Business Overhead Expense Services

Business Overhead Expense Services Overview

Managing a Business During Disability

The Challenge of Disability to Business

When disability hits a small business owner or the primary producer of revenue, a Business Overhead Expense (BOE) Policy is critical to continuing the operations of the company and allowing time to determine the options available to the business. Without a BOE policy, a business is often forced to close its doors once disability strikes the principal. However, preparing the business for using BOE and managing the requirements for both the business and the information required for the BOE policy can be overwhelming for a small business and important benefits may be missed.

A Highly Unique and Effective Solution

GIS offers its BOE Services Solution, the first of its kind in the marketplace, designed for small businesses. GIS becomes a partner and trusted resource to help with business challenges when disability strikes a principal in the business. Through preparation of the business prior to a triggering event, assistance with choosing and preparing a designated person, a claim concierge and assisting with the heavy lifting of paperwork, record keeping and management of requirements under the BOE policy, the business can focus on continuing operations and making critical decisions on the future of the company.

A Program Unique in the Marketplace

When disability strikes a principal in a small business, the business faces the ultimate challenge of maintaining continuity with customers and remains a going concern. With a BOE policy in place, certain monthly expenses of the business can be covered for a specified period of time to help defray costs such as utilities, telecommunications, maintenance services, rent equipment lease payments, and certain employee salaries. However, preparing a business for an event which would trigger the BOE policy, managing the paperwork for a BOE claim, and maintaining the continuity of a business is often overwhelming for a small business. The GIS Business Overhead Expense Service is one-of-a-kind solution in the marketplace. This unique service positions a business for the unthinkable and supports the business during a difficult period. The BOE Service is highly effective and provides beneficial services a business could not access without going to multiple resources and expending a great deal of money and time. The program lessens the burden of managing the claim and effectively addressing issues related to business continuity a business faces when disability strikes.

Business Pre-Planning and Continuity
  • Baseline assessments of the business, assistance with organization of business information, appropriate documentation, selection and training of a trusted designated person to manage day-to-day operations during the disability term, aid in establishing checks and balances, assistance with designing a decision plan during disability, assistance in crafting a Business Continuity Plan after a triggering event activating a BOE event, communications plan for employees and customers, plan for brand and reputation management, and preliminary planning for a smooth transition or exit should the triggering event become a permanent situation impacting the viability of the business.
  • Creation of a business operations file in an encrypted, secure vault provided by GIS. The file will hold necessary signing authority documents, receipts, accounting documentation and reports, and information required to support a BOE claim to the issuing carrier.
Claim Concierge and Advocacy
  • GIS will provide Claims Concierge for the policyholder to the BOE carrier. This includes assistance in preparation of the claim paperwork and supporting documentation, advocacy for the policyholder to the carrier and ongoing support to the policyholder during the term of the coverage.
Business Support During the Term of the Coverage
  • Providing the policyholder and his/her designated person support in communications to customers, assistance in fulfilling certain job functions performed by the covered policyholder, exit strategy, operations management, brand management, consultation, interaction with professionals such as accountants and other business matters during the term of coverage. GIS will either assist the designated person in preforming the functions or will work with the designated person to identify trusted third party resources.