What can Business Expenses Cover from Suncorp Provide?
Business owners can be affected from financial hardship if they are ill or injured for a prolonged amount of time and the risks are often higher due to greater financial commitments that come hand-in-hand with running a business. Therefore, it is therefore essential for business owners to consider a form of financial protection, should they be temporarily disabled and require some time off to recover.
Suncorp business expenses insurance is a financial protection plan from one of Australia’s leading insurance provider that provides business owners with a monthly benefit to reimburse the fixed business expenses that are incurred.The policy can help ensure that your business is protected financially by providing coverage for your business related costs for a specific period. This means that your business can continue running as it should, so you can focus on your recovery and on getting back to business once you are better.
What does the policy cover?
Suncorp Business Expenses Plan helps to ensure that your business is protected financially by providing coverage for your business related costs for a specific period. This means that your business can continue running as it should, so you can focus on your recovery and on getting back to business once you are better.
Some of the main benefits of a Suncorp Business Expenses Plan include:
- Three Tier Disability Definition: With Suncorp business expenses insurance three tier definition on disability, you will be allowed to work for up to 10 hours a week without affecting your monthly benefit.
- Business Expenses Benefit: If you are totally or partially disabled, the Business Expenses Benefit will be payable by Suncorp.
- Death Benefit: A benefit will be payable if you die or become terminally ill with the amount equal to three times of your business expenses monthly benefit.
- Premium and Cover Suspension Benefit: You can apply to defer your premiums of up to 12 months if you are experiencing financial hardship or taking a long-term leave from work (sabbatical, paternity or maternity leave).
- Recurring Disability Benefit: If you are suffering from the same or related illness or injury, in which a benefit have been paid, Suncorp will continue the benefit payments without imposing any waiting period.
- Elective Surgery Benefit: An elective surgery will be covered by Suncorp if you transplant part of your body to someone else or require an improvement on your appearance under the advice of a registered doctor.
- Concurrent Disability Benefit: If you are suffering from two or more concurrent disabilities (sickness or injury that occurs while receiving benefits for Totally Disabled Benefit or Partially Disabled Benefit), benefit will be made for the condition that entitles you with the highest amount.
- Specific Injury Benefit: The Totally Disabled Benefit will be payable for a specified period if you suffer from one of the injuries listed on the policy.
- Blood Borne Diseases Cover: If you work as a health care professional, you will be covered for blood borne diseases such as HIV, Hepatitis B and C.
- Crisis Benefit: The Business Expenses Benefit will be payable for up to two months without any waiting period if you suffer from one of the defined medical events listen on the policy.
Of course, all businesses have to mindful of their financial outgoings in the current financial climate, so you need to take into consideration the cost of taking out a Suncorp Business Expenses Plan. Having this protection in place can prove invaluable and the good news is that business owners can tailor their plan to suit their needs and their pockets. Some of the things that can affect the cost of taking out a Suncorp Business Expenses Plan include:
- Worldwide cover: You will access to cover no matter where you are in the world, 24 hours and 7 days a week.
- Payments whilst overseas: If you are disabled outside of Australia and New Zealand and are entitled to receive benefit payment, you may continue to receive payments while you remain outside of the country, given that you can meet Suncorp’s claim requirements.
- Automatic increase: Your total monthly benefit will be increase each year to keep it in line with inflation.
- Guaranteed upgrade: If there are any improvements carried out on benefits and features of your policy, you will have access to these upgrades, given that it will not increase your premiums.
What types of expenses are covered?
- Rent or interest/fees on a business loan to finance the premise
- Property rates/taxes
- Insurance on a property (eg. fire or contents)
- Interest/fees to finance the business
- Security costs
- Repairs and maintenance
- Fixed line phone
- Mobile phone
- Cleaning and laundry
- Lease or financing on equipments
- Repairs and maintenance of equipment
- Salaries of employees who do not generate any business income
- Advertising costs
- Accounting and auditing fees
- Business insurance (eg. public liability cover)
Who can apply?
You can apply for Suncorp business expenses insurance plan if you are:
- Between the age of 18 to 60
- An Australian citizen or permanent resident of Australia
It is essential to speak to one of our insurance specialists to discuss your insurance needs and the amount of cover you may require. An insurance specialist can provide with you tailored advice on the business expenses insurance that will suit your needs and requirements, without sacrificing affordability.
It is important that all businesses are mindful of their financial outgoings, especially in the current financial climate. Therefore, as business owners, consider carefully how Suncorp Business Expenses Plan can benefit your business. Having protective cover in place can prove invaluable and business owners have the flexibility to tailor their plan to suit their needs and their pockets.