AIA Priority Protection Business Expenses

AIA's Priority Protection Business Expenses cover is an insurance option designed for self-employed people who work in their own business. You need to be in full-time employment (at least 25 hours per week) to buy this cover.

AIA also offers an Incorporated Business Expenses option for the owners of businesses with between 3 and 10 partners or shareholders, who are employed full-time in their business. The policy must be owned by the company and cover must be bought for all the owners at the same time.

These policies cover the normal operating expenses of your business while you are recovering from an illness or injury. These include overheads like rent or rates, repayments on equipment leases, interest on business loans, accounting and audit fees and advertising costs.

You can buy Priority Protection Business Insurance as a standalone policy or together with income protection insurance.

Product Features

AIA's Priority Protection Business Expenses cover offers a number of benefits including:

• Built-in 'total or partial disablement' cover, under which you can claim regular payments until the end of the benefit period covered in the policy, or until you recover, if you become totally or partially disabled.
• Cosmetic or elective surgery benefit, which means you can receive benefits if you become totally disabled as a result of non-essential surgery. (This doesn't include any normal post-operation recovery time).
• Waiver of premiums while you are receiving benefits under your business expenses policy.
• Annual increases of the amount of your insurance in line with the Consumer Price Index, or 5%, whichever is higher. Your premiums will also increase.

For full details of AIA's Priority Protection life insurance products you can download the Product Disclosure Statement here.