Business Owners: Can You Keep the Lights On If You Can’t Work?
Business Owners: Can You Keep the Lights On If You Can’t Work?
If you own a small business, you probably have insurance on your equipment, maybe even liability insurance to protect against claims from others. But what about your most valuable asset—your ability to keep the business running if you get sick or injured? Most business owners don’t realize they can use Business Overhead Expense Insurance—a tax-deductible plan—to cover their business expenses if they can’t work. The government actually wants you to have this kind of protection, which is why this is one of the only insurance plans where you can write off the premiums as a business expense while receiving a tax-free benefit when needed.
How It Works
If an illness or injury keeps you from working, this plan kicks in to cover:- Rent & utilities – Keep your business space operational.
- Employee wages – Ensure your staff gets paid.
- Fixed expenses – Cover leases, equipment, and other ongoing costs.
Without this coverage, many small businesses are forced to close their doors when the owner can’t work. But with Business Overhead Expense Insurance, you can keep your business running while you recover, ensuring your employees still have jobs and your customers still get the service they rely on.
Even if this isn’t something you need today, wouldn’t it be worth knowing how it works? If you’d like to see what this could look like for your business—even if you couldn’t take advantage of it today—let’s connect.
Andy Kovacs helps business owners and families achieve financial security. Featured in The Globe and Mail, Cottage Life Magazine, CTV, and Radio 640 Toronto, his expertise stands out. He believes offence makes the highlight reel, but defence wins championships—ensuring you’re ready for life’s financial moments of truth.
He is also President of Moments of Truth Insurance Services, a Sun Life advisor, and proud sponsor of the Markham Board of Trade’s Breakfast Networking Series.
🌐 www.sunlife.ca/andy.kovacs ☎️: (289)-818-1741 📧: andy.kovacs@sunlife.com
Andy Kovacs
President, Moments of Truth Insurance Services | Sun Life
