Compare different business expenses insurance quotes here with Savvy to find the best way to get protected today.
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Having business expenses insurance can mean the difference between the success or failure of a small business. That’s because in a small business or partnership, all company members are vital and often the business can’t operate without key people. As such, it’s important for small business owners to consider what would happen to their company if they were suddenly unable to work.
You can compare business expenses insurance offers here with Savvy to find a policy that can offer you the protection your small business needs if you’re unable to work. Get a range of no-obligation quotes from some of Australia’s leading insurers so you can consider policies side-by-side to see what protection is offered. Start safeguarding the future of your company today.
Business expenses insurance is a type of business insurance which acts as a safety net for your business if you (the business owner) become unable to work due to illness or injury. If this is the case, your insurance can cover a multitude of your standard business operating costs to keep your company afloat and solvent whilst you recover.
This type of insurance often comes with monthly limits (for example, $50,000 a month) and kicks in if you become totally disabled and are unable to work. It often incorporates some form of death benefit too, so if you die during your insured period, your family will receive a lump sum.
The cost of this insurance is linked to inflation and will change over the years. The Australian Taxation Office (ATO) regards payments received under such insurance as income, so your business will have to pay tax on the benefits received.
For this reason, it’s very important to compare a variety of policies if you’re considering this type of insurance. You can do just that right here through Savvy just by answering a few simple questions.
This type of insurance may include cover for a whole variety of different bills and overheads that your business usually pays whilst you’re working and earning money. These expenses may include:
As you can see, the overheads covered by this type of insurance are extensive and can mount up if there’s no revenue being generated by the business (which is why it’s sometimes referred to as business overheads insurance). The list of what’s covered as a business expense is far longer than what isn’t, which includes:
This type of insurance is worth considering if you’re:
Business expenses insurance is really a form of life insurance, but rather than cover the cost of your income if you are too sick to work (which income protection insurance does), it covers the cost of running your business if you are relied upon to keep it afloat. It’s also related to accident and sickness insurance.
For example, if you’re a physiotherapist and your clients rely on your services to generate an income for the business, this insurance would cover your business expenses and the cost of employing a replacement physiotherapist while you were unable to work.
To decide if you need this type of business insurance, think about how your business would function if you, or a business partner, were suddenly unable to work, and how long you’d be able to continue paying your bills and expenses to keep it afloat.
Almost all policies have a waiting period before you can start to claim your expenses on the policy. This can range from one week to a month. This is important to consider, as while the longer the wait is, the cheaper the insurance will be, this also means you won’t be able to claim for longer.
Some policies have a time stipulation for the period over which expenses can be claimed. This can range from six months to a year. Check the policies you’re comparing have the same time limits to make sure you’re comparing apples with apples and ensuring you’re covered for as long as you need.
Some business expenses policies have a maximum payout limit which applies either monthly or cumulatively for the period your business is covered. This can range from $50,000 per month to a cumulative total of $500,000 (up to over $1 million or more). Again, check that you’re comparing policies which have a similar limit.
It may be worth asking your existing insurer whether they can bundle business expenses insurance with other types of insurance you may already have. It may be cheaper to include some elements of this insurance in a general business package rather than take it out on its own.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
