Business overhead insurance and disability insurance are very different. While both policies help to restore income, business overhead insurance goes a lot further. Here at Malden Solutions, it is our job to keep our clients well-informed and in the know. Today we’re going to discuss what business overhead insurance does that disability insurance does not.
Business Overhead Insurance Helps to Preserve Your Practice
It reassures a business owner to know that their business can stay afloat even during challenging times. If you are unable to produce your portion of revenue due to an illness or injury, this plan can help keep your doors open while you recover. Business overhead insurance plans supplement short-term and long-term disability and cover many expenses such as:
- Lease, rent, or mortgage payments
- Utility bills
- Employee Salaries
- And much more!
This Policy Keeps Your Employees Around
This type of insurance plan not only benefits you, but it helps your employees as well. It is hard, if not impossible, to cover salaries, benefits, and payroll taxes while you get better. The reality is that if employees see a decrease in pay, it motivates them to find another job. Or at least it will put a lot of financial burden on them.
Business Overhead Insurance Helps Maintain Your Company’s Momentum
Being a business owner is one of the most sought-after accomplishments next to owning a home. It takes a lot of knowledge, leadership, long nights, money, and determination to have a successful business. Once you get there, it’s devastating to think about losing all of the momentum, notoriety respect. Luckily, you don’t have to whatsoever. Having a policy in place ensures that you don’t have to go out of business or start from scratch.
Protects Your Income
The reality is that disability insurance typically only covers about 60% of your income. With that in mind, having a backup is crucial. Doubling up on insurance policies means that you can still save, provide for your family, keep your business running, and, most importantly, heal without being in financial detriment. When you don’t have to reach into your savings, it makes life so much better.
If you want to learn more about business overhead insurance and disability insurance, give us a call. Protect yourself and protect your employees as well.
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, and Linkedin.