Part of running a business means planning for curveballs that could make managing day-to-day operations difficult. Business overhead expense insurance is designed to keep things going when a disability or illness requires you to be temporarily absent. This is different from personal disability insurance, which makes payments directly to you to replace lost income if you can’t work. If you own a business, getting familiar with the basics of business overhead expense insurance and how it works can help you decide if it’s a good investment.
What is Business Overhead Expense Insurance?
Business overhead expense insurance (BOE) is a type of insurance that pays benefits to your business if you’re unable to work. For example, if you’re in a car accident and are seriously injured, or you’re diagnosed with a serious illness, your policy’s benefits could kick in to provide the business with cash flow while you recover.