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Business Expenses Insurance |
What does this cover?
If you are self-employed or in a small partnership, you still need to keep the business going if you are totally disabled and cannot work. Business Expenses Cover will reimburse certain business expenses for the period you are totally disabled whilst the policy is in force. This benefit is payable for expenses arising after the waiting period you select has expired. The first payment commences one month after the end of the waiting period.
What is a business expense?
The reasonable and regular normal operating expenses of the business you own and manage.
These may include:
- rent or mortgage payments
- property rates and taxes
- equipment or vehicle lease costs
- electricity, heating and water costs
- cleaning and laundry costs
- depreciation on office equipment and premises that the business owns
- salaries of employees not generating business income
- costs of accounting services
- fees for memberships of professional associations
- business insurance premiums
It does not include:
- payment or other benefits of any kind to you, or to your replacement in the business
- any expense that was not normally paid before the disability
- repayment of the principal of a loan or mortgage that started less than one year before the disability
- the cost of equipment or merchandise for your business
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