What if you suddenly find yourself injured and unable to work? What happens now?
If you have an Overhead Expense Policy, you won’t have to worry, because this is exactly the type of hardship it is designed for. Let’s talk about the basics.
Many business owners will look for an Overhead Expense Policy that covers predictable, recurring expenses. You also need to ask these questions:
How much coverage do I need?
You will want to consider your monthly expenses and assess risks and values with your advisor. As previously mentioned, having a risks and benefits portfolio is vital to organizing your information and making the right decisions. This gives you a much more specific idea of what type of coverage you will need.
What about personal disability insurance?
Does your overhead policy cover you personally if you are disabled? If not, you will need to look into disability insurance plans so that your expenses are reduced and you can focus on getting back to work.
What does the policy cover?
What expenses does your business deal with on a monthly basis, and which of them can you expect to be covered? What if no partners or employees are able to perform the work you normally do for the business, putting it at risk of major losses?
How much does it cost?
You don’t pay for overhead expense insurance yourself, your business does. You will need to take note of any discounts that your business is eligible to receive so that you can get the best deal. Discuss it with your insurance agent and see what discounts you may be eligible for.
How do I make a claim?
How long can you expect the process to take and what information will the agency need?. This information needs to be readily available, so you can speed up the claims process and get back to work.
We know that you work hard for your business. Talk to an advisor at SOGO to ensure that it’s always safe.