Keep on top of your business expenses if you are forced to take time off work due to injury or illness with Westpac.
Being in business for yourself has a number of benefits – you enjoy the freedom, you work on something you love doing and you are your own boss. However, this also means that you are on your own if you fall ill or become injured and unable to work, because there is only one of you, and no matter how carefully you've built your team, no one knows the business like you do.
The result is that the business will inevitably suffer financially without you around, which is where Westpac business overheads insurance can offer:
- A monthly benefit amount: The premiums for Westpac business insurance are competitive, which means you can easily fit this insurance into your budget, so that those monthly benefit payments are there when you need them.
- Discounts available: If you are a non smoker, you can qualify for a discount on your premiums, making them even more affordable. If you take out more than one of Westpac's protection plans you can also be eligible for a 5% discount.
- Automatic renewal of cover: Once your cover with Westpac is approved, you don't have to worry about being reassessed each year, or completing new eligibility forms each year, because your business overheads insurance will be automatically renewed each year until you are 65.
- Automatic inflation proofing: Your benefit amount will automatically increase each year in line with, so that no matter how far into the future you make a claim, the benefit amount is relevant to the costs at the time of the claim, not at the time of application.
- Worldwide cover: Any eligible claim will be approved by Westpac, no matter where you are in the world at the time you fall ill or are injured.
- Add a neddlestick benefitI: If you work in the medical profession, you can add a needlestick benefit to your policy, which will pay a benefit if you contract HIV, Hepatitis B or Hepatitis C in the course of your work.
- Add a children's benefit: Your family's health can also have an impact on your work and life, so you can add a children's benefit, which provides you with a lump sum payment if your child suffers one of the eligible medical events.
When will a benefit be paid?
To make sure that your business is there waiting for you when you return from illness or injury, Westpac will pay a benefit from your business overheads insurance if you are:
- Total disability: If you are totally disabled because of illness or injury and unable to work, Westpac will pay you a benefit amount to cover your business's ongoing costs until you can return.
- Partial disability: If you become partially disabled because of illness or injury and you're only able to perform limited duties, Westpac will help pay your business bills with a benefit payout.
- Elective surgery: You can claim on your business overheads insurance if you are totally or partially disabled because of a transplant, where you are the donor, or because of cosmetic surgery.
- Recurrent disability: It allows a benefit to be paid if you become disabled and unable to work because of the same illness or injury, and Westpac will waive your waiting period.
- Death benefit: This benefit pays a benefit amount if you die while you are receiving monthly benefit payments.
You've worked hard to build and grow your business, so you want to make sure all of that hard work doesn't go to waste if you fall ill or are injured. Your business is not only your source of income, it is your lifestyle, your identity and your passion, so protect it with Westpac business overheads insurance, and your business will be there waiting for you when you return.