Business Overhead Insurance

What is Business Overhead Insurance?

Keeping a business going over time takes a great deal of effort. Many small business owners work long hours and put themselves through a great deal of stress. While running a business can be rewarding, it comes with its share of risks. There is a chance you could be injured and that your injuries will prevent you from completing your regular business operations. This could put your company in danger and even cause your business to collapse in some instances. Which is why business overhead insurance was created in the first place.

Business overhead insurance is a type of specialty insurance that pays money to cover your businesses operating costs if you are injured or not be able to work in your business like normal. That means if you’re seriously injured and can’t perform your jobs any longer, you may be able to get this insurance. This will help to pay out costs for hiring new employees, covering your utility costs, covering the debts your business has to deal with, paying for office expenses and more. This unique insurance will give you the money you need to keep your business running properly for a certain period of time. 

Business overhead insurance is usually available to individuals between the ages of 18 and 64. It covers business operating costs for between 12 months and 24 months, depending on the policy you get. These policies often cover 100% of the total operating costs for a business, making it easy to keep your company going even when you’re seriously injured. Just keep in mind that the disability requirements for these policies are strict, and if you don’t meet those requirements, you won’t receive any of the benefits from the policy. There is also a waiting period attached to the policies before any benefits kick in, and if you recover during that period, you won’t get any money from the insurance. 

Why is Business Overhead Insurance important?

Imagine you’re running a restaurant, and you handle most of the operations on a daily basis until you’re injured and you can no longer walk or even sit up. These serious injuries put you out of the office for an entire year as you fully recover. During that time, not only can’t you manage your employees, but you can’t handle any business operations at all. You need staff to replace all of your regular tasks, and you need extra experts to help you run your company effectively without being there. This is one of the best uses for business overhead insurance. 

If you’re injured so badly that you’re unable to work, this insurance will give you the money to hire replacements for yourself while you aren’t there. You will get coverage to give someone else a similar salary to your own and to help you cover things like payroll, equipment, electricity and other operating costs. When you have this insurance activated, you’re much more protected during standard business tasks, and you will always know that you’re covered if you get injured.

Who is Business Overhead Insurance made for?

Business overhead insurance is meant for active business owners that work in their organizations. It’s designed for small business owners where there are just a few employees, and the owner is involved in the daily tasks of the business. You could still benefit from this insurance when running a larger business as well, but the company owners in smaller businesses tend to have more responsibilities and less money to cover operating costs when you’re gone. This is why it’s crucial to have business overhead insurance! 

If you’re trying to run a company and you want to make sure you never have to try and run your business from home or a hospital, you’ll love the coverage you get from business overhead insurance. You’ll have the money to hire a temporary replacement as you recover, which means you can relax and get the help you need. You can’t get this from many other insurance policies today, which is why this option is worth considering. 

If you’re considering business overhead insurance, it’s crucial to consider the different costs involved with operating your business, your role in the company and what would happen to you if you could no longer come into work. When you consider these factors, you can begin to learn about what sort of insurance protection you need and how you can safeguard your business. Talk over these specifics with an insurance specialist, and you can learn about overhead insurance options that will work for you and how you can move ahead safeguarding your organization. 

Why should you choose PAIB Insurance for your business overhead insurance needs?

Business overhead insurance is a good investment if you want to make sure your injuries and health issues don’t negatively impact your business. It’s challenging to run a business while healthy and nearly impossible if you aren’t doing well. With the right insurance policy on your side, you won’t have to worry about this issue any longer. Instead, you will enjoy protection when things get bad, and you’ll have the funds to continue running your business as usual. You will have to track down the right insurance provider to give you the coverage you need, though. 

We have the resources and the connections to help you find the right insurance company to work with here at PAIB Insurance. While we don’t give out insurance policies to customers, our team helps connect customers with insurance companies that will meet their needs. When you work with our team, you’ll get access to powerful insurance policies from leading companies throughout Canada. Reach out to the PAIB Insurance team and tell us what you need, and we’ll try our best to connect you with only the best businesses around. PAID Insurance will overhead insurance providers available to you and help ensure you get a policy that will protect your business. Along with business overhead insurance, our customers also use our services to get access to cyber insurance as well as income property insurance. You’ll have access to the most applicable insurance policies when you work with us!


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