Up until 1988, some U.S. states required women to have male relatives cosign on business loans. Thankfully, legislation changed this outdated and unnecessary practice.
Small business owners spend a lot of time working. Their business is like a home away from home, and their employees are like family. They rely on the owner to keep the business running and financially healthy.
That’s why every small business owner should know about another form of income protection: business expense (BE) insurance.
BE, also called business overhead expense, could help keep a business going if an illness or injury disrupts an owner's paycheck and prevents them from working.
The benefit from BE can cover a wide range of fixed business expenses, including:
- Employee salaries except salary of the insured, someone who replaces the insured, and any family member working less than 3 months for the insured
- Office maintenance and repairs
- Lease or rent payments
- Property and payroll taxes