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Business Expenses Insurance

Protect your family with NobleOak

  • Most awarded Australian direct life insurer of 2019
Customers Rate Us 4.6 Based on 380 service ratings over the past year

What is Business Expenses Insurance?

If you are self-employed and run your own business, Business Expenses Insurance may be suitable for you. You can choose cover up to $25,000 per month which will help cover the fixed running costs of your business if you are unable to work due to sickness or injury.

For example, Kevin is running a thriving plumbing business when he has to undergo a kidney transplant. He may have Income Protection Insurance that will cover his personal income while he cannot work, but how can he ensure that he has a business to return to when he’s back on his feet? The business’s fixed costs include rent of his workshop premises, utility bills, truck leases, and the wages of his apprentice and his receptionist. Fortunately, Kevin has also taken NobleOak Business Expenses Insurance, so after the waiting period of 30 days he will be eligible to receive additional monthly benefits that cover these ongoing fixed costs. This allows him time to focus on his recuperation without financial stress or the fear of losing his business and his valued employees.


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Maximum Cover Level

$25,000 Learn more

NobleOak’s Premium Life Direct product includes Business Expenses cover where self-employed clients can insure the fixed costs of running their business up to a maximum of $25,000 per month. In the event you suffer a serious illness or injury and are unable to work, NobleOak will pay you your nominated monthly benefit to cover these ongoing business costs.

Maximum Entry Age

59 Learn more

To be eligible to apply for Business Expenses cover with NobleOak, you must be an Australian resident and aged between 21 and 59. Our Business Expenses cover is priced using stepped premiums which means your premiums will increase each year in line with your age and CPI (where your monthly benefits are indexed to keep pace with inflation).

Guaranteed Renewable Age

65 Learn more

Provided you pay your premiums as they fall due, NobleOak guarantees to renew your Business Expenses cover each year up to the age of 65. Your Business Expenses cover will not be cancelled, nor will your premiums be increased due to any future change in your state of health, lifestyle, occupation or pastimes.

Benefit Period

12 Months Learn More

Under NobleOak’s Business Expenses Insurance, you are covered for a period of 12 months. If at the end of this 12 month period the total benefit paid is less than 12 times the insured monthly benefits, we can extend the payment period (refer to the PDS for full details).

The Benefit Period begins at the end of the waiting period and continues for the duration you remain unable to work. Benefits are then paid monthly in arrears, so your first payment will generally occur 2 months after your Sickness or Injury commenced.

ASIC & APRA Regulated

Regulated by ASIC and APRA in accordance to section 16C Learn more

NobleOak Life Limited, and our Business Expenses Insurance cover, is regulated by ASIC and APRA in accordance with section 16C of the Life Insurance Act.

Cover with Global Backing

Backed by a leading global reinsurer Learn more

NobleOak’s products are backed by Hannover Life Re, a leading global reinsurer. We’re also here for the long term with a proud history dating back over 140 years.

Dedicated Claims Support

A dedicated claims consultant that will support you throughout the process. Learn more

Dedicated Claims Support

If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.

Affordable

At NobleOak, you buy direct from your insurer making it more affordable. Learn more

Affordable

At NobleOak, you buy direct from your insurer. That means that you are not paying commissions to an Adviser. Save an average of 20% with NobleOak*

Life Insurance Company of the Year

NobleOak has won two more prestigious awards. Life Insurance Company of the Year at the RFi Group Australian Insurance Awards for 2018 and the Strategic Insight – Overall Direct Life Insurance Excellence Award for 2019.

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Frequently Asked Questions

What is Business Expenses Insurance?

If you are self-employed and run your own business, Business Expenses Insurance may be suitable for you. You can choose cover up to $25,000 per month which will help cover the fixed running costs of your business if you are unable to work due to sickness or injury.

For example, Kevin is running a thriving plumbing business when he has to undergo a kidney transplant. He may have Income Protection Insurance that will cover his personal income while he cannot work, but how can he ensure that he has a business to return to when he’s back on his feet? The business’s fixed costs include rent of his workshop premises, utility bills, truck leases, and the wages of his apprentice and his receptionist. Fortunately, Kevin has also taken NobleOak Business Expenses Insurance, so after the waiting period of 30 days he will be eligible to receive additional monthly benefits that cover these ongoing fixed costs. This allows him time to focus on his recuperation without financial stress or the fear of losing his business and his valued employees.

What does Business Expenses Insurance cover?

Business Expenses Insurance helps you cover the fixed running costs of your business if you are disabled due to a Sickness or Injury. Allowable business expenses include:

  • Premises expenses: Office/warehouse rent, rates/taxes, security costs, cleaning, insurance, mortgage repayments, repairs and maintenance.
  • Utilities: Electricity, telephone, internet, postage, couriers, water and sewerage.
  • Motor vehicle leasing, depreciation, insurance, registration, repairs and maintenance.
  • Salaries of employees who do not generate income, for example a receptionist and administration staff, together with their payroll tax and superannuation.

Other eligible expenses include accounting and auditing fees, business insurances, professional membership fees and regular advertising costs.

 

Do I need Business Expenses Insurance

If you are self-employed and run your own business, your NobleOak Income Protection Insurance is a great start in the event that you become totally or partially disabled due to sickness or injury. But we understand you have extra responsibilities as a business owner. NobleOak Business Expenses Insurance gives you that extra cover to help keep your business afloat while you are out of action.

As a business owner, Business Expenses Insurance is an important add-on to your Income Protection Insurance. You can choose cover for your business of up to $25,000 per month for up to 12 months, to help cover your fixed running costs if you are unable to work due to sickness or injury.

For example, Kevin is running a thriving plumbing business when he has to undergo a kidney transplant.

He has Income Protection Insurance that will cover his personal income while he cannot work, but how can he afford to keep his business running until he’s back on his feet? The business’s fixed costs include supply orders, office rent, utility bills, truck lease, an apprentice and a receptionist.

Fortunately, Kevin has also taken NobleOak Business Expenses Insurance, so after the waiting period of 30 days he is eligible for monthly benefits that cover his fixed costs and allow him to focus on recuperation without financial stress or the fear of having to close his business.

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Terms and Conditions

View T&C's

*Average Saving on Life Cover

The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of Term Life insurance products offered by other Life Insurance companies, including products available directly from the insurer (7 products included in this comparison) and those available for purchase through a financial adviser or broker (7 products included in this comparison).

Based on premium rates available as at September 2019, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60).

Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 13% lower than Advised Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).

Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

Plan for Life (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.

If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.

**First Month Free.

The first month free offer is available if you apply for cover before 30th June 2020. If you apply for cover before 30th June 2020, you will not start paying premiums until one month after the commencement date of the cover. This offer is available once only per new customer and may not be used in conjunction with any other offer.

Product Disclosure Statement

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*Average Saving on Life Cover

The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of Term Life insurance products offered by other Life Insurance companies, including products available directly from the insurer (7 products included in this comparison) and those available for purchase through a financial adviser or broker (7 products included in this comparison).

Based on premium rates available as at September 2019, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60).

Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 13% lower than Advised Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).

Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

Plan for Life (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.

If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.

**First Month Free.

The first month free offer is available if you apply for cover before 30th June 2020. If you apply for cover before 30th June 2020, you will not start paying premiums until one month after the commencement date of the cover. This offer is available once only per new customer and may not be used in conjunction with any other offer.