Business Expenses Insurance

If you become Totally Disabled, you will receive a Monthly Benefit to help cover your share of the ongoing business expenses while you’re not working.

The Monthly Benefit payments commence after the Waiting Period has expired and continue for the duration of your Total Disablement to a maximum of the Benefit Period.

Your payments are calculated on a daily basis and payable monthly in arrears, so your first payment will generally occur 2 months after your Sickness or Injury commenced.

Business Expenses insurance provides a:

• Waiting Period of 30 days, and
• Benefit Period of 12 months.

Totally Disabled / Total Disablement means due to Sickness or Injury occurring while
covered for Business Expenses insurance, you are:

• unable to perform one or more duties of your occupation that is important or essential in producing your Business Income
• not working (whether paid or unpaid), and
• following the advice of a Medical Practitioner.

You select your Monthly Benefit at time of application, up to a maximum of $25,000 per month. In determining the maximum Monthly Benefit that will be accepted, we will consider the benefits payable under any other Income Protection or Business Expenses Insurance policy (in force or proposed) in your name.

If you do not disclose any such benefits when you apply for Premium Life Direct, we may reduce the amount of the claim amount otherwise payable if a claim occurs. The amount you receive will be the lesser of:

• the Monthly Benefit, and
• one twelfth (1/12) of the Allowable Business Expenses actually incurred in the 12 months immediately preceding the Total Disability, reduced by any Business Expense Claim Offsets.

Business Expense Insurance can also pay a reduced benefit if you return to work in a reduced capacity. The Partial Disablement Benefit becomes payable providing you have been Totally Disabled for at least 14 days, and remain Totally Disabled or Partially Disabled beyond the expiry of the Waiting Period.

Partially Disabled / Partial Disablement means that due to your Sickness or Injury:

• you are unable to perform one or more duties of your usual occupation, and
• your monthly Business Income is less than your Pre-disablement Business Income, and
• you are following the advice of a Medical Practitioner.

The benefit payable will be proportionate to the loss of Business Income sustained. The benefit will be paid on a daily basis and paid monthly in arrears. This amount will be the lesser of:

• the Monthly Benefit, and
• 1/12 of the Allowable Business Expenses actually incurred by you in the operation of your profession, business or occupation during the 12 months immediately preceding your Total Disability and which continue during that Partial Disablement, reduced by:
  • any amounts that are reimbursed or received from elsewhere in respect of your disablement
  • your share of the gross Business Income of the business for that period, and
  • any Business Expense Claim Offsets.

We will determine your share of the Allowable Business Expenses actually incurred, or share of gross Business Income, in line with the usual manner of apportioning profits and/or losses of the business between yours and any co-owners of the business.

When you are Partially Disabled and not working, we will determine the gross Business Income for you. We will consider the opinion of your Medical Practitioner and any Medical Practitioners we have nominated.

If you remain Totally Disabled at the end of the Benefit Period, and the total benefit paid is less than 12 times the insured Monthly Benefit, we will continue to pay the benefit until the earliest of:

• a total payment equivalent to 12 times the Insured Monthly Benefit has been paid
• a further 12 months have expired, and
• you cease to be Totally Disabled.

If you are receiving a Monthly Benefit, we will waive the premiums for the period the claim payments relate to.

If you are self-employed and run your own business, your NobleOak Income Protection Insurance is a great start in the event that you become totally or partially disabled due to sickness or injury. But we understand you have extra responsibilities as a business owner. NobleOak Business Expenses Insurance gives you that extra cover to help keep your business afloat while you are out of action.

As a business owner, Business Expenses Insurance is an important add-on to your Income Protection Insurance. You can choose cover for your business of up to $25,000 per month for up to 12 months, to help cover your fixed running costs if you are unable to work due to sickness or injury.

For example, Kevin is running a thriving plumbing business when he has to undergo a kidney transplant.

He has Income Protection Insurance that will cover his personal income while he cannot work, but how can he afford to keep his business running until he’s back on his feet? The business’s fixed costs include supply orders, office rent, utility bills, truck lease, an apprentice and a receptionist.

Fortunately, Kevin has also taken NobleOak Business Expenses Insurance, so after the waiting period of 30 days he is eligible for monthly benefits that cover his fixed costs and allow him to focus on recuperation without financial stress or the fear of having to close his business.

Business Expenses Insurance helps you cover the fixed running costs of your business if you are out of action due to a sickness or injury.

Allowable business expenses include:

• Premises expenses: Office/warehouse rent, rates/taxes, security costs, cleaning, insurance, mortgage repayments, repairs and maintenance.
• Utilities: Electricity, telephone, internet, postage, couriers, water and sewerage.
• Motor vehicle leasing, depreciation, insurance, registration, repairs and maintenance.
• Salaries of employees who do not generate income, for example a receptionist and administration staff, together with their payroll tax and superannuation.
• Other eligible expenses include accounting and auditing fees, business insurances, professional membership fees and regular advertising costs.

If you are self-employed and run your own business, your NobleOak Income Protection Insurance is a great start in the event that you become totally or partially disabled due to sickness or injury. But we understand you have extra responsibilities as a business owner. NobleOak Business Expenses Insurance gives you that extra cover to help keep your business afloat while you are out of action.

As a business owner, Business Expenses Insurance is an important add-on to your Income Protection Insurance. You can choose cover for your business of up to $25,000 per month for up to 12 months, to help cover your fixed running costs if you are unable to work due to sickness or injury.

For example, Kevin is running a thriving plumbing business when he has to undergo a kidney transplant.

He has Income Protection Insurance that will cover his personal income while he cannot work, but how can he afford to keep his business running until he’s back on his feet? The business’s fixed costs include supply orders, office rent, utility bills, truck lease, an apprentice and a receptionist.

Fortunately, Kevin has also taken NobleOak Business Expenses Insurance, so after the waiting period of 30 days he is eligible for monthly benefits that cover his fixed costs and allow him to focus on recuperation without financial stress or the fear of having to close his business.