If you are an owner or a partner in a business, you may already know about business overheads insurance. We feel that business overheads insurance is an important piece in helping any business protect its assets if the owner becomes disabled and unable to work for up to a year due to sickness or injury. In a competitive business environment such as that in Perth, it can mean the difference between your business surviving or folding if you become temporarily unable to work.
Business overheads insurance is usually used to pay overheads such as payroll, rent, utility bills, office expenses and other fixed costs. The premiums are usually able to be deducted from your taxes and the policy covers up to 100% of business expenses that are deemed eligible.
AMP Business Overheads Insurance
We are associated with AMP and they offer a business overheads insurance policy. Here are some highlights.
Indexation: When the consumer price index (CPI) rises, AMP automatically increases your cover to reflect those rises.
Peaks and Troughs: In a month where business expenses are lower, any unpaid benefits for that month can be accrued to the next. If there are consecutive “trough” months, the benefit can be extended for as long as six extra months until the total amount paid equals twelve times the monthly benefit called for in your policy.
Covered Expenses: AMP business overheads cover pays for a variety of expenses. These include property rates, office rents, business loan installments, business mortgage payments, leasing costs for vehicles or equipment, payments for water, gas, electricity or telephone and salaries for eligible staff members.
Call Approved Financial Planners Today
To learn more about business overheads insurance or to talk to a wealth protection specialist, call our Perth office today. We will be happy to help you maintain a comprehensive package of wealth protection products to protect your business. Call 08 6462 0888.