Included In A Business Overhead ProtectorSM Policy
- Business Overhead Coverage
A Business ProtectorSM policy covers the following types of overhead expenses:
• Salaries, fees wages, benefit payments and employment taxes for employees
• Rent and lease payments for furniture, equipment and premises
• Utility costs including phone, electricity, heat and water
• Laundry, janitorial and maintenance service costs
• Property, liability, malpractice and business insurance premiums
• Professional, trade and association dues
• Business property taxes
• The greater of depreciation or principal payments on business loans on business property
• Interest on business debt existing on the day your disability begins
• Legal, accounting and similar business fees
- Policy Renewability and Premiums
Your coverage is guaranteed renewable to your termination date1 as long as you pay the premium on time. We will not change any part of the policy, including the premium, until the termination date.
- Renewable for Life (Renewal Option)
With the Renewal Option, you may ask to continue the policy beyond your termination date if you are working at least 30 hours per week and are not disabled at the time of your request. Certain limitations apply.
- Total Disability Benefit
We pay benefits if you cannot work in your regular occupation because of a total disability, as defined by the policy.
- Benefit and Expense Carry-Forward Feature
While you remain continuously disabled, unused benefits and unreimbursed expenses may carry forward to future months of continuous disability (subject to policy limits).
- Partial Disability Benefit
While the insured is partially disabled, we'll reimburse 50 percent of the covered business expenses (up to the policy maximums) for up to six months.
- Choice of Maximum Benefit Amount and Commencement Date
You can choose your policy base amount and benefit multipliers (12, 18 or 24) to determine your maximum benefit (subject to our underwriting requirements). You may also choose a commencement date of the 31st, 61st or 91st day of continuous disability.
- Conversion Option
If your needs change after two years from the effective date and before your 60th birthday, you may request conversion of this policy to an individual disability income policy. Certain limitations may apply. Contact your insurance representative for more information.
- Waiver of Premium Benefit
While you are disabled, we will waive premiums due and refund any premiums due and paid since your disability began.
- Presumptive Total Disability Benefit
We presume you are eligible for the total disability benefit if an injury or illness results in loss of speech, hearing in both ears, sight in both eyes or the use of two limbs, as defined by the policy.
- Survivor Benefit
If you die while receiving total disability benefits, we will pay the owner or the owner's estate up to three times the base amount, but not more than any remaining maximum benefit. This benefit is not available in some states.
- Cosmetic or Transplant Surgery Benefit
We pay a monthly benefit if you become totally disabled more than six months after the policy's effective date because of a sickness or injury caused by cosmetic or transplant surgery.
Optional Riders
- Extended Benefit Option Rider
This rider delays the reduction of policy benefits until age 65 and provides reduced coverage until the policy anniversary after you reach age 70.
- Future Buy-Out Expense Option Rider
This rider offers an opportunity to periodically increase the buy-out policy benefits to keep pace with business growth.
Start protecting your business today. Request a quote or ask your insurance representative for more information.