As a small business owner, you know what it means to be responsible. In addition to the long hours and hard work, owning a business brings an array of other responsibilities whether you're just opening your first corner shop or running a long-time establishment with a payroll of employees. As the revenue generator for your business, you becoming sick or hurt and unable to work could be your business' worst enemy. How will you pay your business' monthly expenses, such as rent and utilities while you are unable to work? With business expense protection from Illinois Mutual, your business is prepared to continue operating when the unexpected occurs.
Business Expense Protection BE21, is guaranteed renewable to age 65, which means that as long as premiums are paid, the policy cannot be canceled. This product was designed to help you keep your business viable by reimbursing your monthly business expenses if you were to become sick or hurt and unable to work.
Click here to view sample tax forms that highlight eligible business expenses.
BE21 allows you to:
- choose a 30, 60 or 90 day elimination period, or waiting period - that is the amount of time between the beginning of the disability and the date you qualify to begin receiving benefits.
- choose a 12, 18 or 24 month benefit period - that is the maximum length of time you will receive payment from Illinois Mutual for one period of disability.
- receive reimbursement for expenses up to $10,000 per month.
- convert to individual coverage, if needed.
- receive base benefits in addition to Social Security or Worker's Compensation.
- be covered 24 hours a day, on or off the job.
- be covered in your own occupation for two years.
- deduct premiums as a business expense.
- receive benefits when partially disabled.
- waive future premiums and pays back premiums after 90 days of total disability with our built-in Retroactive Waiver of Premium.
You can choose an option that:
- returns premiums you paid, less any claims at age 65: Surrender Value Rider.
- provides you with additional coverage as your income increases without medical underwriting: Guaranteed Insurability Rider.
- pays you benefits from first day of total disability: Retroactive Injury Benefit.
Some features and options availability may vary by state and occupation class.