Entry Age
(next birthday)
16 years
Expiry Age
(policy anniversary prior to)
65 years
You can buy this via a
Financial Adviser
What is this product about?
When you're self-employed, you don’t think twice about insuring business assets such as premises, stock, plant and equipment. But what about the most critical elements of your business – yourself and your financial commitments?
Business Expenses insurance means that the fixed expenses of your business will still be paid even if you cannot work due to injury or sickness.
AIA Australia has prepared a Target Market Determination which describes the class of consumers that comprise the target market for this product. The Target Market Determination can be sourced at aia.com.au/tmds.
Angela's story
Angela's was covered when she needed it most.
A keen sportswoman who loves a challenge, Angela had been a General Practitioner for more than 10 years when she fractured several vertebrae in a skiing accident. She knew better than anyone that back injuries are unpredictable.
Although she had no spinal cord damage, she would need surgery and several months off work. How would she keep her thriving GP practice going while she was recovering?
Fortunately Angela had prepared herself for this possibility and could claim on two forms of insurance. Firstly, she had an Income Protection policy with a monthly benefit of $4,000. Secondly, she had Business Expenses Cover with an insured monthly benefit of $20,000, which would not only cover the cost of hiring a doctor to keep her practice going for up to one year, but would cover the cost of the rent and bills for the practice.
After nine months of rest and careful rehabilitation, Angela was able return to her practice.
* This is an example only to illustrate the potential benefit of taking out Business Expenses, and should not be relied upon as indicative of benefits payable under the Business Expenses benefit.
What does this provide?
These are some of the regular, normal operating expenses of your business covered under this benefit:
- Accounting and audit fees
- Regular advertising costs, postage, printing and stationery
- Electricity, gas, heating, water, telephone and cleaning costs
- Security costs
- Rent, property rates and taxes
- Membership fees, publications and subscriptions to professional bodies
- Leasing costs of plant and equipment
- Bank charges and interest on business loans
- Business related insurance premiums but not including premiums for this policy
- Salaries and other related costs (e.g. payroll tax, super contributions) for non-income generating employees of your business
- Net costs associated with employing a locum
