Centric Wealth

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Business Expense Protection

Business expense insurance reimburses your business for fixed and ongoing expenses in the event of illness or injury which prevents you from being able to work in your regular occupation.

We have identified the following policy features to be important in the event of a claim:

Total Disability   

You may be eligible for a total disability benefit if due to either illness or injury, you are:

  • Under the care of a medical practitioner and
  • You are unable to perform the important income producing duties of your regular occupation for more than 10 hours per week and
  • You are not working in any gainful occupation for more than 10 hours per week

Business expenses covered include:

  • Salaries of most non-income producing staff (family members excluded)
  • Workers’ compensation and superannuation costs
  • Rent and mortgage interest on business premises
  • Property rates and property taxes
  • Leasing costs of office equipment and motor vehicles
  • Electricity, water, gas and telephone bills
  • Cleaning and laundry bills
  • General insurance premiums
  • Subscriptions to professional associations
  • Advertising costs
  • Accountant’s and auditor’s fees 
Agreed Value Contract   This feature provides greater certainty as it guarantees the total disability benefit receivable at the time of claim, regardless of your company business expenses may change in future. Agreed Value Contracts also remove some of the significant delays that may occur as you are not required to submit evidence business expenses incurred at the time of claim.  This product feature is unique to ING. 
Indemnity Contract   This means that in the event of a claim, you will be required to submit evidence the business expenses incurred during your period of disability. The insurer will reimburse you for the lesser of:
  • Your monthly sum insured as shown on your policy document, or
  • 100% the eligible business expenses. 

Benefit Period Extension    If you have been receiving a benefit for 12 months and the total benefit you have received is less than 12 times your monthly sum insured, the benefit period may be extended for up to a further 12 months, or until the total benefit you have received is equal to 12 times your monthly benefit. 
Specific Injuries Benefit    If you suffer from a listed specific injury, you may be eligible to receive monthly benefits for a minimum fixed period regardless of your ability to continue working. You are not required to satisfy the waiting period to receive this benefit. 
Crisis Benefit    If you are diagnosed with a listed critical illness condition, you may receive up to 2 times your monthly benefit, regardless of your ability to work. You are not required to satisfy the waiting period to receive this benefit. 


If you would like to discuss or find out more about business expense protection please contact one of our Advisers or email info@centricwealth.com.au 

Read more about Protecting Your Business and Employees

Protect Your Key People
Protect Your Business Expenses
Our Insurance Advisers