions that must be met to receive the BOE benefit:

1. Total disability due to injury or illness
2. Expenses covered by the policy must be incurred during the disability

Eligible business expenses that may be covered include:

• lease or rent payments
• utilities
• office maintenance and repairs
• billing and collection fees
• depreciation
• mortgage and loan interest
• property and payroll taxes
• property and liability insurance
• employee salaries
• professional services fees

If you would like more information about Business Overhead Expense insurance, contact us at Neckerman Insurance Services.