Business Overhead Insurance

Business Overhead Insurance is designed to provide money to business owners in case of disability and resultant inability to work. When a business owner falls ill and cannot continue working, naturally, he would be unable to produce any income.
On the other hand, the expenses, both business and regular living, would increase. A business overhead insurance pays money needed in order to meet these expenses until the business owner returns to work. A business overhead expense insurance policy or a BOE insurance policy provides benefit to the insured normally for a period of one to two years.

The logic behind this time frame is that a business would not survive beyond this time without its owner. Businesses with multiple owners can also avail of the advantages of business overhead insurance.

The partners can individually have business overhead expense policies in their names. Premiums that are required to be paid for business overhead expense insurance are tax-deductible.
The benefits are provided by the insurers on the condition that the expenses that would be covered under the policy must be incurred at the time of the illness. The business expenses that are eligible to receive cover under a business overhead insurance policy are the following:
Common office supplies
Property taxes
Interests payable on business debts
Expenses incurred for the purpose insuring business
Legal and accounting fees
Interest and principal payable on business properties that are mortgaged
Payments of rents on equipments and properties
Costs on employee benefits
Employment taxes
Salaries of employees

Reimbursements are provided under business overhead insurance plans in case of both partial and total disablement of the business owner or a professional. Besides a personal disability insurance, a disability overhead expense insurance should also be opted for. The business overhead insurance policy offers the availers the chance to choose the amount of receivable monthly benefit and elimination period and benefit periods.

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Last Updated on : 29th July 2013

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