What is a Business Overhead Expense Policy (BOE)?

As a high-earning, skilled professional, you can take precautions against financial losses in the event of a disability that results in your inability to work. Individual disability and long-term disability insurance coverages provide personal financial security when you experience losses in income due to a disabling condition that keeps you from performing your job as you had before, but what happens to your practice and patients?

There are additional expenses associated with running a business such as a medical or dental practice that your individual disability insurance policies will not cover.  You should not have to use your savings account or personal disability insurance benefits to keep your practice afloat. Recognizing this need, some insurance companies offer Business Overhead Expense (BOE) policies to fill the void created by your absence. A Philadelphia disability insurance attorney can help you understand business overhead insurance offerings and the benefits that may be available to you. BOE policies may provide reimbursement for your eligible business overhead expenses so you will not have to deplete your personal financial resources. 

BOE policies operate in a manner parallel to disability insurance policies, providing coverage when a business owner/practitioner becomes disabled and meets the specific eligibility criteria. As with any disability insurance policy, working with a Philadelphia disability insurance attorney can help you navigate the BOE claim process. Seltzer & Associates has years of experience handling both disability insurance claims nationwide and business overhead expense claims.

Understanding Business Overhead Expense Policy Coverage and Eligibility

If you are a medical or dental professional running your own practice, you are likely well aware of the many expenses associated with the operation. A business overhead expense insurance policy can cover expenses such as:

  • Facility leases
  • Property taxes and mortgage expense
  • Equipment rental
  • Employee wages
  • Taxes
  • Professional business fees such as legal and accounting fees
  • Utilities

Of course, each policy will differ, so it is important to know your policy terms and limitations. BOE policies have certain similarities to your individual disability insurance benefits, such as elimination periods, time limitations, definitions and classifications of disability, and monetary payout limits. You can explore your options to purchase additional coverage with your insurance company and select the coverage you feel is best for your business. If you need to file a claim for BOE benefits, a Philadelphia disability insurance attorney can help you meet the burden of proving your claim to the insurance company and secure any benefits to which you are entitled. 

Schedule Your Free Consultation with a Philadelphia Disability Insurance Attorney

It is wise to work with a Philadelphia disability insurance attorney to handle your disability insurance claims. If you have not done so already, you should consider protecting your medical or dental practice with a business overhead expense insurance policy. Schedule your free consultation with Seltzer & Associates by calling 888-699-4222 or completing our online contact form.