Being a self-employed entrepreneur is fulfilling. However, there are risks of owning and running a business. Should you become ill or injured, paying your business costs without earning any income is sure to be a hurdle.
What Is Business Expense Insurance?
Business Expense Insurance is a monthly benefit that covers fixed business expenses. The goal is to keep your business afloat without incurring debt or spending your savings. Insurance means you will be able to focus on your recovery without worrying about business expenses.
The insurance often covers monthly expenses like rent, loan payments, equipment leases, utility expenses, security costs, and salaries of your employees.
On the other hand, taxes, fines, losses on investments, and costs of capital cannot be covered by Business Expense Insurance.
Business Expense Insurance is a safeguard for small, privately-owned business in trying times.
Why Choose Absolute Insurance?
Absolute Insurance has been in the business for over two decades. They have amassed expertise and a reputation for providing the best Business Expense Insurance in Perth that caters to your business’s needs.
It covers you in any event that you are unable to run your business due to injury or illnesses. Business Expense Insurance covers monthly payments while you are recovering. The premiums for your policy will be automatically waived while you are recuperating and receiving benefits.
Do I Need Business Expense Insurance?
Business expenses are often fixed. Whatever happens to you, your bills will keep piling up. Injury or illnesses of the business owner usually results in loss of income and debt for small businesses. Recovering from such a financial tumble is not easy.
Business Expense Insurance is for every entrepreneur who has a business that depends solely on their income. If you have insurance, you can focus on yourself rather than spend your days worrying about how to ensure your business survives. It’s also a great way to help your business quickly recover from any losses incurred while you are sick
How Much Does Business Expense Insurance Cost?
Like life insurance and other insurances, Business Expense Insurance costs depend on the size and value of your business. The age of the insured or policyholder, health status, occupation, and length of benefit period heavily influences the cost of your premium.
Depending on what kind of business venture you’re in, the average cost of Business Expense Insurance in Australia is $90 to $135 a month.
Is Business Expense Insurance Tax Deductible?
Business Expense Insurance premiums are often tax-deductible. Likewise, your monthly payments from your insurer are also taxable.
What Is Business Overheads Insurance?
Business overheads are non-labour-related business expenses that include rent and utilities. It does not cover employee salary expenses or expenses for replacement employees.
In principal Business Overheads, Insurance and Business Expense Insurance are different sides of the same coin. They both cover fixed expenses and keep the cash-flow of your business to prevent debt or bankruptcy while you recover from illnesses or injuries.
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Want to find out more or not sure where to start? Get in touch for your free consultation. We’ll meet you at a Perth location that’s convenient to you to discuss how we can help you.