St George Business Overheads Insurance

Information verified correct on September 27th, 2016

Keep your business afloat with St George Business Overheads Insurance

If you are unable to work in your business because of illness or injury, there will still be ongoing business expenses and costs that will need to be paid.

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Therefore, St George Business Overheads Insurance is designed to give you the financial boost that you will need while you are still recovering from your disability and keep your business afloat.

What does the policy cover?

St George Business Overheads Insurance includes features and options such as:

  • Total Disability Benefit:Your St George Business Overheads Insurance policy will pay your monthly insurance benefit if you are totally disabled as the result of illness or injury.
  • Partial Disability Benefit: If you are unable to complete your normal duties due to your illness or injury, carrying out reduced duties or are earning less than you were before becoming disabled, you will eligible for a benefit payment.
  • Elective Surgery Benefit: St George will pay a monthly benefit if you are totally or partially disabled because of a transplant operation where you were the donor, or cosmetic surgery.
  • Recurrent disability benefit: St George will waive the waiting period if you become disabled within a certain period of time due to the same illness or injury you have claimed for previously.
  • Death Benefit: Your beneficiaries will be entitled to a death benefit amount if you pass while being eligible to receive monthly benefit payments.
  • Choice of waiting period: With St George Business Overheads Insurance, you have the flexibility to choose between 14 or 30 day waiting period until you receive your first monthly benefit amount.
  • One year benefit period: In the event of an illness or injury, you will be eligible to receive a benefit payment for up to one year.
  • Indemnity style benefit: With St George Business Overheads Insurance policy, you will have an indemnity style benefit structure. This means, your benefit amount will depend on the amount of business expenses that you have at the time of claim.
  • Optional Needlestick Benefit: If you work in the medical field, you can add needle stick cover to your St George life insurance package for an additional charge. You are then able to claim a one off lump sum benefit if you contract HIV, Hepatitis B or Hepatitis C while working in a medical profession.
  • Optional Children’s Benefit: The children’s benefit can be included for an additional premium charge, and will pay a lump sum benefit amount if your child suffers one of the eligible medical events.
  • Worldwide cover: No matter where in the world you fall sick or are injured, you will be able to make a claim on your business overheads insurance.
  • Loyalty rewards: When you have held your business overheads insurance for more than three years, St George will reward your loyalty with an additional $50,000 on top of your normal benefit amount, for no extra charge. If you were combining or customising your cover, you are also eligible to receive a $50,000 loyalty bonus on your income protection insurance, and a 5% loyalty bonus on your total and permanent disability insurance, living insurance, and children’s benefit cover.
  • Multi-policy discount: Holding multiple policies with St George also entitled you to a 5% discount on your premiums. If you have both Business Overheads Policy and Income Protection, Income Protection through Superannuation or Income Protection Plus with St George, the policy fees on your Business Overheads cover will be waived.
  • Inflation protection: Your business overheads insurance benefit amount will be protected from inflation as St George offers a 3% consumer price index increase each year.
  • Combine with your superannuation: St George also gives you the option to structure your business overheads insurance inside or outside of your superannuation account. The option which best suits you and your business will depend on your financial situation, and it is best to discuss your options with your own adviser.
  • Premium holiday: In the event that your circumstances change, you can suspend your policy for up to 12 months once you have held your policy for at least six months.

What isn't covered?

Your Business Overheads Insurance claim will not be paid if the sickness or injury giving rise to the claim was caused by:

  • An act of war
  • Intentional self-inflicted injury
  • Suicide or attempted suicide
  • Normal and uncomplicated pregnancy or childbirth
  • Any other specific exclusions that apply to your policy

In addition, no Elective Surgery Benefit is payable for surgery which takes place within six months of:

  • The commencement date
  • The date the insured monthly benefit is increased
  • The date cover was last reinstated

Who can apply?

If you are an Australian resident between 18 and 69 years old, you can apply for business overheads insurance from St George without any medical tests. You simply need to complete a health declaration, and you can then apply online or over the phone. Once approved your cover is then guaranteed renewable.

Your business doesn’t just make a commitment to look after its customers, the income and financial stability you generate from your business also looks after your family. Therefore, if you are unable to work in your business for a period of time because of illness or injury, business overheads insurance ensures that your business doesn’t default on loans, bills or other debts, and that your business credit is protected, so you have a healthy enterprise to return to when you’re recovered.

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