Posted by Tom Carolan on Tue, Jan 19, 2010 @ 12:20 PM
Business expenses are covered for disabled persons with this type of insurance. There are many business overhead costs that business owners have to deal with every month such as rent, utilities, and employee salaries. Since a business may earn less when its owner becomes disabled, it can become difficult to handle all of these expenses. Business overhead insurance handles them for you.
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Because business overhead insurance has many technicalities, it is in your best interest to speak with someone skilled in the insurance field. Our professionals will guide you with information on insurance policies and what they cover. We have partnered with the nations top business overhead insurance underwriters to bring you the best plans at the best rates. Contact us and one of our experienced represenatives will provide you with your free business overhead insurance rate comparisons.
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Posted by Tom Carolan on Thu, Dec 17, 2009 @ 12:44 PM
If you have an accident or become sick and this prevents you from working,
disability insurance replaces the income that you would have made. The sad reality is that becoming disabled often results in financial disaster for many people. This is because they are not generally prepared for an unexpected event that will turn their finances upside down.
Individuals who own their own businesses have many financial responsibilities to consider, such as rent, utility bills, and employees' wages. These monthly expenses associated with running a business will continue to exist even if the business's owner is suddenly disabled and unable to work. Having business overhead insurance coverage as a part of your disability insurance helps cover such regular business expenses in the event that you are disabled and unable to work.
Business owners as well as self-employed individuals can get business overhead coverage if they meet the following requirements:
1 - You have an active role in the business.
2 - Your business depends on your presence to operate.
These requirements also ensure that a disabled person who cannot work will return to work if their situation changes. Most disability insurances grant business overhead coverage benefits for a maximum of 12, 24, or 36 months. The length of time depends on the insurance provider.
Your insurance provider will determine what your benefit limits are each month based on your occupation. These types of policies are affected by the monthly benefits they provide as well as the duration of the benefit period.
Monthly benefits paid to insured business owners can vary greatly. This is because the insurance companies take each individual's business into consideration independently. The amount that you receive may be different from one month to the next, but it cannot exceed the total expenses your business incurs in a month's time. Insurance companies also expect to see that the funds they are providing through business overhead coverage are being put to good use in the insured's business.
You can deduct the monthly cost of
business overhead insurance from your taxes as this insurance is considered part of the cost of doing business. Payments from the insurance company to you, however, are taxed.