Business Management Saint Paul MN

They go hand in hand - the health and well-being of a small-business owner are essential to the health and well-being of the small business.

10/1/1997

As long as the owner can perform the essential daily tasks necessary to operate the business, the business has a chance to continue and thrive.

But what happens if the business owner becomes disabled and is unable to perform vital functions necessary to operate the business? It can happen. In fact, recent statistics show that one out of three Americans suffers a long-term disability - one lasting more than 90 days - at some point before retirement.

You can cover yourself with disability income insurance, but that won't cover the costs of running the business. And without financial support, the business may falter and possibly fail during an owner's extended disability period.

So how do you protect yourself and your business?

Business Overhead Expense Coverage

Fortunately, with some prudent planning, a business owner can protect financial interests and the business. One way to do this is to purchase business overhead-expense (BOE) coverage, which is designed to reimburse the owner or partner for the ongoing expenses associated with running a business.

As the name implies, BOE coverage pays for typical overhead expenses, such as utilities, rent, office supplies, employee wages and fringe benefits, leased equipment, premiums for business and professional insurance, and interest on debts and other fixed expenses ...