Cover your fixed business expenses if you can't work with ClearView Business Expense Cover.
If you want to make sure your business is there for you in the future – just as you do everything to make sure you are there for every business need – business expenses cover is an important investment to make. Business Expense Cover pays your business an ongoing monthly benefit if you are unable to work because of illness or injury. This benefit goes to pay all the fixed operating costs of your business, until you are able to return and rejuvenate the cash flow situation.
ClearView Business Expenses Insurance will provide an ongoing monthly benefit up to $60,000 per month to cover your eligible business expenses if you are forced to take time off work. Keep reading to learn more about how you can benefit from this policy or submit your details below to receive a quote and start your application.
What are key benefits of the policy?
Even when your business isn’t running at maximum output, there are constant expenses you need to pay for, so if you’re not able to work in your business for a period of time, and the clients and income dwindle, you’ll still have to pay those lease repayments, power bills and regular advertising costs somehow, which is why Clear View Business Expense Cover offers:
- A benefit payout for total or partial disability: Clear View will pay a monthly benefit amount to cover your fixed business expenses if you are totally or partially disabled as the result of an illness or injury.
- Available to individuals are self-employed: If you are self-employed or a small business owner with no more than five staff including yourself and any other owners, and you work a minimum of 20 hours in that business you can apply for business expense cover to protect your operations. You can apply from the age of 18 to 60 and your cover can expire when you are 60, 65 or 70 years old.
- Cover for up to 100% of eligible business expenses: You can receive a minimum monthly benefit amount of $1,500 and a maximum amount of $60,000. The benefit is based on an indemnity payment, which is the monthly benefit you have been insured for, or your share of the actual eligible business expenses – whichever is less.
- Choice of waiting period: Depending on the structure of your business and your own personal investment in the company, you may choose to wait 14, 30, 60 or 90 days before your Clear View Business Expense Cover benefit begins. The waiting period you can choose may also depend on your occupation category. The benefit will then continue to be paid to cover your business expenses for one year, while you recover, and the benefit period can be extended until up to 12 times the monthly benefit amount has been paid.
- Shared income means shared expenses: If you are ill or injured and unable to manage your business responsibilities, there may still be other directors, partners or managers who are also responsible for generating income, who will continue to work while you are off. Therefore, if you make a claim on your business expenses insurance, Clear View will pay a benefit amount which is of the same proportion as your share of the business income before the time of the claim. You will need to provide financial evidence of your share of the eligible expenses and your pre-disability income when you make the claim.
Built-in features and additional options available
As a business owner, there are a number of features and options that you can benefit from having ClearView business expenses insurance policy in place, which include:
- Indexation benefit: To keep up with inflation and rising living costs, ClearView will automatically increase your monthly benefit amount in line with the Consumer Price Index (CPI) or to a minimum of 5%.
- Relapse benefit: In the event that you are suffering from the same or related illness or injury within 12 months that triggered your previous claim, you can assess your benefit amount without having to go through another waiting period.
- Death benefit: Your nominated beneficiaries will receive a benefit amount of up to $60,000 or six times to the monthly benefit amount should you pass away.
- Waiver of the premiums while you are on a claim: When you are receiving your monthly benefit, ClearView will cover your premium payments.
- Suspending cover benefit: If you are going through financial hardship, have become unemployed or taking long-term leave from the workforce, you can suspend your cover and premiums for 12 months.
- Extended benefit: You can extend your cover until your 70th birthday, if you have not claimed when turning 65 years old and are still working as a medical or white-collar professional, provided that you have chosen your policy’s expiry date at the age of 65.
For an additional cost, you can also add accident option to your ClearView business expense cover to cover you in case you are totally or partially disabled as the result of an accident.
When will a benefit be paid?
The definition of total and partial disability will vary between insurers, which is why you need to understand how Clear View defines an eligible claim when you are comparing business insurances.
Total disability can fulfil the following definitions:
- Duties based: Where you are unable to perform one or more important income producing duties because of illness or injury and following the advice of a medical practitioner you are not working.
- Hours based: Is defined as you not working in your regular occupation for more than ten hours per week, and being unable to perform the important income producing duties of your regular role because of illness or injury.
- Income based: Means that you are unable to generate more than 20% of your pre-disability business income working in your regular occupation because of illness or injury.
Partial disability is defined by not being able to work in your regular occupation or any other gainful employment because of illness or injury, and you are:
- Working at a reduced capacity
- Not totally disabled
- Your share of the monthly business income is less than your share of the pre-disability business income
- Under the care and following the advice of a medical practitioner
If you are a small business owner or self-employed, you may want to consider applying for ClearView business expense cover to provide financial support for your business should you fall ill or become injured. Life is unpredictable, but the last thing you want is to see hard work falter just because you were not able to sustain your business temporarily due to your disability. ClearView business expense insurance can offer that invaluable peace of mind, knowing that no matter what happens, your business will continue to thrive.