|
Business
Overhead Expense coverage is designed to reimburse a business owner's overhead
expenses while
he or she is disabled. A business overhead expense policy pays a benefit
of one to two years after a waiting period
Generally, there are two conditions which must be met to trigger the payment
of benefits:
•
total disability due to injury or sickness
• the expenses covered by the policy must be incurred during the disability
Eligible business overhead expenses include:
• employee salaries
• employment taxes
• employee benefit costs
• rental payments for property and equipment
• principal and interest on mortgaged business property
• utilities
• accounting and legal fees
• business insurance expenses
• interest on business debts
• property taxes
• general office supplies
Business Continuation/Buyout coverage provides the funds
to back a disability buyout agreement.
|
