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For the self-employed or business proprietors, Business Expenses insurance is a form of income protection that covers your business expenses if you are unable to work as a result of sickness or injury.
Usually, the insurance is there to cover the unavoidable outgoings that do not contribute to business income. For example, advertising costs, rent, rates, general insurance premiums, salaries of support staff, superannuation costs, leasing of equipment and motor vehicles.
This policy, unlike the other personal risk insurances mentioned herein, is an indemnity policy, meaning you must actually incur the costs in order to receive the benefit through a claim. For example, if you insure for $5,000 per month of expenses, but only incur $3,000, the insurer will pay $3,000.
Due to this fact, it is important to regularly review the limits on your insurance policy and amend them accordingly as your business environment changes. Here at DP Wealth Protection, we offer this service for no additional cost.
The reasons for claims are generally in line with Income Protection scenarios as follows:
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