Cover your business expenses if you can't work with Business Expenses Cover from NobleOak
Business Expenses Insurance is designed to provide a financing back-up plan to cover your fixed business expenses in the event you are unable to work due to serious illness or injury. When you take out business expenses insurance with NobleOak, you’ll be covered by a benefit amount which can pay for your business property rent, water, electricity or gas, employee wages and any business loans. This means that your business doesn’t neglect any of its commitments while you’re not generating a regular income by working in the business, and you still have a business to return to when you recover. NobleOak Business Expenses Insurance will cover you for up to $25,000 per month to cover regular and ongoing business expenses.
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Please note maximum age at entry for NobleOak Business Expenses Cover is 60
How your business can benefit from the policy
Business expenses insurance from NobleOak is an affordable insurance product which gives peace of mind to you and your employees, that the business will continue running even if you are too ill or injured to work. In this instance, your NobleOak insurance would kick in and offer:
- Reimbursement of all fixed ongoing business costs.
- The amount of the business costs covered is determined when you take out the policy and choose the cover amount up to $25,000 per month.
- Ongoing fixed costs are those which would be incurred by the business whether it was generating income or not, for example utilities and loan repayments, not stock.
- Benefit payments for up to a year while you recover.
What does it cover?
NobleOak have created an affordable and inclusive business expenses policy to make it easy to protect your business if you’re not there. The result is a policy which includes:
- A total disablement benefit. Pays a monthly benefit if you become totally disabled, and allows you to replace part of your income. The benefit will be paid in this instance if you are injured accidentally, or you become ill, where the benefit will only be paid for one illness or one injury.
- Partial disablement benefit. If you are partially disabled but you are able to return to work for at least 14 consecutive days after your injury, and perform at least one, but not all of your normal duties. The benefit will then be paid if your income after your disablement is less than the amount you were earning before.
- Premium waivers. If you make a successful claim and are being paid benefits under your business expenses insurance, you are not required to pay the premiums for the period of the claim.
- Eligible business expenses. Your NobleOak business expenses insurance will pay for the following fixed expenses, and any which have been specifically approved: premises expenses such as cleaning, insurance, interest, loan fees or property taxes; services expenses such as power, phone, fax, internet and water; equipment such as motor vehicle depreciation, vehicle leasing or insurance, registration or repairs and maintenance; salaries and other costs such as payroll tax and superannuation; plus any other expenses such as accounting fees, bank fees, auditing fees, business insurances professional memberships and ongoing advertising costs.
- Tax deductible premiums. In some cases the premiums for your NobleOak business expenses insurance will be tax deductible, as the premiums themselves are a business expense.
Who is eligible for cover?
To apply for business expenses insurance from NobleOak, you must be between 18 and 60 years old. You must also be a permanent Australian resident. Your cover can continue until you are 65 years old, and you can choose a monthly benefit amount of up to $25,000 per month. The premiums are then calculated based on your gender, your age, your smoking status, your health, lifestyle and occupation. If you have particularly high risk factors, a premium loading may be applied. Your business relies on you for security and success just as much as your family does, so NobleOak makes it easy to protect your business if you fall ill or become injured, through your business expense insurance plan. Business expenses insurance keeps your business running, out of debt and preserves its credit rating while you’re not able to generate a normal income, and makes sure that all of your hard work is there waiting for when you return.
Steps to apply
- You can either get a quote online or by giving NobleOak a call.
- You'll go through a full medical and lifestyle questionnaire over the phone with them.
- Your application will be sent off to their Underwriters for assessment.
- Once approved, they will give you a call and organise a date to activate your cover.