Group Business Overhead Expense Insurance
Underwritten by New York Life Insurance Company
Owning your own business means having greater financial responsibilities. If you become disabled, expenses like rent, utilities, and especially employee payroll can add up quickly. If you are a NJCPA member, under age 55, reside in the U.S., and are working at least 30 hours each week, Group Business Office Overhead Expense (BOE) Insurance allows you to keep your business running until you are able to return to work.
Overview of Coverage for Group BOE Insurance
- Available for individual, incorporated, or partnership practices
- Own Occupation coverage and benefits paid regardless of other coverage
- $1,000 AD&D coverage included
- Waiver of premium available
- Premiums may be tax deductible1
1 Premiums are typically tax-deductible as a business expense. However, benefits are generally taxable. Consult a tax professional in your area for more information.
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Brochure & Application
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1-855-874-0278
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Important Features
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.
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.
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.
Underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 — Policy Form GMR‑FACE‑29466.
Michigan Residents: I understand that I may use a producer/agent to assist me with the completion of this application at no cost to me.
New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group coverages it underwrites are available in all jurisdictions. New York Life's state of domicile is New York, and NAIC ID# is 66915.