AMP Business Overheads Insurance

Cover your fixed business expenses with AMP

AMP Business Overheads Insurance will provide an ongoing benefit payment if you are too ill or injured to work. This means you can cover your fixed business expanses such as rent, utility bills and staff salaries while you focus on your recovery. Premiums are generally tax-deductible and AMP will cover up to 100% of your eligible business expenses if you can't work.

Keep reading to learn more of the benefits of AMP Business Expenses cover or submit your details in the form below to receive a quote.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Who is the AMP Business Overheads Insurance For?

The AMP Business Overheads Insurance gives you the option to flexibly choose a plan that would complement your needs. The Business Overheads Insurance can be owned by an individual or a company that pays the overhead costs of a business. Below are some stipulations for eligibility.

For Businesses:

  • Small business partnerships which consist of 5 or less partners and sole traders.
  • Businesses where profit is earned through services rendered, such as consultants and professionals.

For Individuals

Though the Business Overheads Insurance is suitable for businesses, individuals can be eligible if:

  • The individual is largely responsible for generating the cash flow of the business.
  • The business cash flow would considerably fall or cease if the individual is unable to work
  • The individual will take responsibility for the payment of the business expenses.

AMP Business Overheads Insurance Features and Benefits

Since AMP Business Overheads Insurance was designed to protect you and your business when an injury or illness renders you unable to carry on your responsibilities, the features and benefits included in this policy aim to do just that. Listed below are some of the key features and benefits of the policy:

  • 100% cover for your business. You have an option to choose a maximum monthly benefit of up to 100% of your monthly business expenses. At present, the maximum monthly benefit is $1,250. Furthermore, the premiums are waived while your fees are being covered.
  • Total disability benefit. The business overheads expenses incurred each month will be paid during the period that the insured is rendered disabled. Business overheads include fixed costs such as:
      • salary of non-income producing staff
      • rent and mortgage interest payment for the business premise
      • property taxes
      • lease costs of office equipments and motor vehicles
      • utility bills
      • advertising costs
  • Cash flow bonus. In addition to the total disability benefit, there is a cash flow bonus paid to you in order to help you cope with the ups and downs of your eligible business overheads. This means that in months where you have lower business expenses, any unpaid monthly benefit can be carried over to the next month. The benefit period can be extended up to 6 months until you have been paid 12 times the monthly benefit.
  • Overseas transport benefit. You will be reimbursed for your airfare cost if the insured has been outside Australia for 30 days and rendered disabled for 14 days.
  • Tax deductible premiums. Premiums are counted as business expenses thus, it becomes tax deductible.
  • Automatic increase to your cover. There is an automatic increase in your maximum monthly benefit based on the percentage increase in the CPI. This means that your premium always stays relevant to the inflation.
  • 12 month recovery. You will be reimbursed for whatever business expenses for up to one year that you are unable to work.
  • Waiting period feature. This feature lets you return to work during the waiting period for 5 days or less in a row without the waiting period starting again.
  • Worldwide cover. This gives you peace of mind knowing that wherever you are in the world, you are covered 24 hours a day, 7 days a week.

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William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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