Business Expense Cover

Business expense cover, also known as business expense insurance, protects Australian business owners from financial loss due to the inability to work. This benefit can cover a range of running costs to keep your business afloat.

What is Business Expense Cover and who should get it?

Business Expense Cover, or Key Person insurance, can be tailored to fit your business’ financial needs. This form of insurance covers business expenses for Australian businesses if the life (person) insured is unable to work due to sickness or injury. There are two main types of Business Expense Cover available; ongoing fixed expenses cover and key person replacement.

Ongoing fixed expenses cover is a claim based on the allowable business expenses incurred each month by the person insured (up to the maximum monthly benefit). This generally includes costs such as utilities, rates, rent of office space, or repayments on your property loan.

Key person replacement, on the other hand, is a claim based on the key person replacement costs incurred each month by the person insured (up to the maximum monthly benefit). If no replacement costs are incurred, then no benefit is payable.

What are the benefits of Business Expense Cover?

Business Expense Cover is a simple way to protect your business and wellbeing. By making fixed monthly or annual payments from your business account, you can secure the financial safety of your business and its employees. The benefits of your cover are dependent on your specific agreement, but can include:

  • Total disability benefits
  • Partial disability benefits
  • Elective surgery benefits
  • Recurrent disability benefits
  • Death benefits
  • Children’s benefits

Depending on your business and its operations, you can get differing levels of Business Expense Cover. If you’re not sure how much cover you need for your business, or are self employed, you can speak with a Guardian Group financial adviser and we can help you work out your individual needs. Business Expense Cover can help you plan for the unexpected.

Contact us to get Business Expense Cover

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