Cover your fixed business expenses if you can't work with BT Business Overheads Insurance.
Do you know that just like a life insurance, a business overhead insurance plan can offer you a good investment and financial security in the future?
Seldom do people realise that apart from a life insurance plan they have added options for augmenting their financial resources in case unforeseen events occur, especially when they need to run their business even in the event of injuries or sickness.
BT understands the value of your business and the overhead expenses necessary for maintaining its operation. That is why it offers a business overhead expense insurance plan as a form of protection in case you are not able to carry out your business in full capacity due to injury, sickness or any other impediment as a result of unforeseen eventualities.
A business overhead expenses policy is different to personal disability insurance because it pays a shorter benefit period of usually one to two years depending on the policy chosen.
|Included benefits||Policy features|
|Total Disability Benefit|
|Partial Disability Benefit|
|Elective Surgery Benefit|
|Recurrent Disability Benefit|
Conditions apply, make sure you read the product disclosure statement (PDS) before applying. Information last checked as correct in January 2018 and is subject to change at anytime.
BT benefits in detail:
- Total disability monthly benefit. This is the main benefit that is paid after an agreed waiting period if you become disabled and unable to work in your business because of an injury or ailment. To be able to claim you only have to meet one of three criteria at the time you make your claim. This criteria is based on either; duties, earnings, or time.
- Partial disability monthly benefit. Much the same as total disability only in this case your ability to work doesn't have to be total, only reduced. You can claim if you are unable to work to the full capabilities you could before you became ill or injured.
- Elective surgery monthly benefit. This benefit will be paid if you become either totally or partially disabled if your disablement is the result of a transplant operation in which you were the donor. It will also be paid if the disablement was caused by you undergoing cosmetic surgery.
- Recurrent disability and the waiving of the waiting period. If your injury or illness is such that it has reoccurred within a certain period thereby preventing you from carrying out attending to your business once again, the waiting period to obtain your benefit can be waived.
- Death benefit. If you happen to die while receiving monthly benefits for being disabled your beneficiaries will receive a benefit.
More features available on your policy
Some of the features contained in a BT Business Overheads Insurance policy include the following:
- Inflation taken care of. As the cost of living increases so do the benefits paid out for any event that you are entitled to claim against.
- Premiums waived. While you are receiving monthly benefits as a result of any successful claim you have made your obligation to pay ongoing premiums will be waived.
- Worldwide cover. No matter where you travel in the world your BT Business Overhead cover will always be with you.
- Guaranteed renewable. No matter what the condition of your personal health your cover remains renewable during the term of cover.
- Upgrades guaranteed. All future upgrades to make your policy better and more valuable will be automatically included in your cover with no increase in your premium costs.
- Loyalty benefits. If you retain your cover for a total of three years you will be entitled to receive a loyalty benefit.
BT Business Overheads is an indemnity type business overheads protection policy which means you will be insured for what your business costs are but when you make a claim you will have to verify what the costs were at that time. The amount of benefit you will receive will be whatever the lesser of the two is. The amount of time you will have to wait before having any benefits paid can be either 14 or 30 days and you can arrange to receive benefits for a maximum of 12 months.
You can arrange a premium holiday if you have the need to do so. This will release you from having to make any premium payments for up to 12 months.
To be eligible for this relief you must have had the cover in force for at least six months and during the period of not paying any premiums you will not be able to make any claims. This feature allows you to put off your premium payments for a period but resume again at a later date without having to go through the hassle of cancelling your policy and reapplying again when your financial circumstances change for the better.
Optional benefits to consider
- Needlestick cover: If your business is in the medical profession you will have an option to receive the Needlestick benefit. This particular benefit will give you cover of up to $500,000 if you are diagnosed with having contracted HIV or Hepatitis B or C during the course of carrying out your professional occupation.
- Child cover: Another optional cover you can have with BT Business Overheads is that of Children's benefits. With this option your children can be insured against suffering from a wide range of specific ailments while they are aged between 2 and 14 years. The benefit can pay up to $200,000 a child.
What expenses are eligible for Business Overheads Insurance?
Generally, eligible business overhead expenses include:
- Employee salaries
- Employment taxes
- Employee benefit costs
- Rent expenses for property and equipment used in the course of business
- Principal and interest on mortgages
- Legal fees
- Accounting fees
- Business insurance expenses
- Interest on borrowings
- Office supplies and property taxes.
Business overhead expenses insurance does not cover the salaries and wages of temporary employees. Other costs that are usually not included in business overhead insurance are income taxes, the cost of inventory and the cost of furniture.