Business Expense Insurance is one of the latest additions to the ever-growing family of insurance. It provides cash flow to help maintain certain operational expenses of your company should you be disabled.

Business Expenses Insurance, like the TAL Business Expenses insurance, is usually purchased for short term periods which range from 12 to 24 months depending on the needs of your business.

Business Expenses Insurance is designed to provide you enough time to recover from your disability without having to worry about your business. It basically covers the fixed costs of your business, such as monthly bills, lease or rental expenses, office expenses, and employees’ salaries.

The TAL Business Expense Explained

To help you decide whether the TAL Business Expense Insurance is the right product for your business, do you answer yes to either of these questions:

• If your presence in the business would be taken out, will the performance of your business deteriorate? And,
• If you cannot be there to take care of your business, will the expenses continue largely unabated?

If you are a business owner or self-employed, every minute is very important and neglect could cause terrible consequences on your profit.

The TAL Business Expense, aside from paying the fixed costs of your business if you have become disabled, has a wide range of features and benefits that protects you and your business in any way possible. Even your cover is protected against inflation as it is automatically indexed every year in line with the Consumer Price Index. Therefore, you don’t have to worry if the benefit you will receive will be enough or not.

Moreover, in the event the insured dies, his or her beneficiaries will receive a maximum of up to $50,000 to help with the additional medical and funeral expenses. Other benefits include cover for loss of profits, recurrent disability, and even an extension of payment if you are still totally disabled after a year.

Payment Extension

Lease Extension

• If the disability continues for more than a year, another benefit, the Lease Extension, pays you up to 25% of the benefit amount to help you pay for lease costs which includes payment for equipment, motor vehicles, or the building.

Loss of Profits

• >Your inability to take care of your business because of illness or injury poses a lot of financial repercussions including the loss of your profits. It can become frustrating and stressful. However, the Loss of Profits Benefit included in the Business Expense cover will reimburse you up to 75% of your monthly average profit if you suffer loss after taking two months off because of disability.

Recurrent Disability

• >If your disability recurs within 12 months after a claim, it will be considered an extension of your previous claim without a Waiting Period.

Debunking the Myths about Business Expense Insurance

After looking at the benefits and features, you still might have second thoughts about getting TAL Business Expense as a cover. You might be thinking that you already have income protection or your business partner has already insurance.

First, although Business Expense Insurance works the same way as Income Protection, they are meant for different purposes. Income Protection is designed to cover your personal and family expenses in case you have been disabled due to sickness or injury. It is never meant to cover your business expenses – the payment you receive from Income Protection might not be enough to cover all the fixed costs of your business.

Moreover, Business Expense covers the proportion of turn over which is attributable to your efforts and skills in the business. Business turnover is divided among business partners. Therefore, each partner must have their share of expenses insured to generate that turnover. Thus, your business partners’ insurance is useless if you have are not able to work because of illness or injury.

TAL Business Expense Edge

With all the insurance providers and Business Expense packages offered, the process of choosing might prove to be difficult. So what makes TAL Business Expense your choice?

A long history

A company which has been around for a long time only says one thing about the company – it is reliable. People won’t trust a company which is not reliable to keep what it has promised, and those companies don’t stay in business.

Well-recognised in the industry

Enjoying 11% of market share, TAL has garnered various awards and recognition for product excellence which includes the AFA Company of the Year in 2010.

Innovative Products

In its desire to make insurance conveniently available to people, TAL has developed flexible options to see to it that you are comprehensively covered without hurting your budget.
TAL Business Expense is one of the many products that reflect the values of its company – to provide insurance for ordinary people like you. And TAL has relentlessly continued to be true to its origins by insuring the most vulnerable of people in the community.