What kinds of overhead expenses are covered?
Eligible expenses under this coverage include rent, leased equipment, employee salaries, utility bills, taxes, insurance premiums, and depreciation and other fixed overhead expenses that are normal and customary in the operation of your business. This coverage pays the covered monthly expense you actually incur, subject to the selected maximum, for the operation of your office while you are totally disabled.
Is this coverage renewable?
Yes, once coverage is effective, it automatically renews by paying the renewal premium applicable for your particular age. The coverage will only end if you do not pay the premium when due, reach age 70, cease to incur eligible business expenses, cease full-time work for reasons other than Total Disability, elect to end your coverage, or if the policy is terminated by the underwriter or policyholder.
How long do I have to wait before benefits begin?
The choice is yours. You may choose a waiting period of 15 or 30 days. The Waiting Period is the number of consecutive days you must be totally disabled by a covered illness or accident before benefit payments begin.
Have more questions?
For more information on this coverage – features, costs, eligibility, renewability, limitations and exclusions – click on the Learn More section on the right or contact an NJCPA insurance specialist.