What is business overheads insurance?
Business overheads cover for small business owners lends a financial hand to you if you become too ill to work. It will reimburse your taxable business expenses for up to 6 months.
This is quite a new product to the market and very few providers offer it. It is triggered by an accident or sickness of the insured person and for a period of time the cover will cover the business outgoings.
When buying one of these covers, you usually have to answer a lot of personal questions. At Suited we wanted to avoid all the hassle and get you covered as quickly as possible.
That's why we only ask for the number of owners to be covered and the limit that will comfortably cover any tax deductible business expenses. Some activities and pre existing conditions are excluded. Please read the policy document before you buy.
What does business overheads insurance cover?
Business Owner Protect has been designed for contractors, freelancers and small business owners whose absence from work would have a negative financial impact on making business ends meet.
Suited Business Owner Protect also includes personal accident benefit which will pay a lump sum if you suffer a life changing injury.
Personal accident
The personal accident section will pay out a lump sump if you suffer an accident leaving you with partial or total disablement:
£5,000 lump sum
Fast customer service
Quick payout
Who needs business overheads insurance?
One of the biggest risks you as a business owner face is if something happens to you. If you become too ill or badly injured, you can’t continue to work or run your business.
Business Owner Protect won’t replace the lost income but it will take care of your business outgoings while you’re getting better. One of the costs covered are the recruitment fees if you can temporarily replace yourself with another contractor to keep your business going.
How much business overheads insurance do I need?
The limit selected should ideally match the total value of the business outgoings that you will have to be pay while you are recovering or winding your business down. Some commitments can be cancelled immediately to reduce unnecessary expenses but other services have to stay in place to keep the business going.
Work out what your business outgoings are now and how you could reduce them if needed. With that in mind have a think whether you need your business expenses insurance to cover all of the remaining expenses or just a proportion. The latter saves on the insurance premium. The former leaves a greater piece of mind and don't forget that the costs of your business expenses insurance would be reimbursed as part of your claim.
