Business Overhead Expense Insurance

As a business owner, you have a full plate of responsibility. You have poured your heart and soul, not to mention time and money into your business endeavor and your company’s success depends largely on you. What should occur if you were unexpectedly unable to work? Ensure that your business thrives despite a sudden disability and keep your company’s doors open with the financial stability that business overhead expense insurance provides. The Overstreet Agency offers affordable, reliable business overhead expense insurance that protects your company when it counts.

Don’t wait until disaster strikes! Invest in BOE insurance today and secure the future of your business. The Overstreet Agency can customize a BOE insurance policy to cover your unique business needs. Contact us today to learn more!

What is Business Overhead Expense Insurance?

Business overhead expense insurance (BOE) is a type of disability income insurance and is the financial foundation upon which your business can rest if you or key employees should be incapacitated in any way. With such coverage, injury or illness will not prevent you from paying the business’s expenses, including rent, utilities, employee wages, vendors, and other necessary costs of running your business. Since many costs vary monthly, BOE is designed to fluctuate to match your business expense needs. This insurance product is affordable, especially compared to other disability products and has tax advantages for your company, as the premium is a regular business expense and is therefore tax deductible.

WhatTypes of Coverage Does BOE Insurance Provide?

Having disability income insurance for your business is extremely advantageous for you, your company, and your employees. Various policies offered at Overstreet can help protect and support every aspect of your business, keeping it up and running in the event of an illness or injury. What BOE coverage and plans does Overstreet offer?

Business Owner Individual Disability Income Insurance

When you are facing an unexpected injury or illness, your bills don’t disappear. Your personal income needs to be protected so that you can cover your essential life expenses. Mortgage or rent, groceries, medical bills, utilities, and other critical expenses can be covered with the payment you will receive from your income insurance policy. It will replace 60% or more of your income and enable you to focus on your health and keeping your business up and running rather than stressing over financial stability.

BOE Insurance to Maintain Business Continuity

Protect your business financially should an accident or illness take you out of day-to-day operations. BOE insurance will not only provide for the costs of running your business – it can also pay to hire a replacement for you while you are unable to work. The main objective is to keep your business open and running despite your absence.

Employee Disability Income Insurance

Your team is the backbone of your business and their contributions keep your company thriving. Attract and retain the workforce that makes your business possible by offering your employees disability income insurance. If they should become too sick or injured to work, this policy protects a portion of their income so they can maintain financial stability while they are unable to work. There’s no better way to show your employees that you care.

Salary Continuation Insurance

You may also choose to have a disability salary continuation plan for key employees and executives. The Overstreet Agency offers this Ameritas policy as a form of protection for your business and key employees alike, ensuring that these costs and decisions do not fall to the business to pay, instead incurring the cost over time through a premium. This can be self-insured, however, doing so comes with its own risks. The benefits of having an established, insured plan for specific employees reduces your risk of litigation surrounding discrimination. The policy also ensures that you will be able to pay your employee while they recover without risk of the IRS viewing the plan as a settlement which would cause you to lose the tax-deductible expense component. Additionally, you will not be left with tough claims decisions about the length, duration, and amount your employee can receive disability. The only way to avoid these risks and ensure protections are in place is if the plan is insured.

Guaranteed Standard Issue

This disability insurance product (GSI) is an affordable way to fund a salary continuation plan for any or all employees. Similar to other disability income insurance products, it enables you to provide your employees with long-term disability insurance. Besides affordability, there are various benefits to selecting a GSI plan. There are no costly medical exams required and no medical exclusions. Employees do not need to supply financial documentation and they own the policy, so they are portable. All it takes to qualify is for your employee to answer a few medical questions on the application and for you to provide a complete census.