TAL Accelerated Protection Business Expense Insurance

Business Expense Insurance is designed for self-employed people and the owners of small companies or partnerships, to keep your business afloat while you are unable to work because of an illness or injury.

You can use the monthly payments to cover the regular operating expenses of your business including rent or rates, utility bills, staff salaries and business loans. You can also use your TAL Business Expense Insurance to pay the net costs of hiring a replacement to keep your business running while you are away.

You can take out an Accelerated Protection Business Expense Insurance policy to protect your business until you reach age 65. You can apply for a maximum of $60,000 per month, to cover the ongoing fixed costs of your business for up to a year. You can choose a waiting period (the amount of time from when you become ill until you can start receiving payments) of 2 or 4 weeks.

TAL's Business Expense Insurance includes a 'payment extension' benefit, which means that if you are still unable to work after 12 months, and you have not yet received the full amount of your insurance benefit, they may continue to pay you for up to another 12 months, or until you reach your insurance limit.

Another built-in advantage of TAL's Business Expense Insurance is a generous 'lease extension' feature, which you may be able to claim if your business has taken out leases over equipment, buildings or vehicles. If you are still unable to work after 12 months TAL may pay up to 25% of your monthly payments for up to another 18 months, to cover your share of these lease costs.

TAL's Business Expense Insurance cannot be owned by a superannuation fund.

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