If you are self-employed and running your own business, business expense insurance should be something you consider. It provides cover for eligible business expenses and will pay a monthly benefit in the event that an illness or injury prevents you from working.
Whilst income protection replaces your income if you are unable to work due to illness or injury, business expense insurance will cover the cost of your ongoing business expenses.
Eligible expenses that can be covered typically include: office rent and loan payments, equipment or vehicle leasing costs and utility bills such as electricity, heating and water.
This can help you keep on top of your business expenses and ensure that, in the worst case scenario, there is still a business to sell if you are unable to return to work.
The maximum benefit payment period is usually limited to 12 months. After this period, you can reasonably determine (with guidance from your doctor) whether you will be able to return to work.
It is important to discuss your insurance needs with a Financial Adviser. We can tailor a plan based on your unique and individual circumstances. Please feel free to contact us at Next Level Wealth. We are more than happy to assist you.