What is business expenses insurance and how does it relate to Income Protection?

Business Expenses Insurance (also called Business Overheads Insurance) is a specialized form of income protection designed specifically for business owners and self-employed individuals. While standard Income Protection replaces your personal income if you cannot work, Business Expenses Insurance covers your ongoing business expenses if you're disabled and unable to work. It pays for regular business costs such as: rent or lease payments, employee salaries, loan repayments, utilities, insurance premiums, accounting fees, and other operating expenses that continue even when you're not working. This prevents your business from collapsing during your disability period and ensures it's still viable when you return. Business Expenses Insurance typically has shorter benefit periods (commonly 12-24 months) as it's designed to cover temporary absence rather than permanent disability. The benefit amount is based on your actual business expenses, and you'll need to provide financial records to substantiate your claim. Many self-employed people need both types of coverage: Income Protection to replace personal income for living expenses, and Business Expenses Insurance to keep the business running. Some insurers offer combined policies or packages specifically designed for business owners. The premiums for Business Expenses Insurance are generally tax deductible as a business expense. If you're self-employed or a business owner, discuss both options with an insurance adviser to ensure comprehensive protection for both your personal finances and your business.