Business Overhead Expense
Business Overhead Expense Insurance is a necessity for anyone running a business with regular monthly expenses. If you should become sick or injured your daily office expenses such as electricity, rent, employee salaries, telephone etc. will be paid for.

What You Need To Know Before Applying For Coverage

Eligibility
Business Overhead Expense Insurance is available to members of the Canadian Veterinary Medical Association (CVMA), who are self employed, working full time, under the age of 65 and residing in Canada.

Medical Evidence of good health is required when applying for benefits. Applicants must therefore complete the medical and financial information section on the Application Form. If further information is required, applicants will be notified.

Coverage Options
You may purchase coverage in multiples of $100 from a minimum monthly benefit of $2,000 to a maximum of $10,000.

Effective Date
Coverage becomes effective on the first of the month following approval of your application. Supporting financial evidence required before we pay benefit.

Elimination Period
You must be totally disabled for a minimum of 30 days before benefits begin. Benefits are paid each month while the insured remains totally disabled and are based on the actual expenses of the business for that month.

Benefit Period
Benefits will be payable for 18 months.

Definition of Total Disability
Due to injury or sickness you are unable to perform the important duties of your occupation, and you are receiving a physician’s care appropriate for the condition causing the disability. This definition means you are covered for your own occupation or your recognized specialty throughout the benefit period of your policy.

Waiver of Premium
If you become totally disabled, and you are receiving benefits, monthly premiums for this coverage will be waived.

Future Increase Option
No increase in coverage is allowed without medical evidence.

Note: The maximum coverage for which you are eligible will be reduced by any disability insurance in force or applied for under this plan or elsewhere. At the time of claim, the total monthly benefit you receive, when added to other disability benefits, may not exceed 100% of your taxable, or 85% of your non-taxable, pre-disability average monthly earned income.

Summary of Expenses
Use this list to help you estimate your monthly overhead expenses that would be eligible under the plan. If you are in partnership or joint occupancy, list only your portion of the expenses.

• Rent
• Electricity
• Heat
• Water
• Other utilities
• Employee salaries
• Employee benefits
• Accountants fees or charges for services
• Property taxes
• Equipment depreciation
• Equipment and furniture payments (lease)
• Association fees
• Other fixed expenses
• Supplies
• Telephone
• Payroll taxes
• Loan and mortgage interest
• Automobile expenses
• Lab fees
• Professional Liability Insurance premiums
• Periodicals