Business Overhead Expense
Business Overhead Expense coverage is designed to reimburse a business for overhead expenses should the owner experience an unforeseen disability. Overhead expenses can mount quickly, especially for highly successful businesses leveraged off of a single entrepreneur. Securing a Business Overhead Expense policy provides equity protection and needed funds during a time of great distress.
- Limits to $500,000 per month
- 12, 24 and 36 month benefit periods available
- Monthly benefits beginning after 30, 60 or 90 days
- Unique coverage design beyond traditional boundaries
- Coverage available for non-traditional occupations
- A private practice physician responsible for driving the revenue of his business sought to protect the practice from the impact of a disability. After paying his employees, maintaining top-of-the-line equipment and sustaining his lease agreement, the physician’s monthly expenses averaged $75,000. After securing the maximum of $30,000 per month of traditional Business Overhead coverage, the physician’s advisor turned to Exceptional Risk Advisors. Exceptional Risk Advisors underwrote an additional $45,000 per month to mitgate the losses from the physician’s disablement.
- The CEO of a creative online advertising agency looked to secure Overhead Expense coverage with a monthly benefit of $200,000. Managing key client relationshps and providing the boutique’s creative lead were integral job functions of the CEO. In short, the business was entirely dependent on the CEO even though they had over 40 employees. Exceptional Risk Advisors designed an Overhead Expense policy to pay $200,000 per month for 24 months in the event of an unforeseen disability to the CEO.