Business Expense Insurance

For the self-employed, this cover is tax deductible and is designed to insure fixed out of pocked expenses should you become disabled. Expenses are car lease, accountant’s fees, insurance, etc

What is it?

It’s a way of protecting the ongoing viability of your business for those fixed and recurrent expenses that occur if you cannot work through a sickness or injury.

Income Protection is in place for your personal and family expenses and is not designed to cover expenses of a business.
If you are not able to work several things are likely to happen:-

  • The performance of the business would deteriorate
  • The fixed expenses would continue

What Fixed Expenses are Covered?

These are some of the fixed Business Expenses that are covered

  • Rent
  • Mortgage/loan payments on business
  • Electricity, gas, water, heating, cleaning and laundry
  • Telephone
  • Insurance premiums
  • Leasing of equipment and motor vehicle
  • Property rates and taxes
  • Depreciation expense for plant and equipment
  • Membership fees to professional bodies
  • Accountant’s and auditor’s fees
  • Salaries and associated costs (e.g. superannuation contributions, payroll tax, worker’s compensation) for employees not producing revenue.

Note: Personal remuneration, depreciation of real estate, costs of goods or merchandise, equipment, fixtures or fittings, cost of implements of profession, and salaries of employees who would continue to produce revenue during the disability of the life to be insured, cannot be covered.

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