Business Overhead Expense

Business overhead expense insurance is similar to key person insurance in that it protects a critical member of your company – the business owner. “In small businesses where the owner is likely responsible for much of the day-to-day, an extended absence can have a catastrophic effect on the balance sheet,” said Raymer Malone, owner of High Income Protection Insurance Agency.

Business overhead expense insurance is a basic disability policy that covers business expenses such as rent, salaries and utilities if the owner becomes unable to work due to illness or injury.

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Does your company really need these policies? Every company has different insurance needs, depending on the industry, location and nature of the business. While the above-named policies are recommended, they may or may not be right for your business. Be sure to consult with your insurance agent frequently to assess your risks and ensure that your business is getting all the protection it needs.

“Set up a regular timeframe to meet with your agent and update him or her on your business and any changes [that have occurred] to make sure you’re adding the coverage you need,” Klaras said. “Do your research … and make sure you’re covered,” Hoffmann added. “The costs can be very reasonable, and insurance provides the protection you need to make sure somebody else doesn’t get in the way of your path to success.”

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