Problem: Bills don't stop simply because a businessowner or professional can't work. Creditors may sympathize, but they can't forgive these debts. The business or practice may be in a tight financial bind without cash flow to pay operating expenses and employee salaries during periods of disability.
Solution: Business overhead expense insurance (BOE) reimburses the owners of unincorporated and incorporated businesses for expenses resulting from sickness or accident. Premiums are deductible under current tax law. Proceeds are taxable but are offset by tax-deductible expenses.
Reference: ON-Trac Disability Income for Businessowners & Professionals Module (Form 1178.21)
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