Income protection for business owners

Work hard, play hard

As any business owner would tell you – it’s tough  building your own business. You work exceptionally  hard amongst some other 2.13 million businesses  trading in Australia 1 , years of blood, sweat and tears poured in to your work so that you will own  a successful business that funds your lifestyle now and  will one day fund your retirement.

Imagine for a moment what would happen if you suffered an illness or injury that prevented you from  working for a few weeks, a few months or even a few  years. What would happen to your business? Your clients? Your employees? Your future?

None of us like to consider the negative ‘what-ifs’  in our lives and this is especially difficult when your  attention and energy is focused on the day-to-day running of your business, driving it to success. But  when you have worked hard to achieve something  you are proud of and could stand to loose in the  event of unfortunate accident or illness, it is worth taking the time to seek some professional advice and  consider your options – the process may not be as expensive and time consuming as you first thought!

Failing to protect your business and your income is a common theme amongst the self-employed but the right cover for you should provide you with suitable  options and some peace of mind.

Consider your level of protection

Income protection and business expenses insurance is essential for business owners who do not have the luxury of relying on sick leave, annual leave, salary
continuance and workers’ compensation in the event of illness or injury.

If ill or injured and unable to work, income protection insurance can provide you with a regular payment in place of your salary, and business expenses
insurance can provide you with a monthly payment to cover the costs of your ongoing business expenses such as electricity bills, equipment hire and regular
advertising costs. In some instances, the premiums are tax deductible.

Seeking financial advice regarding the types of cover available, how they differ and what level of cover they  can provide, will give you options to consider and a little peace of mind if you are concerned about what would happen to you, your family and your business in  the event you are unable to work. It is worth investing the time and energy in to having these conversations.

What’s next?

If you feel you, or a member of your family, would  benefit from a discussion around insurance and  income protection for business owners, why not contact our office and make an appointment to discuss your individual situation and options? We would love to hear from you!

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1 Data from the Australia Bureau of Statistics

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