If your clients are like most business owners, they do their best to make sure nothing gets in the way of their continued success. You are obligated to present these clients with a way to protect their businesses, if they happen to become sick or hurt and are unable to work.
The chances of a business owner becoming disabled for 90 days or more during their working years are higher than you may think – in fact, those between the ages of 30 and 50 have a 30% chance of becoming disabled for 90 days or longer prior to retirement.
A disability Business Overhead Expense (BOE) policy will reimburse your clients’ share of the rent, utilities, employee wages, maintenance services and other covered overhead expenses – enabling them to return to smoothly run businesses when they recover.
Benefit periods on BOE policies are usually 12 to 24 months, with typical elimination periods of 30, 60 or 90 days. BOE insurance rates are based on age, occupation, and health status. If a business owner is disabled, a carrier will reimburse them for their share of the covered expenses incurred in the operation of their business, up to the monthly benefit amount purchased.
The carrier will consider a client totally disabled if, as a result of injury or sickness, they are unable to perform with reasonable continuity the substantial and material acts necessary to pursue their current occupations in usual or customary ways.
Benefit payments will begin after the elimination period, and will continue until the client recovers from disability or the maximum benefit period ends; whichever is earlier.
Speak with your business owner clients today – help each and every one of them protect the most important asset they have – their business. For more information about BOE policies, contact your CPS DI Sales Rep.