Discover a smarter way to insure your
business overheads with NobleOak’s
Business Expenses Insurance.
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.
No Surprises Cover
We offer fully underwritten Business Expenses Insurance cover. This means we take time to get to know you upfront by asking health and lifestyles questions. This results in cover that is tailored to you, providing you and your loved ones with greater certainty in the event of a claim.
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 who is a leading global reinsurer. We’re also here for the long term with a proud history dating back over 140 years.
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.
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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.
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.
We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.
Business Insurance Simplified
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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.