BT Protection Plans: Business Overheads

BT Protection Plans: Business Overheads insurance provides regular monthly payments for up to 12 months to allow you to meet the ongoing costs of running your business while you are unable to work.

This insurance can be taken out over one or more key people whose work is closely tied to the income of the business, and is ideal for sole traders or small partnerships. It could be the lifeline which keeps your business afloat since your ongoing costs will still need to be met even if your business is not generating income while you recuperate.

To qualify for a payment under your BT Protection Plans Business Overheads policy you need to meet only one of three definitions, which relate to your ability to do your work; the number of hours you are still able to work; or the amount of income you are still able to generate for your business.

If you don't meet the criteria for a full payment you may still be able to claim partial Business Overheads payments if you are able to return to work but have a reduced earning capacity, or can only do some of your work.

BT's Business Overheads insurance has many similar features to its Income Protection cover, including a built-in death benefit which may be paid if you die whilst your business is receiving payments from a claim. An 'elective surgery' feature means that you can make a claim if you are unable to work because of complications from surgery, even if the procedure was non-essential. A 'recurrent disability' feature means that BT may also waive waiting periods if an illness or injury recurs within 6 months of you getting back to work following a claim.

For full details of the BT Protection Plans range of life insurance products you can download the Product Disclosure Statement here.