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Business expenses insurance pays a monthly benefit — generally for a maximum of one year — to cover fixed business costs if the business owner suffers an illness or injury and is unable to work. This means that the business' bills can continue to be paid — and the business can stay afloat — without the owner having to dip into their savings or increase their debt while they are recovering. It can be particularly useful for smaller businesses with high fixed costs that are dependent on the income generated by the owner.
This insurance covers your fixed business costs, as a monthly reimbursement, so you can focus on your recovery — and not your bills. Insurers typically cover expenses such as:
There are some costs in the business that cannot be insured and typically these are:
Business expenses premiums are usually tax deductible. However, the monthly payments from the insurer to your business are taxable.
This insurance generally has a flexible waiting period — that is the length of time before the insurer will start paying you benefits. For example, you can generally choose a waiting period between 14 and 90 days. The longer the waiting period, the lower the premium.
The benefit period — that is, the length of time the insurer will pay you benefits — is typically a period of 12 months. Payments are made in arrears. Business expense insurance premiums are waived whilst on claim. A business expenses policy can be taken out as part of your income protection policy or can be a separate cover.
Key person insurance can protect your business from any adverse economic effects associated with profitability, or the capital value of your business, after suddenly losing a key person.
Buy/sell insurance is a mechanism that provides funds for remaining partners to purchase a business share from a departing co-owner, in the event of death, permanent disability or trauma.