There are lots of things to consider, when running a business, and although the rewards can justify the risks, you are never too far away from a new obstacle. Many entrepreneurs do not think about what would happen to their businesses if they became ill and were unable to work for several months. Business expense insurance, sometimes called business overhead insurance, will safeguard the company you have put your heart and soul into.
While the precise cover provided differs depending on the insurer, business expense insurance usually offers the benefits below:
Partial Disablement
These benefits are paid if you can only do a small quantity of your usual work, due to a partial disability. The payments will start after a waiting period, and you will keep receiving them until you recover.
Complete Disablement
You receive this benefit if you can not work at all, due to total or partial disability.
Additional Benefits
Numerous business expenses insurance plans feature particular injury benefits, which guarantee specific benefit payments for a predetermined time period after you are injured in a certain way. Crisis benefits might be included too, which offer guaranteed payments if you are diagnosed with a range of severe medical problems.
Business expense insurance will pay benefits for as long as a year. This affords you the freedom and time to recuperate, and choose whether you wish to resume your venture or put your business on the market. Another key advantage of this type of insurance is that it can allow you to resume working every week, for a specified number of hours (normally ten) – without your benefits being affected.
The majority of business expense plans are provided with reimbursement clauses, which ensure that you will get money each month to cover your business overheads, as you incur them. Other plans only cover a company’s fixed costs, which include loan repayments and ongoing office expenses.
Of course, you could manage without business expense insurance if you have the capital to keep your company running, while you recover from an injury. Nonetheless, there are many small business owners, sole traders, partnerships with five or fewer members, and consultants who depend on services delivered to generate income, who do not have this luxury.
Better still, while receiving your monthly payments, you will not be charged for your business expense cover. This way, rather than fretting over your company’s financial health, you can concentrate on improving your own health at your own pace. Contact Absolute Insurance today for more information and professional assistance.
