What is Business Overhead Expense Insurance (BOE)?
While a personal disability policy replaces a portion of your own income if you become disabled, BOE insurance covers the routine expenses that your business may incur during your disability. Your personal disability policy pays benefits to you; your business receives the benefits under the BOE insurance policy.
What Expenses Are Covered Under BOE?
- Eligible for reimbursement usually include:
- Lease, rent, or mortgage payments
- Loan and mortgage interest
- Employee salaries (but not your salary)
- Salary for a professional replacement for your position (depends on policy)
- Utilities and telephone
- Laundry, janitorial, and maintenance services
- Accounting and legal services
- Professional trade dues and subscriptions
- Automobile expenses
- Employee benefits
- Equipment depreciation
- Equipment lease payments
- Insurance premiums
- Taxes
- Other fixed expenses normally incurred in running the business
Discount for Association Members
Association members can expect to recieve a BOE insurance plan with up to a 20% premium discount. If you should become disabled from an injury or illness, this program would pay you up to $40,000 per month to cover your office expenses.
