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Have you ever given thought to how your business would continue to function if you are unable to be there long term because of an injury or illness?

How would business expenses get paid?

What happens to your employees?

These are important questions that business owners need to resolve to protect the enterprise they worked very hard over the years to make successful.

 

Ensure Business Success

Business insurance is a must for any business owner, no matter the size or type of business. Not only does it give you peace of mind when you’re facing a personal situation, but it also pays business expenses for up to 12 months whenever illness or injury prevents you from working.

Business insurance payouts are cut and dry, providing you with a simple, hassle-free process. When you are out of work due to an injury or illness, you receive a monthly payment to keep your business going without you. The amount of this payment is based on the monthly benefit listed in your business insurance policy or the total allowable business expenses incurred during the month, as noted in your policy. If you suffer the same problem within 12 months of being back to work, your monthly business insurance payments start up again.

Key Reasons Why Having Business Insurance Is Essential

1. It pays for fixed business expenses. All business have fixed expenses, such as rent, insurance, taxes, property repairs and maintenance costs, utility and phone service bills, equipment leasing or financing payments, equipment repairs and maintenance costs, cleaning services costs, security expenses, etc. Business insurance pays these expenses when you are unable to work.

2. It ensures your workers are paid. Business insurance pays the salaries of your employees, independent contractors, payroll taxes and other payroll-related expenses so your business can continue operating at full staff while you’re out with an injury or illness.

3. It covers your ongoing business costs. Business insurance pays for other expenses, like advertising, banking fees, business insurance, interest on loans, postage and other costs needed to operate your business as usual.

Choosing Business Insurance

Business insurance policies differ somewhat between the various insurance companies. For example, some offer policies with a wide selection of stand-down periods (the wait time before your monthly payments begin) that can lower your premium, or added coverages, like a pregnancy premium benefit that pays your business insurance premiums for six months if you are pregnant.

The best route when choosing business insurance is to compare policy benefits and rates from several insurance companies. Get your quote comparison here and keep your business running smoothly when you need to take a personal leave.

Business insurance is best done fact to face as it does take some time to get right. Please contact us via this email address for advice on what to do john@ipinz.co.nz or call 0800INCOME

 

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