Financial health and management of small and medium businesses often relies on the owner’s daily involvement. Should they become incapacitated as the result of an accident or sickness, could the company continue to operate and pay for its ongoing expenses?
Disability Insurance vs. Overhead Insurance
Overhead Insurance is tailor-made for freelancers and business owners whose daily presence is needed for the company to thrive.
Disability Insurance can provide for their personal financial needs and that of their family while recovering, but it is not sufficient because it does not cover costs incurred by the company during their absence.
This is precisely what Overhead Insurance is for – covering all these expenses during the time of recovery.
Professional expenses are covered in the owner’s absence
Overhead Insurance is designed to keep your company afloat, covering professional fees, rent, taxes, and utility bills, among other things.
It covers all expenses required to operate a small business. The owner can rest and focus on their own recovery, knowing that their company’s financial health is taken care for by this insurance.
Since this insurance is vital to anyone who is elf-employed, premiums are a tax-deductible business expense.
Because each situation is unique, Lussier Dale Parizeau’s financial advisors are here to guide you towards the insurance coverage that will meet your needs.