If you have your own business you have probably protected yourself with income protection insurance and various aspects of your business with commercial insurance but have you considered Business Expenses insurance to protect your business in the event that you are rendered unable to work in it?
Business Expenses insurance varies from income protection insurance in that rather than replacing lost income if you have an accident or injury, business expenses insurance is designed to pay some or all of the ongoing costs of your business so that it can keep running in your absence. Unlike business interruption insurance which can help your business continue in the aftermath of an external disaster or event, business expenses is targeted solely at situations where the business owner is unable to work due to accident or injury.
There are a number of potentially valuable benefits to taking out business insurance cover. Typical income protection insurance is unlikely to be able to provide for your day to day living expenses, medical costs and also pay your staff wages, the cost of hiring someone to keep things running in your absence as well as essential bills and other day to day costs. By taking the financial pressure off and having the right plans in place, you can have the valuable reassurance of knowing that you will have a business to return to, your employees will still have their jobs and in the unfortunate event that you can’t return to your business, you may be able to sell it for a reasonable price.
Before purchasing business expenses insurance or any other form of insurance it is important to obtain professional advice from an insurance broker or financial planner. There are a number of different business expenses insurance options and it’s important to choose one that is suitable for your situation.