More and more workers in Australia are obtaining income protection insurance policies. In the event that should someone be unable to work, due to sickness or injury then income protection insurance protects them by paying their salaries.
Running your own company can be a risky business, and insurance is a great way to transfer the financial burden of these risks to someone else. Not only is this financially sound, but it will also help knowing that you are covered.
As a small business owner it is essential that you understand how the premium rates and costs are structured.
Most small business owners take an agreed value income protection insurance policy.
To apply for this product you will need to provide financial information regarding your business and its income flow. In the event that you should have to make a claim you would not be required to submit the documents again.
Even if your business were to fail or if the revenue were to drop your claim proceeds would not diminish. Your premium could however be 20% higher compared to other ordinary income protection policy rates. For more details on agreed vs indemnity value income protection please read our article "Types of Income Protection Insurance".
Remember, your cover has to keep up with your growing business, not to mention your family.
If you are thinking about income protection for yourself or your business then give us a call on 1300 793 143 to receive a competitive insurance quote.