Insurance for business expenses
For self-employed individuals, that have a responsibility to cover the fixed costs of a business. This cover provides a monthly benefit to pay business expenses should the business owner be unable to work due to sickness or injury. Business Expense insurance will protect up to 100% of your fixed business overheads on a monthly basis for up to 1 year. Business expenses is normally tax deductible, and can be packaged with income protection insurance and it normally includes special benefits
Key person insurance
When a key person dies, becomes permanently disabled or suffers a critical illness, it’s likely that your business will suffer a certain loss, which can lead to a multitude of problems such as negative impacts to efficient management, credit rating of the business since creditors may press harder for debts to be repaid, or costs to train replacements can escalate which may affect profitability margins.
A business purchases a life insurance policy on its key employees and is the beneficiary of that said policy. So, if something were to happen to that key employee the company would receive the insurance payoff.