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Business Expenses

Discover a smarter way to insure your
business overheads with NobleOak’s
Business Expenses Insurance.

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Maximum Monthly Benefit

$25,000

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.

Benefit
Period

12 Months

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.

Waiting
Period

30 Days

With NobleOak’s Business Expenses cover, the waiting period is fixed at 30 days.

Maximum
Entry Age

59

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

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.

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.

Business Expenses Insurance Features

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.

Cover with Global Backing

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.

ASIC & APRA Regulated

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.

Total Disablement Benefit

If you become Totally Disabled, you will receive a Monthly Benefit payment to help cover the costs of your ongoing business expenses while you’re not working.

These Monthly Benefit payments commence after the Waiting Period has expired and continue for the duration of your Total Disablement to a maximum of the Benefit Period. If at the end of these 12 months 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).

Your payments are calculated on a daily basis and payable monthly in arrears, so your first payment will generally occur 2 months after your Sickness or Injury commenced.

Totally Disabled / Total Disablement means due to Sickness or Injury occurring while covered for Business Expenses insurance, you are:

  • Unable to perform one or more duties of your occupation that is important or essential in producing Income
  • Not working (whether paid or unpaid), and
  • Following the advice of a Medical Practitioner.

You can select your Monthly Benefit at the time of application, up to a maximum of $25,000 per month. In determining the Business Expenses cover allowable, we will need you to complete the schedule in the application detailing all your fixed and ongoing expenses. These include rental of business premises, electricity, rates, motor vehicle costs and also the salaries of any non-income producing staff, to name a few.

In the event of a claim, the monthly payment you receive will be based on the expenses actually incurred in the 12 months immediately preceding  the date of Total Disability.

Partial Disablement Benefit

Business Expense Insurance can also pay a reduced benefit if you return to work in a reduced capacity. The Partial Disablement Benefit becomes payable providing you have been Totally Disabled for at least 14 days and remain Totally Disabled or Partially Disabled beyond the expiry of the Waiting Period.

Partially Disabled / Partial Disablement means that due to your Sickness or Injury:

  • you are unable to perform one or more duties of your usual occupation, and
  • your monthly Business Income is less than your Pre-disablement Business Income, and
  • you are following the advice of a Medical Practitioner.

The benefit payable will be proportionate to the loss of Business Income sustained. The benefit will be paid on a daily basis and paid monthly in arrears. This amount will be the lesser of:

  • the Monthly Benefit, and
  • 1/12 of the Allowable Business Expenses

actually incurred by you in the operation of your profession, business or occupation during the 12 months immediately preceding the date of your Total Disability and which continue during the period of Partial Disablement until return to full work duties.

See the PDS for full details of definitions, terms and calculations.

Here's What Our Clients Have To Say

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Affordable insurance and fast friendly service.
,
11 December 2019
I was kept up to date through the whole process, very friendly service.
,
27 March 2019
Their Customer Service was first rate. Everyone I dealt with through the application process was fabulous. They kept me informed every step of the way and I didn't need to follow up on anything. Very impressed. Would thoroughly recommend them.
, SA
26 March 2019
Great to deal with. Kept me in the loop throughout the whole process. Good level of communication and I made significant savings on my life insurance premiums over the competitors.
,
11 March 2019
Excellent customer service. The process to buy Income Protection Insurance was very easy and the customer service team very helpful and knowledgeable. After I had applied I requested some additional information which was sent to me within a day. That's great customer service to have a good response time even after the initial sale had been made by Noble Oak.
,
04 March 2019
Your representative was patient, concise, understanding and above all very pleasant to speak and deal with. It was his influence that had me convinced to proceed with your product.
,
27 February 2019
Excellent to deaf customers. They communicate well to deaf customers by using sms texts and emails. Other companies just ring my number all day long.
,
26 February 2019
Great service. The customer service is great. They are friendly and very helpful and it was a pleasure dealing with them.
,
20 February 2019
I am very pleased with Noble Oak and the ease with which the transaction was finalised. I wouldn't hesitate to use them again or to recommend them to my family and friends.
,
06 February 2019
Each phone call and email was answered by a person who knew the answers to my queries very polite and courteous at all times.
,
24 January 2019
Very helpful, informative and great communication. I’m very happy to have been approved into the Noble Oak community Happy customer that’s me!
,
16 January 2019
It's good for elderly people. Quite affordable and good conditions.
,
19 December 2018
Great service, honest advice, prompt follow up, extremely competitive premium and deal. Thanks Noble Oak.
,
23 November 2018
Superb and excellent! The premium is much lower compared to the others. The process of getting their insurance is fast and well coordinated.
,
21 November 2018
They were helpful, friendly and nothing seemed to be an issue for them even when I needed to amend some of the questions on the proposal. I received phone calls to advise of the next step and the Nurse that came to our house on a weekend was so friendly and professional in her duties.
,
20 November 2018
Fantastic customer service, competitive costs for income protection attracted me to switch over from other insurance. Follow up by NobleOak team including approval of quote is excellent and made me comfortable and happy. Highly recommend this income protection policy.
,
15 November 2018
Was a quick and easy process. Price is a lot cheaper than other providers.
, NT
31 July 2018
Fantastic customer service and the explanation of the product was clear and concise. Value for money.
, NSW
26 July 2018
Very professional, helpful and friendly service. My new life insurance policy was processed efficiently and I was contacted during each step of the process.
, WA
26 July 2018
They are good service, picked up my calling quickly and patient, and cheaper than other company.
, NSW
19 July 2018

How to Apply

  • Get a Quote

    One of our friendly insurance specialists will help you complete your Business Expenses Insurance quote over the phone or online.

  • Apply

    If you’re happy with the quote, you can apply immediately for cover either over the phone or book a time for a call back.

  • Get covered

    We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.

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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