Ontario-based MGA The Edge Benefits has announced several new enhancements for its business overhead insurance product – for both existing and new policyholders.
Previously, the product provided a pool of up to 12 times fixed monthly expenses, to a maximum of $6,000 per month, for both injury and illness – up to $72,000. But effective July 01, 2018, the injury coverage will increase to a pool of up to 24 times the fixed monthly expenses, up to $144,000, at no additional cost to both current and new policyholders.
“Business overhead expense insurance was designed to help the self-employed and small business owner meet the monthly obligations associated with many of the fixed overhead expenses resulting from unexpected injury or illness, until such time as the future of the business is determined,” explained The Edge Benefits partner, president, and CEO Neil Paton in a release.
Paton added that the product was designed to help take the financial load off from struggling small business owners.
“We developed the product because many of our policyholders who had income protection through a disability income plan, were redirecting their monthly payments to keep their businesses afloat; creating a significant financial strain on the family,” he said.
The CEO advised that with the enhanced product, advisors working with The Edge Benefits should review the income protection needs of their clients.
“It is yet another example of how we advocate on behalf of our clients, striving to provide more and more reasons for them to make The Edge Benefits their first choice for benefits,” Paton remarked.
