Business Overhead Insurance

[DB]

My current situation has started me thinking. My brother is a doctor with his own private practice and is every but as self employed as I am (we are). He was telling me today about Business Overhead Insurance, so I did some checking on it. Apparently, this is something that we can get, to cover our expenses on a short term or long term (up to 2 years) basis, in case we are injured or disabled, partially or temporarily. I have submitted requests for several quotes and will pass my finding on here later.

At present, I can't work and have no income ... all over a simple fishing trip ... could happen to anyone .... even you.

Does anyone already have this?? Is there a policy strictly for appraisers, like there is for doctors and lawyers?

Give me some thoughts and input on this .... Might be something we should all consider .. Heck .. we might even apply as a group and get reduced rates .... I have been a licensed agent for over 20 years and I am not afraid to get down on one knee and have a "come to Jesus" meeting with some of these companies.

Is there any interest in something like this??

Thanks everyone! In advance ....

 

[Dee Dee]

Doug,

I've never heard of "business overhead insurance", but I suspect that it may be an option that can be added to a disability insurance policy for self-employed people.

My guess is that you have to have one before you can get the other, which can get expensive.

Will be interested in what you might find out, though. Let us know.

 

[Pamela Crowley (Florida)]

I think it IS called "Disability" Insurance. Gives you the income you are missing due to your disability.

 

[DB]

Nope ... do a Google on it .... It may be little more than a re-packaged disability plan .. but there is one small exception ... that I failed to mention earlier in my research ......

The benefits paid are tax free ...... Still researching ... will keep you posted ....

 

[Otis Key]

But Doug, glad to see you're feeling well enough to post, I also think it takes several weeks, up to 6, before the benefits kick in. I'm not sure but think I heard that some place.

 

[DB]

The ones I am looking at kick in in 30 days and pay up to 2 years ... still don't have the premium quotes .... the premiums are deductible as a business expense and the benefit are tax free, according to one site ... but states to check local laws before purchasing based on that feature alone.

 

[JTip]

Doug,

I believe what you are referring to is called "Own Occ DI". Specific to your occupiation, this disability insurance has a 90 day wait and pays 65% of your pay. An independant office employee, $5000 month max, runs aprox. $400-600 year. Not too many co.'s write this stuff anymore because they lost their butts on it. Provident is the only co. I know that writes it these days but the internet may turn up some more co's for you.
As for business expenses, this would be covered under your BOP, but only covered perils like wind, fire, etc. As for a policy covering your annual dues on software, electric bills and other business related expenses due to a disability, I believe you are sol in the standard market. Lloyds of London will write anything for a price, so I'm sure there is someone on the internet will do this for a PRICE :blink:
Do keep us updated on what you find out Doug, I will be interested in the info too.

Good luck,

Shane Tipton


Well diggity dang, there is a co. that will write what you are looking for...next time I will do a simple search before I open my big mouth Still, the price is the key and I will guess it is $200+ a month if not more...

 

[Tim Hicks (Texas)]

Dude, you need accident insurance! Although if I was an insurance provider, I would decline your application due to past history. Is their such a thing as "here's your sign" insurance?

 

[DB]

As a fully licensed insurance agent in the state of TN for over 20 years, unfortunately Tim ... I would have to agree ...

 

[DianaOKC]

I just got a quote for disability insurance. I'm 41 - nonsmoker. $110.00 a month. 90 day wait pays to age 65 up to $2700.00 month. Think I'm going to go ahead with this as I came too close to breaking my neck last week. Thought I was younger and more nimble than I really am. I was on the trampoline with the step granddaughter and went to step off - caught my foot on the plastic kid table sticking out from underneath and landed face and shoulder first. Laid there for a couple of seconds checking to see if everything worked before I rolled over and cussed my self a blue streak. Two year olds really pick up words fast!