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Business Expenses Insurance – what is it & do you need it?

Operating a business can be stressful. Sometimes it’s a struggle just to stay afloat in a highly competitive environment, and most owners will do anything to make running their business easier.

Many business owners have an insurance policy to protect against risks such as potential liabilities, fire, theft, employee coverage, plus much more. But there’s another risk to your business that could potentially be more damaging than any other liability – the damage to your business’s sustainability if you were unable to work. What would happen to your business if you fell seriously ill or were injured – even for a short time? This is where Business Expenses Insurance can help.

What’s so great about Business Expenses Insurance?

Business Expenses Insurance covers overhead expenses when the business owner becomes ill or disabled. Otherwise known as Business Overhead Expenses Insurance, it can help keep your company afloat while you’re out of action.

Businesses with a small number of employees can experience a drop in revenue if the owner is suddenly unable to tend to the company’s affairs. Although revenue may decrease, the overhead expenditures remain the same. Could your business continue to cover all the overhead expenses without you? This is largely dependent on how many revenue-producing employees you have.

What does it cover?

Business Expenses Insurance provides monthly reimbursements for any recurring overhead expenses while you recover – usually for a maximum of twelve months. The reason for the one-year maximum benefit period is that this insurance is designed to either keep the business afloat during short periods of disability, or allow the business to be wound down in the event of a longer period of disability.

It can help pay for:

  • office rent and property rates
  • regular business mortgage repayments or business loan instalments
  • equipment or vehicle leasing costs
  • electricity, gas, water and phone payments
  • salaries for staff who don’t directly produce income for the business.

Covering these fixed costs can help keep your business running, while you focus on getting back on your feet.

Business Expenses Insurance can be tax-deductible

The cost of Business Expenses Insurance depends on a number of factors, including age, gender and the amount of cover you need. But because the premiums are considered a business expense, they may be tax deductible.

If you’d like to know more about Business Expenses Insurance and whether it’s right for your business, please contact us.

WARNINGS AND DISCLOSURES: This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.

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