Business Expense Insurance
What is Business Expense Insurance?
Business expenses insurance covers the fixed costs of running a business if the owner is temporarily unable to work due to ill-health. It covers costs including staff salaries, rent, business mortgage payments, utilities and rates.
Business expenses insurance premiums are tax deductible to the business and the proceeds form part of the business’ assessable income. There are no capital gains tax implications. Business expenses insurance is usually owned by the business, however the business owner(s) can also own the policy.