Many business owners and professionals are actively engaged in their business on a full time basis and their presence is vital to the continued growth of the business.
What would happen to your business if you weren't able to work for a few months or perhaps even longer? Would it survive without your presence? There would probably be a definite loss of revenue.
What can you do? Most business owners are aware of disability insurance to protect their income in the event they cannot work. But many business owners have never heard of BOE, short for Business Overhead Expense.
BOE is a wonderful solution. It provides reimbursement for certain business related monthly expenses - such as meeting the payroll, rent and utility expenses, while the business owner is unable to work.
A BOE policy may also provide tax benefits to the business.
the premiums paid for the BOE are considered a business expense and are deductible