Our Insurers

For the business owner or self-employed, your personal exertion usually keeps your business going. But what would happen to your business if you were unable to work for a prolonged period of time due to an illness or an injury? Rent, loan repayments and other business overheads will still need to be paid. Will your business still be there when you have recovered? Business expense insurance can help.

Business expense insurance will pay a monthly benefit to assist with the day to day running expenses of the life insured's business if they are unable to work due to sickness or injury. This will help with employee salaries, rent or mortgage payments, amenities bills and many other overheads.

Some business expense insurances allow a choice of a guaranteed benefit (which is a pre determined amount to be paid at time of claim) or an indemnity benefit (the benefit payable is dependent on the life insured's business expenses at the time of claim and the monthly amount insured). Your Experien financial adviser can help you with which benefit type will best suit your business.

The maximum period of time a claimant will receive benefits whilst disabled for most business expense insurance is usually 12 months. This gives you time to determine whether you are able to return to work or make new arrangements for the running of the business. Nevertheless, by ensuring your business is kept afloat while you are disabled, you are given an option of still having a business to sell.

Income protection insurance works alongside business expense insurance. While income protection insurance can protect you and your family, business expense insurance can protect your business.

Examples of expenses that can be covered under a business expenses policy include:

• accounting and audit fees
• bank charges
• office cleaning costs
• electricity, property/water rates
• equipment hire and motor vehicle leases
• interest payments
• business related insurance premiums
• office leasing fees
• office rent or mortgage payments
• salaries and employee superannuation contributions
• payroll tax
• fees for memberships of professional associations
• net cost of locum.

Taking out insurance is sound financial management. Wealth protection is as important as its creation, and much easier and quicker to achieve

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