business overhead insurance for mgia members
In the event of an accident or illness that prevents you from working, keep your business going with business overhead expense (BOE) insurance. Business overhead insurance reimburses the usual expenses of your business such as rent, utilities, laundry, employee salaries, legal and accounting fees, insurance premiums and other business-related costs. Features include:
- choice of waiting periods;
- benefits payable for up to 24 months;
- optional benefits for residual disability;
- premiums maybe tax-deductible.
When coverage is “non-cancellable,” the insurance company cannot change or cancel your coverage or premiums.
Guaranteed renewable contracts allow the insurance company the right to adjust the rates from time to time on a class basis.
The policy’s definition of disability is an important factor in determining your eligibility for benefits:
- True “own occupation” policies allow you to collect benefits if you cannot do your job, even if you choose to work in another occupation.
- Some policies will reduce your benefits or stop paying if you choose to work in another occupation.
- Others policies might stop paying if you are able but decide not to work in another occupation.
personal appointments available
Member Insurance Solutions provides the option of on-site visits to discuss the issues that apply to your particular situation. To set an appointment at your convenience, please call 800.878.6765 and ask for an appointment.