Plan Overview
Would the fixed expenses of your business or practice be taken care of if you became temporarily disabled and unable to work due to covered illness or injury? You may have coverage in place for your medical expenses and disability insurance for your lost income, but what about your business's monthly bills like rent, utilities, employees' salaries, insurance, and more? Group Business Overhead Expense Insurance through the National Society of Professional Engineers offers coverage for expenses incurred in the everyday operation of your business.
This plan offers coverage for Eligible Expenses of up to $10,000 per month for NSPE members under age 55, and up to $5,000 per month for NSPE members ages 55 through 59. However, the amount requested cannot exceed the least of:
- Actual covered expenses
- Monthly average of covered expenses for six months prior to disability
- Amount of monthly benefits in force
Benefits will commence on the first day of Total Disability following your choice of a selected Elimination Period (15, 30, 45, or 60 days) and will be payable for the selected maximum benefit period (12, 18, or 24 months) or as long as the insured is Totally Disabled, whichever is less.
Eligible Expenses:
This plan covers the following incurred expenses, which are normal and customary in the conduct and operation of a professional office or place of business:
- Rent
- Heat
- Mortgage interest
- Water
- Electricity
- Laundry
- Malpractice insurance premiums
- Taxes
- Employees' salaries
- Depreciation
- Telephone
- Other fixed expenses incidental to the operation of the office
1The Hartford® is The Hartford Financial Services Group, Inc., and its subsidiaries, including issuing company Hartford Life Insurance Company.
Underwritten by: Hartford Life Insurance Company, Simsbury CT 06089
Form SRP-1311 A (HL) (5108)
Eligibility
If you are an NSPE member under age 60, actively at work on a full-time basis at least 30 hours a week, you are eligible to apply. All applications and amounts of benefits are subject to The Hartford's1 approval.
For complete details on the Business Owners Expense Plan through NSPE Member Insurance, download the brochure below. To apply, download and return the completed application to the Plan Administrator. Don't allow a disability to devastate your business—apply today!
It could happen to you–help protect your business expenses!
Frequently Asked Questions
Who is eligible for this insurance?
If you are an NSPE member who is under age 60, actively at work at least 30 hours a week, you are eligible to apply for NSPE Group Business Overhead Expense coverage.
How much insurance can I request?
You can apply for coverage of up to $10,000 per month if you are an NSPE member under age 55, and up to $5,000 per month if you are an NSPE member age 55 to 59. The amount requested cannot exceed the least of:
- Actual covered expenses
- Monthly average of covered expenses for six month prior to disability
- Amount of monthly benefits in force
Your choice of elimination period and maximum benefit period apply.
What counts as a disability?
You must be under the regular care of a physician, unable to perform the substantial and material duties of your profession, and not gainfully employed in any occupation for which you are or become qualified by education, training, or experience. Other disability terms may be found in the downloadable brochure.
Where do I find rates for NSPE Group Business Overhead Expense Insurance?
Please visit the Forms tab and download the brochure for more details, including premium rates.
Are there any exclusions to this plan?
Yes, there are some exclusions and limitations to the NSPE Group Business Overhead Expense Plan. Please review the brochure for complete information on what the policy will not cover.