Business Expenses
As a self-employed business owner or practitioner you don’t think twice about insuring business assets such as premises, stock, plant and equipment. But what about the most critical elements of your business – yourself and your financial commitments?
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Business Expenses
Why it’s worth considering
AIA Australia’s Business Expenses insurance means that the fixed expenses of your business will still be paid even if you cannot work due to injury or sickness.
The Business Expenses benefit is specifically designed for self-employed individuals (employed full-time) who need to ensure that the fixed expenses of their business or practice will still be paid even if they cannot work due to Injury or Sickness. The benefit covers business expenses less any amounts reimbursed from elsewhere.
To be eligible for this benefit, your occupation must be acceptable to us; whether alone, in partnership with others, or a working director.
You can purchase this benefit on its own as the Business Expenses Plan, or together with the Income Protection benefit.
- Incorporated Business Expenses
- Day 1 Accident
- Income Protection
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Product Disclosure Statement
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Making the most of your Business Expenses insurance
Total or Partial Disablement
If you are disabled (totally or partially), we will pay you a monthly benefit to the end of your benefit period as long as you remain disabled.
Waiver of Premium
If you become totally disabled, you won’t have to pay premiums from the end of the waiting period, until the end of the benefit period, or until the total disablement ceases, whichever occurs first.
Benefit Indexation
The Sum Insured on your policy will automatically increase each year by the Consumer Price Index (CPI) or 5%, whichever is higher.
Cosmetic or Elective Surgery Benefit
We will pay your Total Disablement benefit if you become totally disabled as a result of:
- cosmetic surgery, or
- other elective surgery, or
- as a result of surgery to donate an organ.
Business Expenses covered
These are the regular normal operating expenses of your Business, including the following:
- Accounting and audit fees
- Regular advertising costs, postage, printing and stationery
- Electricity, gas, heating, water, telephone and cleaning costs
- Security costs
- Rent, property rates and taxes
- Membership fees, publications and subscriptions to professional bodies
- Leasing costs of plant and equipment
- Bank charges, interest on business loans
- Business related insurance premiums but not including premiums for this policy
- Salaries and other related costs for non-income generating employees of your business
- Net costs associated with employing a locum
Medical practice recovers from injury
A keen sportswoman who loves a challenge, Angela had been a GP for more than 10 years when she fractured several vertebrae in a skiing accident. She knew, better than anyone, that back injuries are unpredictable. Although she had no spinal cord damage, she would need surgery and several months off work.
How would she keep her thriving GP practice going while she was recovering? Fortunately Angela had prepared herself for this possibility and could claim on two forms of insurance. Firstly, she had an Income Protection policy with a monthly benefit of $4,000. Secondly, she had Business Expenses Cover with an insured monthly benefit of $20,000, which would not only cover the cost of hiring a doctor to keep her practice going for up to one year, but would cover the cost of the rent & bills for the practice.
After nine months of rest and careful rehabilitation, Angela was able to resume her work as a GP.