Business Expense Cover

If you are self-employed or in a small partnership, your extended absence from the business through sickness or injury can have a major impact on the business’ ongoing viability, and the financial security of your family.

Business Expenses Insurance may help protect you by paying a monthly benefit you or your business to  help cover the fixed business expenses that continue to be incurred while you are unable to work due to illness or injury.

How business expense cover works

You can insure for reimbursement of up to 100% of ‘eligible business expenses’ which generally include:

• premises expenses: cleaning, insurance, interest (and in some cases principal) payments and fees on loan to finance the premises, property rates/taxes, rent, repairs and maintenance, security costs.

• services expenses: electricity, fixed telephone and fax lines, gas, internet, mobile telephone, postage and couriers, water and sewerage.

• equipment: depreciation, motor vehicle leasing, insurance of vehicles and equipment, registration of vehicles, repairs and maintenance.

• salaries and related costs: salaries of employees who do not generate any business income plus payroll tax and superannuation (SG) contributions for these employees.

• other eligible expenses: account keeping fees, accounting and auditing fees, bank fees and charges, business insurances, professional association membership fees, regular advertising costs.