What is business expense insurance?
Sometimes called Business Overhead Expense (BOE), a business expense (BE) policy from Illinois Mutual can help keep your business viable by reimbursing you monthly for eligible fixed business expenses should you experience an income-interrupting disability.
What does BE help me protect?
Employee Salaries
Includes employees’ salaries except:
salary of the insured
someone who replaces the insured
any family member working less than 3 months for the insured
Operational Expenses
Some examples:
equipment (lease or rental) and tools
office maintenance and repairs
billing and collection fees
postage
Facility Expenses
Some examples:
lease or rent payments
mortgage and loan interest
property and liability insurance
maintenance and utilities
Professional Expenses
Some examples:
dues and subscriptions
memberships (e.g. Chamber of Commerce)
professional license fees
Taxes
Some examples:
property
payroll
depreciation
Business Owner Rewards
It’s not always easy to find time to get everything done. That’s why we want to reward you for taking the time to protect your business and income with DI. Put your DI plan in place and take advantage of these Business Owner Rewards!
5% Premium Discount1
As a business owner, you are eligible to receive a 5% premium discount on an Illinois Mutual Personal Paycheck Power® policy and Business Expense Power® policy when both coverages are applied for together and issued. The 5% discount applies to both policies!
Business Owner Allowance2
If you are a business owner and apply for Personal Paycheck Power®, Illinois Mutual will increase your insurable net earned income by 25% so you can qualify for more benefits up to an additional $1,000 per month! Published policy limits still apply.
Qualify for a Class Upgrade?
The Business Owner Class Upgrade means lower premiums and allows you to apply for optional benefits and riders that are available to the upgraded occupation class. This may mean you have even more coverage options available to you. Make sure to ask your agent if you qualify!
Return of Premium (ROP) Rider
We are proud to be the ONLY insurance carrier to offer our ROP rider with our BE product.*
Available at additional cost, the ROP rider provides DI coverage if you need it, and money back if you don’t.
This rider allows for 100% return of premium paid, less any benefits received, from ages 65 to 67. Beginning with the 5th policy year, you may receive a portion of the premiums paid, less any benefits received. The policy ends after the return of premium is paid and may not be reinstated.
*As of August 2024