OneCare Business Expense Cover

Business Expense Cover is an income protection product specially designed for business owners, sole traders and small partnerships.

You can apply for Business Expense cover up until age 60, if you are working at least 30 hours per week in your own business. The policy will expire once you reach age 65, or once you no longer own or operate your business.

Your OneCare Business Expense Cover can be linked to OneCare Income Secure Cover, and there may be advantages if you do take out a combined policy. For a standalone Business Expense Cover you will only be able to claim your share of the expenses which your business incurs while you are unable to work. Under a linked policy you may have the option to insure a ‘guaranteed benefit', which means you will be able to claim the amount agreed when you take out your policy, even if this is more than your actual expenses.

OnePath Business Expense Cover has a standard benefit period of a year, although this may be extended for up to another 12 months if you are still unable to work at the end of the first year, and you have not yet claimed the full insured amount. You can lower your premiums by choosing a longer waiting period (the length of time before you can start receiving payments after you fall ill), of up to 90 days.