If you’re a business owner, business overhead expense (BOE) insurance secures money allocation during your absence. If for some unfortunate reason, you were to become hurt on the job and need to take time off then you would not have to stress about the payment of bills. Your employees would also get paid along with your taxes or any debts. Do you want to discover how BOE can work to your advantage? Keep reading!
BOE Works Like a Disability Check.
An extended stay away from your business can cause a significant financial impact. You want to make sure that there is no gap time as far as payroll operations, paying vendors, taxes, or any other financial obligations. An insurer would pay you each month to make sure that money distributes for the things that your company needs to stay afloat. With BOE insurance, your business will run as normal.
Just make sure to note that you will still need disability coverage for yourself. BOE does not cover your loss of money.
How to Know If You Qualify
To receive BOE, you must not be eligible for social security. In other words, you must be younger than 65 years old. Anywhere between the ages of 18-64 makes you suitable. Your business also has to be running for a minimum of two years. Business owners who work from home may not be eligible for BOE. Just like with disability insurance, you will need to show proof of revenue.
How Long Will You Be Covered?
BOE could last between a year-and-a-half to two years. If you are between the ages of 61-64, it may only continue for a year. Benefits will cease when you return to work.
How is “Disability” Defined?
If an insurer rejects you, it typically means that there is no proof that you are unable to perform the essential functions of your business. A doctor or physician must be taking care of you.
How Long Does the Elimination Period Last?
The elimination period is the time that it takes to receive your benefits. This period lasts about thirty to 90 days. If you choose to wait a more extended amount of time, you can save money on your premiums. Since there is a chance that you may recover before benefits are paid out is the reasoning behind this.
What Does BOE cover?
- Wages-Yes even the partial payment of the employee that takes your place
- Office Expenses
- Real Estate
- Other Insurance Expenses- Yes, BOE can cover liability insurance, property insurance, and even your employee’s life and disability insurance
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, Google+, and Linkedin.