Overhead Expense Policy

An Overhead expense policy is insurance designed to protect your business if you become disabled. It provides a monthly income that will help your business stay afloat until you are able to return to work.

Here are some the expenses that are usually covered under this type of insurance:

  • Mortgage or lease payments
  • Employee wages
  • Utilities
  • Business insurance premiums

Overhead expense insurance is a vital part of your business’ insurance portfolio. Here are some things that you should ask yourself when considering what overhead expense insurance policy is right for you:

  • How much coverage do I need to purchase?We suggest that you have a professional assess your business’ value and risks. The risks that you and your employees routinely face should also be considered. A full business inventory and risk assessment should tell you how much overhead expense insurance your business needs. Don’t forget to consider your other insurance policies when making this decision.
  • Should I also purchase personal disability insurance?We suggest that you have a professional assess your business’ value and risks. The risks that you and your employees routinely face should also be considered. A full business inventory and risk assessment should tell you how much overhead expense insurance your business needs. Don’t forget to consider your other insurance policies when making this decision.
  • What is covered under the policy? We suggest that you have a professional assess your business’ value and risks. The risks that you and your employees routinely face should also be considered. A full business inventory and risk assessment should tell you how much overhead expense insurance your business needs. Don’t forget to consider your other insurance policies when making this decision.
  • How much will the policy cost?You personally don’t pay for overhead expense insurance. Your business is the purchaser and beneficiary. Insurance companies usually provide different discounts for their clients. Make sure that you ask your insurance agent what discounts may be available to you. Also, remember that your business will have to pay taxes on the income that it receives during this time.
  • What is the claim’s process?It’s crucial that you understand your insurance company’s claims process. Write down who you’re supposed to call and when, what information your insurance company will need, what the next step in the process will be, and how long the entire claims process will take. Keep this information in a safe, easily accessible place.

Contact the professionals at SOGO if you want to learn more about overhead expense insurance and how it may benefit your business. We have the experience and tools to assist you