Unique Business Expenses Cover
Designed for self-employed entrepreneurs and business owners, Business Expenses Cover from Asteron Life is a must-have. It will give you financial support during your illness or injury. Asteron Life wants you to recover nicely with enough money and without any financial stress, beside your family, while it pays your fixed monthly bills. This insurance cover can also be used for your key business people and be useful when one of your key employees cannot work due to his or her illness or injury. It is a very crucial element of your business- while you are taking care of your employee you are in fact taking care of your business.
But why pick Asteron Life?
Asteron Life has stood the test of time- it is a sister company of Vero (New Zealand) and RSA Insurance Group(trading as RSA, formerly Royal and Sun Alliance) which is a multinational insurance company and operates in 31 countries with 17 million customers worldwide RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.
It has grown with the times and altered its products and services to meet the shifting customers demand. Business expenses cover has therefore been designed by the most prominent insurer for you.
Why choose this cover?
As I have already mentioned above, the business expenses cover pays all your fixed business costs minus any amounts reimbursed from other sources when you cannot work because of poor health or injury. However, all amounts are paid straight to the business not to the policy holder. The cover offers two key benefits.
- Total Disability – When a policy holder can no longer do one or all their income producing duties, they can instantly qualify for the total disability benefit. They will receive their entire allowable business expenses benefit for the claimed period. But there is another condition that must be fulfilled. The policy holder should be totally disabled for fourteen successive days in the course of the waiting period. Then they need to be either totally or partially disabled in the rest of the waiting period. Still, they need to be totally disabled when claiming their benefit.
- Partial disability – When a policy holder becomes disable due to health or an accident and become totally disabled. Then as he gets medical treatment and rest their injuries begin to recuperate and gradually they become partially disabled. Asteron Life Partial Disability benefit ensures that you get financial support until you are strong enough to restart work on a full-time basis.
Besides the above, there are many other benefits you will get if you purchase the business expenses cover today. They are outlined as shown below.
- Life insured will get a premium waiver for six months during pregnancy or six months after giving birth.
- If you or your key employee gets injured while on a business trip overseas, your fixed costs will still be paid every month.
- If your disability recurs within one year since the end of your disability claim, the company will remove the waiting period.
- Monthly benefit will be four times (a funeral assistance benefit) higher if the policy holder or their chief employee dies.
- A grief assistance benefit worth nine hundred dollars will be paid to the bereaved family in form of counseling via an accredited counselor.
- If the policy holder is prescribed to have an elective surgery or to donate an organ to a someone else and got disabled, they could get compensated as it was due to their doctor who recommended the surgery.
Prior to buying the business expenses cover from Asteron Life you need to know which costs it counts as fixed and insurable. They generally include property taxes, rental fees, interests on property loans, insurance cover on premises, utility bills like water, telephone and electricity bills, lease costs on equipment(but there are some exclusions), advertising costs and accounting and auditing expenses. Expenses that are incurred due to other insurers, reimbursement of the loan principle amount and related capital costs will not be covered. I would strongly advice to read the policy discuss it with me and compare what else is available on the market in order to make sure that you are getting the best solutions for your needs.