Business Expense Insurance | Business Overheads Cover

Business Insurance Cover will assist you in continuing to operate your business if a business principal or key person were to be absent for a prolonged period of time, possibly impacting on the financial well-being of the whole enterprise.

Business principals or key persons can be covered in the event that they

  • Fall ill
  • Suffer an injury
  • Become totally and permanently disabled
  • Suffer a medical trauma, or
  • Die

This type of cover generally covers the following needs

  • The interest of the departing owners and family.
  • The interests of the surviving owners and family.
  • The interest of the owners in a key person who may suffer an injury or illness.
  • To protect against the impacts on personal guarantees given by the business principals.

A well structure business protection plan covers the surviving owners in certain events by

  • Enabling them to buy out the financial interest of another that is no longer able to work due to injury, illness or death.
  • Replacing lost income or profit due to the loss of a key person or business principal.
  • Repaying business debts as and when they fall due.
  • Maintaining the credit standing of the business.
  • Maintaining the cashflow to cover the cost of replacing and training a new key person.
  • Keeping the business viable until an appropriate buyer can be found.

Tax Deductions are generally able to be claimed for this type of insurance if the key person cover is for revenue purposes and not a capital purpose. Keeping in mind that if your business benefits from the tax deductions available on these types of policies it usually means that if a claim is made and the benefit is paid then you will pay tax (income tax or GST) on the proceeds or benefit.

To ease your worries with an isurance quote CALL NOW on 1300 393 258

Call Enhance Wealth NOW on 1300 393 258
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