Business Expenses insurance ensures the continuity of your business, providing you with a business to return to following a period of illness, or a business to sell as a going concern.
Running a successful business takes time, money and lots of hard work. So insuring your business should be at the top of your mind when you're thinking about what might happen if you were totally disabled and couldn't work.
If you're self-employed or in a small partnership, it's even more important to keep the business going, and therefore you need to not only insure your income but the fixed, regular expenses of the business, as well.
Whether you're a doctor running your own practice, a tradesperson with an apprentice or you own a new growing business (which is still reliant on your income generating capacity), Business Expenses insurance should be a key component of your business risk strategy.
| Choice of waiting period | This is the initial period where we won't pay benefits. You can choose a waiting period of 14 or 30 days. You pay a lower premium the longer the waiting period. |
| Premium refund | Your Business Expenses insurance premiums, including any paid during the waiting period, will be refunded to you while you’re disabled and you’re receiving benefits. |
| Recurring disability benefit | If your disability recurs after you've returned to work, while this insurance is in force, and within six months of your return to full-time work, we'll consider it a continuation of your previous disability. You can continue to claim as soon as the disability recurs, with no new waiting period. The cause of the disability must be the same as, or related to, the previous disability for which we have paid a benefit. If the disability recurs after six months, we'll treat it as a new claim. |
| Return to work during the waiting period | You can return to work during the waiting period. The days you work don't have to be consecutive, but the waiting period will be extended by the number of days you return to work. If you return to work for more than five consecutive work days, your waiting period will restart. For the purposes of the Platinum Option*, return to work means that you've returned to work at full capacity. |
| Death benefit | You'll receive three months' benefit as a lump sum, to a maximum of $30,000, if you die while the policy is in force. |
To find out more about Total and Permanent Disability insurance see MLC Insurance PDS, get in touch with your MLC Business Development Manager or call us on 133 652.
* Platinum option provides cover for partial disability.