Business expenses insurance offers similar benefits to income protection contracts, but is only available to certain self-employed persons who wish to cover their non-income producing business expenses should they be unable to work because of illness or injury.
The wide range of additional benefits offered in income protection products are not usually offered with business expenses insurance. Benefits are usually paid on a monthly basis and can reimburse up to 100% of approved business expenses. The benefits are generally limited to 12 months.
The premiums payable on income protection and business expenses policies are tax deductible, however the income payments received will be taxed at your marginal tax rate.
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