Business Overheads
When a disability occurs, generally three things are sure to happen to a business owner:
- their regular living expenses will continue;
- business expenses will continue; and,
- at this most critical time, the income earned from the business will be severely interrupted.
Business overheads insurance has been specifically designed with the self employed in mind. If you own a business and become unable to work, your income will stop (or be greatly reduced) but many of your expenses will continue. Business overhead insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. This differs from Income Protection in that it pays the fixed running costs of a business but generally the premiums are also tax deductible like income protection.