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.