If you own your own business, it is likely to be a pillar of your financial life.

In many cases, a business not only provides an income to its owner but becomes a significant asset over their lifetime.

But what happens if you are a vital part of your business’s day-to-day operations and you can no longer work?

If you’re off work due to illness or injury, it can have a serious impact on your bottom line.

Here’s how business expenses insurance might help.

What is business expenses insurance?

If you’re a small business owner, you’re probably a key part of the running of the business. That means, if you’re not there, things don’t happen as they should. Your turnover might be down, or completely diminished.

But your business probably has a lot of costs that will keep coming, even if you’re not making as much income as normal.  That might be things like rent, insurance, rates and the cost of security, as well as expenses like the electricity, water, leasing costs of equipment or interest costs that you’re paying on business-related loans.

Business expenses cover can be used to cover these, via a regular payment to the policy owner or insured person after the wait period has ended, so you don’t have to worry about them if you can’t work because of injury or illness.

There are other types of business protection that might also be worth considering, such as key person cover or shareholder’s insurance. Your SHARE adviser can talk to you about whether these could be appropriate.

An income protection combo

Business expenses insurance can fit nicely alongside income protection in your insurance portfolio.

Income protection is designed to help pay you as an individual to keep your household afloat.

While a claim payment can provide you the money that you need to live on as an individual or family, the business expenses insurance is there next to it to help keep your business going in the same way, so that it’s ready for you to step back into when you are able to.

Having both types of cover in your mix can be a lifesaver if life throws a curveball your way, and can help you and your business stay on track financially.

Don’t set and forget

It’s important to make sure your insurance keeps up with your growing business. Your needs are likely to change as your business does over time and the type of cover that is most valuable may change, too.  Regular check-ups with your SHARE adviser can help keep it fit for purpose, no matter what stage you are at.

Want to talk?

Your SHARE adviser can help provide more detail about which business expenses are eligible for cover and help determine the right solution tailored to your business requirements.  With the right mix of cover, you’ll have peace-of-mind that your business – and household – can remain on track financially even when the unexpected happens.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.