Business Expense Insurance – Covermate Life

Running your own business means your income and livelihood often depend on your ability to work. But what happens if illness or injury forces you to step away? That’s where Business Expense Insurance can help.

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At Covermate Life, we are a general life insurance broker working with multiple insurers – including AIA, MLC, MetLife, TAL, Zurich, OnePath and ClearView. This gives you choice and flexibility when considering cover to protect your business.

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What is Business Expense Insurance?

Business Expense Insurance is designed for self-employed professionals and small business owners. It provides a monthly benefit to cover the fixed running costs of your business if you are unable to work due to sickness or injury.

Unlike Income Protection Insurance, which replaces your personal income, Business Expense Insurance ensures your business stays afloat during your absence.

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What Does Business Expense Insurance Cover?

The monthly benefit can be used to pay:

• Rent, utilities, and office expenses

• Staff salaries and superannuation (non-income-generating employees)

• Business loan repayments and lease costs

• Professional subscriptions and licences

• Insurance premiums for your business

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This cover allows your business to continue operating while you recover, giving you time and financial breathing space.

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Who Should Consider Business Expense Insurance?

Business Expense Insurance may be suitable if you are:

• A self-employed professional such as a doctor, lawyer, consultant or tradesperson

• A small business owner with overheads and staff to pay

• A partner in a firm where ongoing expenses need to be shared

• Someone whose business depends heavily on their ability to work day-to-day

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Benefits of Business Expense Insurance

• Keeps your business running while you recover

• Protects staff and clients from disruption

• Reduces financial stress by covering ongoing overheads

• Complements Income Protection Insurance (which looks after your personal income)

• Flexible cover options depending on your profession and expenses

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Why Use a Broker Like Covermate Life?

As a general life insurance broker, we don’t represent a single insurer. Instead, we:

• Compare policies from multiple providers

• Explain differences in product features and exclusions

• Provide general advice only, so you can make an informed choice

• Help you secure cost-effective cover that matches your business needs

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Frequently Asked Questions

How long does Business Expense Insurance pay benefits for?
Most policies cover up to 12 months of business expenses while you are unable to work.

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Is Business Expense Insurance tax deductible?
In many cases, premiums are tax-deductible as a business expense. You should confirm with your accountant or tax adviser.

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Can I have both Business Expense and Income Protection Insurance?
Yes. They complement each other – one protects your business overheads, the other protects your personal income.

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What if I have multiple business partners?
Each partner can take out their own Business Expense policy to cover their share of fixed costs.

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Do you provide tailored financial advice?
No. Covermate Life provides general advice only. We explain available options and insurers, but do not consider your personal financial situation.

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General Advice Disclaimer

The information on this page is of a general advice nature only and does not take into account your objectives, financial situation or needs. Before deciding, you should consider whether the product is appropriate for you and review the relevant Product Disclosure Statement (PDS).