If you have your family expenses covered with Disability Insurance (DI), what about your ongoing business expenses? Business Overhead Expense Insurance (BOE) pays the business bills, salary, mortgage/ rent, utilities, etc. It can make a huge difference when you’re ready to go back to work, to have your staff and business waiting for you. BOE makes that possible, without depleting your savings.
You may have lease or mortgage payments to make while you’re recovering. The staff you’ve spent years building needs their salaries while you’re not there to generate the income to pay them. It will help you heal to know that they are covered by your BOE payments.
Like Disability Insurance, you can choose how long after you are disabled before the money starts rolling in, 30 days, 60 days, 90 days, etc. You also choose how long the payments keep coming, one year, two years, etc. If you couldn’t work for two years, does it make sense to keep the business open? If not, pick a shorter time frame and save on the insurance premium. If it does make sense, go for the gusto and keep your business open while you’re recovering. Maybe you’ll use the BOE payments to hire someone who replaces you, even though they’ll never do the job as well as you! Or if they generate enough business, you can pay them from your increased profits and retire!
Together DI and BOE are a team that holds things together until you’re healthy enough to go back to work.
Contact meNancy Vargo, your Independent Insurance Agent today!