Business Income Protection
Owning your own business is an incredibly rewarding experience, butВ it does come with its own challenges. Have you ever thought how your business would cope if you were unable to work? What about if one of your key employees in your small business was sick or injured вЂ“ how would you cover their role without the business suffering?
There are three key types of Business Income Protection which you should consider:
Business Expense Insurance
If you run your own business or you are self-employed, Business Expense Insurance is an essential form of protection. In the event you as the business owner become sick or injured and are unable to work, Business Expense Insurance will help you cover the fixed costs of running your business while you are gone.
You can apply for up to 100% cover with Business Expense Insurance, which you will receive in monthly payments for a maximum period of typically twelve months. This may increase or decrease depending on the conditions in your policy.
You can use your benefits to cover the cost of your business mortgage or loans, rent, vehicle and equipment expenses, staff salaries, bills and maintenance and repairs.
Have you ever considered what would happen to your business if one of your key employees became sick or injured and was unable to work? Keyman Insurance is designed to protect you from the impact of losing a key employee for an extended period of time by providing a fixed sum payout.
There are four categories of loss in which you can make a Keyman Insurance claim:
- Loss of key staff for an extended period
- Profit protection
- Financing personnel
- Partnership interests and shareholders.
Group Income Protection
Buying a Group Income Protection policy doesnвЂ™t mean that youвЂ™re paying for the personal Life Insurance of each of your staff members; it just allows you to give your team access to cheaper Life Insurance.
This combined policy is an attractive employee benefit, and while it may not directly help your business monetarily, it can help you attract and retain employees. It can also protect your business financially as you may not need to pay out sick leave for an extended time ifВ your employees have Income Protection, and you will not feel guilty about not continuing to pay the sick personвЂ™s salary while they are away.
If you want to learn more about your Income Protection options for your business, and find the right policies at the best price, contact one of our expert advisors. With knowledge and expertise, our advisors will be able to understand the complexities of your business, and talk you through the options available to you and your business.
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No two people are the same, so don t settle for the average one fits all insurance policy.
Learn about your insurance needs today and make the choice that is right for you.
Wealth Smart Pty Ltd (ABN 79 879 256 967) is a Corporate Authorised Representative of Millenium 3 Financial Services Pty Ltd (ABN 61 094 529 987) holder of Australian Financial Service Licence No. 244 252