Large corporations and small businesses can benefit from implementing Business Overhead Expense (BOE) Insurance into their coverage plan. While being an executive of a company or small business owner grants you the freedom to pen out your work schedule and how tasks are managed, it also places your company at considerable risk. Considerable risks that business owners face are unforeseen illnesses, disabling injury, or business failure. An investment in Business Overhead Expense Insurance can provide an extra layer of protection to ensure the security and future of your company and minimize risks. Malden Solutions provides comprehensive Business Overhead Expense Insurance solutions for businesses throughout Maryland.
Business Overhead Expense Insurance Covers Business-Related Expenses with Disability
One of the greatest perks of BOE Insurance is that it co-exists with short-term or long-term disability. This means that as a business owner, your business-related expenses can be paid for entirely through Business Overhead Expense Insurance when you need it the most. BOE coverage can pay for any of your business expenses, including lease or mortgage payments, interest payments, utility bills, employee salaries, taxes, employee benefits, accounting, legal services, janitorial fees, insurance premiums, and many more.
Benefits and Pitfalls of BOE
While there are many benefits to investing in Business Overhead Expense insurance, business owners can face potential drawbacks. To qualify for BOE insurance, your company will need to be within operation for at least two years. Additionally, you’ll have to be between the ages of 18 to 64 years of age. Despite recent COVID-19 work-from-home measures, insurance companies are selective about candidates who work from home and whether they qualify for BOE insurance. You’ll need to provide proof of revenue before investing in BOE, and that revenue will need to hit a certain threshold. At Malden Solutions, we can walk you through Business Overhead Expense insurance to help determine whether you’re a qualifying candidate.
Duration of Business Overhead Expense Insurance
For qualifying companies that invest in Business Overhead Expense insurance, you might be curious about the longevity of BOE payments while on short or long-term disability. This period can last anywhere between 12 to 24 months, depending upon your benefit plan. Contact Malden Solutions today for more information about BOE 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, and Linkedin.