Business overhead expense insurance is designed to help businesses with owners/partners who actively generate income pay ongoing fixed expenses—like salaries, rent, property taxes and utilities—in the event that a partner or owner becomes disabled and is unable to work. The Overhead Expense Plan may help you focus on recovery, retain valued staff, pay ongoing expenses and avoid financial downfall.

Key Features and Benefits

  • You are eligible if you are between age of 18 and 60.
  • The plan is non-cancelable until you reach age 65. It could be conditionally renewed, as long as you remain employed full time.
  • Benefits can start after 15 days of disability and can be paid over the time up-to 12 months or up-to 24 months.
  • Premiums may be tax deductible as business expense.
  • Various options available, Future Insurability Option Rider and Future Insurability with Return of Premium Option Rider.

 Typically covered business overhead expenses by the policy are:

  • Rent
  • Interest payments on outstanding eligible business debts
  • Utilities (heat, water, telephone, electricity, etc.)
  • Non-attorney employees' salaries and payroll taxes
  • Equipment maintenance
  • Rental, lease, or depreciation of office equipment
  • Monthly average of taxes on the premises
  • Insurance premiums for Workers' Compensation, Employee Medical Plans, Employee Taxes, General Liability, Professional Liability/Malpractice
  • Professional memberships and/or subscription dues.

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