What is Business Expenses Insurance?
If you are self-employed and run your own business, Business Expenses Insurance is an important add-on to your NobleOak Income Protection Insurance. You can choose cover for your business 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.