Business Overheads Insurance
Business Overheads Cover
Business Overheads Cover is a business expenses insurance that covers the regular fixed operating expenses of your business if you can't work due to sickness or injury.
It has been specifically designed for self-employed people.
You can purchase Business Overheads Cover either on its own or as a packaged option with either Income Care or Income Care Plus. If Business Overheads Cover is taken as part of such a package, a 10% premium discount applies to the Business Overheads Cover premium each year.
| Product Combinations
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| Business Overheads Cover |
Income Care Plus and Business Overheads Cover |
Income Care and Business Overheads Cover |
The business expenses covered by Business Overheads Cover are:
| Eligible Business Expenses |
Non-Eligible Business Expenses |
Include but are not limited to:
- rent
- principal and interest payments under a mortgage
- property rates and taxes
- electricity, telephone and other utility expenses
- cleaning and laundry
- remuneration and associated costs of non-income generating employees
- principal and interest repayments under a loan for the purpose of the business
- leasing costs of equipment or motor vehicles
- business insurance premiums
- accountancy fees
- subscriptions to professional associations
- the reasonable book value of the depreciation of plant and equipment
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Include but are not limited to:
- any amount paid to you, an immediate family member, or any joint owner of the business
- remuneration and associated costs of any income generating employee
- any payment for goods, stock in trade, plant or equipment
- any allowance for depreciation in real estate
- any portion of the business expense which is normally paid by someone else who has an interest in the business
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