Business Overhead

With business, overhead expense insurance, you can be there for your business, even when you can’t work.

If your business depends on your ability to generate income to help pay the bills, your absence due to a long- or short-term disability would impact the bottom line.

That’s why we provide business overhead expense insurance. It’s designed to help businesses with owners/partners who actively generate income (such as physicians, lawyers, accountants and engineers) pay ongoing fixed expenses—like salaries, rent, property taxes and utilities—in the event that a partner or owner becomes disabled and is unable to work.

It reimburses fixed monthly business and overhead expenses when you are disable.

This plan is designed to protect self-employed individuals (business owners, entrepreneurs, etc.) in the event that they are unable to work as a result of an injury or illness which has rendered them totally disabled.

It will cover the key operating or overhead expenses of business such as rent, utilities, taxes, and payroll. Safeguarding against these principal costs will ensure the continuity of business but more importantly help reduce or eliminate the stress of paying fixed expenses or creditor debt during a time when the clients should be focusing on a full and speedy recovery.

Eligible business expenses

  1. Rent, electricity, telephone and other public services;
  2. Salaries of personnel (who do not generate income and whose services are essential during the insured’s disability);
  3. Employer contributions to the group insurance plan, the employee pension plan or the QPP, the CPP, the workers comp, HRDC and the provincial health care plan;
  4. Cleaning;
  5. The professional services of an outside accountant;
  6. Leasing and amortization of equipment, including automobile;
  7. Professional dues;
  8. Business taxes and licenses;
  9. Depreciation of equipment and premises belonging to the insured;
  10. Postage stamps and other postage and office supplies;
  11. Property taxes for the place of business;
  12. Interest charges, except for those on over-drawn accounts;
  13. Professional liability insurance premiums;
  14. Amortization or periodic repayments of capital, including mortgages.

Fire, theft and casualty insurance premiums.