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Business Overhead Expense
This product covers the day-to-day operating expenses a smaller business incurs, should there be a loss of revenue due to a business owners absence because of sickness or injury. Small businesses often require the owner to be present or to be working to generate the revenue needed to keep the business operational. If they become injured or ill for an extended period of time, they may certainly lose business, customers, or perhaps some of their long-standing contracts. With a substantial loss of revenue, how will they pay employee’s salaries, the utilities, liability, or their rent? Many businesses would just have to shut down. Business Overhead Expense coverage can definitely help. It reimburses the owner for partial or full business expenses, to keep their doors open until they can get back to work.
This product is expressly designed for a smaller business with ten or fewer employees, or one that provides a professional service that is executed primarily by the owner or owners (generally no more than five owners that split the expenses). There are many businesses that can benefit from this product—doctors, small accounting, architecture, law firms, photographers… even a small insurance office. This is a product that can help most small business owners stay afloat until they recover and can get back to work. See the Financial Underwriting & Taxation file and the Sales & Marketing Ideas file in Broker Resources.
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