Would your business survive without you? What would happen to it if you suddenly fell ill or had an accident that prevented you from working? Would you be able to pay for your business-related bills? These are uncomfortable questions business owners would rather not face, but are valid ones that need to be addressed to reduce risk in your business. This is especially the case if you are important to the business and it depends on you when it comes to paying the costs of running the business.
That's the reason insurance companies introduced Business Expense Insurance. Unlike Income Protection Insurance, which provides you with a monthly income for your living expenses while you're sick or injured, Business Expense Insurance protects you as a business owner by providing you with the funds to keep your business running while you are on your way to recovery.
How Business Expense Insurance Works
Business Expense Insurance is designed for business owners and self-employed individuals to help them pay for their fixed business costs while they are sick or disabled. Some of the expenses covered include:
Some business expenses may not be covered, such as bonuses and commissions, losses in your investments, and the payment of most taxes.
Applying for a Business Expense Insurance
Let's say that you already understand the importance of having Business Expense Insurance now comes the next step: applying for it.
The amount of insurance you need depends on a number of different factors, such as the type of business you have and the costs of running it. Thus, it is important to speak with a qualified advisor, such as the advisors we have at Rate Detective. Our advisors will assess the current status of your business and a host of other considerations, so you can decide the exact amount that's fit for you.
Our advisors will compare the top 9 insurance companies in the market to get you the best deal taking into account price and service. This will help you to choose from the large number of insurance companies on the market.
This information has been prepared by Rate Detective and does not take into account your objectives, financial situation or needs. Before acting on this information you should consider whether it is appropriate to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision