What is Business Expense Insurance?
Business Expense Insurance is put in place to pay a monthly benefit amount to you in the event of a total or partial divisibility. You are then paid the ongoing fixed costs for your businesses operations. There are different benefit and payment types. When a claim is made, it is paid from the end of your chosen waiting period.
Who needs Business Expense Insurance
Business Expense Insurance is available for self employed persons or small business owners with no more than 5 staff.
How much is Business Expense Insurance?
The cost of business expense insurance will vary depending on your age and likelihood of disablement, it will also factor in the amount of cover required per month. Insurance premium varies depending on your nominated amount and if you have any existing medical issues. Generally the younger you are the cheaper your premium is.
How do I pay for Business Expense Insurance?
Paying for Business Expense Insurance is easy and there are multiple options dependent on your circumstances. This can be paid in cash on a monthly or annually basis. You cannot pay this cover via superannuation.
How much Business Expense Insurance do I need?
As a rule of thumb there is no set amount. Generally however most people with Business Expense Insurance will have a benefit amount sufficient to pay fixed running costs of their business.
When should I get Business Expense Insurance?
If it’s based on value, generally the cost of Business Expense Insurance is cheaper the earlier you purchase it however this will always depend on the size and running costs of your organisation. There are different premium types such as stepped and level which should be taken into account when making a long term decision.
Can I get Business Expense Insurance?
Generally most people are eligible for Business Expense Insurance if they are Self Employed or run a business with 5 or fewer employees however this is at the discretion of the insurer. It is ideal to speak to a consultant or insurance professional at WE Insurance to find out.