Business Expense Insurance
What is Business Expense Insurance?
Business Expenses insurance is the financial backup plan for your business that ensures the continuity of your business and provides you with a business to return to following a prolonged period of illness, or if unable to return to work, a business to sell as a going concern. It gives you the confidence to seize life’s possibilities knowing that you’ve got a plan in place to keep the business running if you’re unable to work.
Running a successful business takes time, money and lots of hard work. So insuring your business should be at the top of your mind when you’re thinking about what might happen if you were totally disabled and couldn’t work.
If you are self-employed or in a small partnership, it’s even more important to keep the business going and therefore you need to not only insure your income but, the fixed, regular expenses of the business, as well.
Business expenses insurance covers your fixed business costs as a monthly reimbursement, so you can focus on your recovery – and not your bills!
Insurable expenses include:
- office rent, fees or interest on your property loan.
- leases on cars, equipment or machinery.
- insurance and security costs.
- regular bills – such as utilities.
- salaries and staff superannuation (for employees who don’t generate any business revenue).
- costs of someone to help out while you focus on getting better.
Essentially, business expense insurance covers the costs of running your business while you can’t.
How much is enough?
To understand your needs your financial adviser will ask you some questions, so it’s time to start thinking about the future (go on, it’s fun!).
- What are your fixed or ongoing expenses?
If you would like further information on the products we offer or would like a quote on Business Expense Insurance please contact us.