Cover your fixed business expenses if you can't work due to illness or injury with TAL
Business Expense Insurance is one of the latest additions to the ever-growing family of insurance. It provides cash flow to help maintain certain operational expenses of your company should you be disabled.
Business Expenses Insurance, like the TAL Business Expenses insurance (offered through TAL Accelerated Protection), is usually purchased for short term periods around 12 months, depending on the needs of your business.
Business Expenses Insurance is designed to provide you enough time to recover from your disability without having to worry about your business. It basically covers the fixed costs of your business, such as monthly bills, lease or rental expenses, office expenses, and employees’ salaries.
What does the policy cover?
|Total Disability Benefit|
|Partial Disability Benefit|
|Payment Extension Benefit|
|Lease Extension Benefit|
|Loss of Profits Benefit|
|Elective Surgery Benefit|
|Inflation Protection Benefit|
|Recurrent Disability Benefit|
|Waiver of Premium Benefit|
|Accident Benefit Option|
Conditions apply, make sure you read the product disclosure statement (PDS) before applying. Information last checked as correct in November 2017 and is subject to change at anytime.
The TAL Business Expense Explained
To help you decide whether the TAL Business Expense Insurance is the right product for your business, do you answer yes to either of these questions:
- If your presence in the business would be taken out, will the performance of your business deteriorate? And,
- If you cannot be there to take care of your business, will the expenses continue largely unabated?
If you are a business owner or self-employed, every minute is very important and neglect could cause terrible consequences on your profit.
The TAL Business Expense, aside from paying the fixed costs of your business if you have become disabled, has a wide range of features and benefits that protects you and your business in any way possible. Even your cover is protected against inflation as it is automatically indexed every year in line with the Consumer Price Index. Therefore, you don’t have to worry if the benefit you will receive will be enough or not.
Moreover, in the event the insured dies, his or her beneficiaries will receive a maximum of up to $50,000 to help with the additional medical and funeral expenses. Other benefits include cover for loss of profits, recurrent disability, and even an extension of payment if you are still totally disabled after a year.
- Payment Extension: This is a built-in feature that gives assurance to the insured that if his or her disability continues and they are still unable to work for more than a year, he will still have cover. Thus, any extra expenses incurred at that time are taken care of.
- Lease Extension: If the disability continues for more than a year, another benefit, the Lease Extension, pays you up to 25% of the benefit amount to help you pay for lease costs which includes payment for equipment, motor vehicles, or the building.
- Loss of Profits: Your inability to take care of your business because of illness or injury poses a lot of financial repercussions including the loss of your profits. It can become frustrating and stressful. However, the Loss of Profits Benefit included in the Business Expense cover will reimburse you up to 75% of your monthly average profit if you suffer loss after taking two months off because of disability.
- Recurrent Disability: If your disability recurs within 12 months after a claim, it will be considered an extension of your previous claim without a Waiting Period.
TAL Business Expense Edge
With all the insurance providers and Business Expense packages offered, the process of choosing might prove to be difficult. So what makes TAL Business Expense your choice?
A long history
A company which has been around for a long time only says one thing about the company – it is reliable. People won’t trust a company which is not reliable to keep what it has promised, and those companies don’t stay in business.
Well-recognised in the industry
TAL has garnered various awards and recognition for product excellence which includes the Most Satisfied Policyholders of 2016 (AFA and Beddoes Institute Consumer Choice Awards).
In its desire to make insurance conveniently available to people, TAL has developed flexible options to see to it that you are comprehensively covered without hurting your budget.
TAL Business Expense is one of the many products that reflect the values of its company – to provide insurance for ordinary people like you. And TAL has relentlessly continued to be true to its origins by insuring the most vulnerable of people in the community.