What is Business expenses cover?
If you’re a sole trader, small business owner, or a partner in a business, you’ll know all too well how much money, time and energy goes into running it. But if you couldn't work because of illness or injury, how confident would you be that all that hard work would be protected, and your business could keep going? That’s where our Business expenses cover comes into its own.
- Entry age for the insured person is from age 16 to 59.
- Provided you keep paying your premium, your insurance ends when the insured person reaches age 65.
- You can pay fortnightly, monthly, quarterly, half-yearly or yearly.
- You can choose to help protect your cover against inflation by having the amount you’re insured for increase each year.
- The maximum monthly payout is $30,000 (subject to financial and medical assessment).
- For the first year, all approved expenses are covered up to 100% of your monthly benefit – if you're still not able to work, it changes to 50% for the second year.
- Premiums are age related, with payments fixed for one year at a time.
- We always recommend chatting with an adviser about the right amount of cover for you.
More about Business expenses cover.
- What is it?
- Why should you have it?
- What’s the deal?
- Anything else?
What is it?
If you can't work because of illness or injury, our Business expenses cover gives you a monthly payment (up to $30,000 per month) to cover a range of approved expenses for up to two years.
Why should you have it?
Accounting fees. Advertising costs. Insurance premiums. Bills. Vehicle costs. And even rent or mortgage interest (Take a look at the info sheet to see exactly what you’re covered for.) So even if you’re not working, your business still can.
What’s the deal?
You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. As long as you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed.
We understand that even while you’re away from the business, the bills keep turning up. To help with these, if your claim is accepted during the waiting period, we will pay you an advance payment of 50% of the first month’s monthly benefit. This advance payment is deducted from your first month’s monthly benefit. After this payment, the monthly benefit will be paid in arrears.
Questions? Start here.
We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the info sheet.
Yes - you’ll need to be between 16 and 59 if you want to take out this cover. All cover ends at 65.
You can pay fortnightly, monthly or annually – whatever works best with your budget.
You can also choose your waiting period before the cover kicks in: 2 weeks, 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks or 104 weeks. (But keep in mind, you’ll need to cover your own costs during this period.)
You can choose to add Waiver of premium cover. If you’re receiving a benefit under your Business expenses cover, the premiums due on all covers on the same policy after the waiting period ends will be waived. While you need to pay premiums during the waiting period, any premiums paid during that period will be refunded.
Why choose Fidelity Life.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit fidelitylife.co.nz/about-us/our-financial-strength/
Disclaimer – the information contained in this webpage is a convenient summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.
Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy wordings for specific details. This webpage does not provide a personalised financial advice service.