Business Expenses Insurance, also known as Business Overheads Insurance, works similarly to an Income Protection Insurance policy. The difference, however, is that Income Protection pays you when you become unemployed because of a serious illness or injury, while Business Expenses pays you to cover your business if you are unable to oversee it due to a critical illness or injury.

If you are unable to work and you have Income Protection, you need not worry because you will receive a steady flow of monthly benefit that would help you with the expenses. However, how would you expect your business to run smoothly if you cannot oversee it because you are disabled?

Running your own business truly requires more time and effort than just being an employee. One day of not earning a profit can make a lot of difference. So imagine if you are unable to work for an indefinite period of time because of an injury or illness. Who would work for you, or who will oversee your business? Who will take care of your employees? But worst would be, who would take care of your family if your source of income depends on your business profit?

The AXA Business Expenses Insurance works in that way, by giving you the necessary cover to keep your business running while you are recuperating minus the stress.

What Does the AXA Business Expenses Insurance Do?

Just like most Business Expenses Insurance, the AXA Business Expenses Insurance covers or pays the fixed costs of your business when you become severely ill or disabled. Fixed costs are defined as the following:

• Premises: This includes insurance and property taxes of your business premise. It also includes the rent and maintenance if needed.
• Services: These are all the utility bills you have to pay every month, such as telephone, water, electricity, internet service provider, and gas.
• Equipment: Includes all the office equipment and machinery used. Vehicle cover, repair and maintenance, and loan repayments of such equipment are also included.
• Salaries and Related Costs: This includes the salaries of non-income producing employees plus their taxes and contributions.
• Other Eligible Expenses: This is where accounting fees, advertising costs, and bank fees fall.

Looking at all the expenses you have to pay requires a lot of focus and money. Being able to pay all of these gives you the assurance that your business will continue running and you earn some profit.

AX Business Expenses Insurance Benefits

The AXA Business Expenses Insurance does not just take care of your business’s costs, but it takes care of your needs as well. The in-built features and benefits it has show the comprehensive cover of the policy – both for your business and for you.

• Total Disability Benefit

This gives you cover and pays you if you are rendered unable to work due to a serious physical injury or illness.

• Partial Disability Benefit

The plan does not pay you only if you are totally disabled. It also pays you even when the disability is partial. It pays you a partial benefit if you went to work within the waiting period but unable to perform one or two important duties.

• Attempted Return to Work

This benefit allows you to go back to work for up to 5 days within the waiting period without having to re-start it.

• Recurrent Disability

If your disability has recurred within 6 months, you can recommence an earlier claim without re-starting the waiting period.

• Death

In the event of death and no claim has been paid, your estate will be paid 6 times the amount of your benefit which is up to the maximum of $60,000.

• Waiver of Premium

When a benefit is being paid to you, your premium is waived and in the other plans included in the life insurance policy you have.

• Indexation

Your benefit is protected against the inflation; thus, your cover is automatically adjusted in line with the Consumer Price Index or CPI.

• Locum Cover

This will pay the person you have put in charge of your business during the time you are unable to work because of illness or injury.

• Benefits Upgrade

You will be notified if there are new upgrades to boost your cover. You are also given the option to apply the upgrade to your cover without presenting any additional medical proof.

• Elective or Cosmetic Surgery

Some injuries or disabilities are not work-related. This option or feature will cover you for a disability caused by elective or cosmetic surgery.

• 24-Hour World Wide Cover

This would ease your mind even when you travel outside Australia, because it covers you 24/7 anywhere in the world.

Why Choose AXA Business Expenses Insurance?

With all the insurance providers offering competitive packages, what makes AXA Business Expenses Insurance a cut above the rest?

AXA has been one of the market leaders in providing financial products and services in Australia. Facts and figures show that AXA has $54 billion funds under management and has 1,300 financial advisers available. With the vast financial numbers to back you up, you will have the sense of security and peace of mind knowing you have absolute protection against unlikely events in the future.

With the extensive funds to back you up, and the flexible options you can choose from, you can protect your business and ensure its smooth operation despite sickness or injury with the AXA Business Expenses Insurance.