Most businessowners and professionals insure against fire, theft, and other catastrophes. While some have personal disability income protection and salary continuation plans to protect their earning power, these plans do not cover the costs of keeping the business or practice going during a disability. As advisers, we need to help them consider how to cover rent, employee salaries, phone, utilities, and all the other day-to-day costs of running a business if they become disabled.

Bills do not stop because a businessowner or professional cannot work. Creditors may be understanding, even sympathetic, but they cannot forgive these obligations. The business may be in jeopardy if it cannot keep its doors open, since it cannot generate revenue, pay its employees or serve its customers or clients.

Businessowners and professionals have a double burden if disability strikes, since both their personal and business expenses must continue to be paid. A salary continuation plan or personal disability income insurance can shoulder one of these burdens. A business Overhead Expense Plan (BOE) can shoulder the other — and for just pennies on the benefit dollar, depending on when the disability occurs.