Business overheads insurance and personal accident for small business owners
Business Owner Protect lends a financial hand to you, the business owner, if you become too ill to work. It will reimburse your taxable business expenses up to 6 months and pay a lump sum if you suffer a life changing accident.
Suited Business Owner Protect benefits
It has been designed for contractors, freelancers and small business owners whose absence from work would have a negative financial impact on making business ends meet. Suited Business Owner Protect cover consists of two parts:
Business overheads
The business overheads section reimburses your taxable business expenses while you’re recovering from your illness or injury.
Product features
- Up to £2,000 a month
- Up to 6 months following the first 30 days of illness
- Any tax deductible expenses included
Personal accident
The personal accident section will pay out a lump sump if you suffer an accident leaving you with partial or total disablement:
Product features
- £5,000 lump sum
- Fast customer service
- Quick payout
Our guide to Business Owner Protect
What is business overheads insurance?
This is quite a new product to the market and very few providers offer it. It is triggered by an accident or sickness of the insured person and for a period of time the cover should cover the business outgoings. When buying one of these covers, you usually have to answer a lot of personal questions.
At Suited we wanted to avoid all the hassle and get you covered as quickly as possible. That's why we only ask the number of owners to be covered and the limit that will comfortably cover any tax deductible ongoing business expenses. Some activities and pre existing conditions are excluded. Please read the policy document before you buy.
Should I buy Business Owner Protect with my cover?
One of the biggest risks you as a business owner face is if something happens to you. If you become too ill or badly injured, you can’t continue to work or run your business.
Business Owner Protect won’t replace the lost income but it will take care of your business outgoings while you’re getting better. One of the costs covered are the recruitment fees if you can temporarily replace yourself with another contractor to keep your business going.
What limit should I select?
The limit selected should ideally match the total value of the business outgoings that you will have to be pay while you are recovering or winding your business down. Some commitments can be cancelled immediately to reduce unnecessary expenses but other services have to stay in place to keep the business going.
Work out what your business outgoings are now and how you could reduce them if needed. With that in mind have a think whether you need your business expenses insurance to cover all of the remaining expenses or just a proportion. The latter saves on the insurance premium. The former leaves a greater piece of mind and don't forget that the costs of your business expenses insurance would be reimbursed as part of your claim.
What is the cost of Business Owner Protect?
The premium is based on the monthly benefit selected and the number of business owners.
If there is more than one business owner in the business, Suited Business Owner Protect will still reimburse all business expenses in full even if only one owner becomes incapacitated, irrespective of their contribution to the business.
Common Questions
What are tax deductible business expenses?
Anything the HRMC allows you to put down on your tax return Suited Business Owner Protect will reimburse. Typical monthly outgoings can be insurance premiums, loan interest, wages, rent, utilities, telephone & internet costs, or accountant fees. One off costs such as recruitment fees to temporarily replace you or the associated wages would be also covered.
Are my employees covered by Suited Business Owner Protect?
As the name suggests, the cover is only for the business owners of the insured business.
Do I need personal accident cover?
Personal accident cover is a quick cash injection when you need it the most.
How much personal accident cover do I need?
Suited Business Owner Protect will pay up to £5,000 but perhaps that may not be enough for your life circumstances. There is no limit on how many personal accident covers you can hold.
Covers we offer
Suited small business owner and freelancer insurance starts with professional indemnity. It’s our core cover. With that you can also get public liability and a couple of other helpful insurance add-ons for a solid protection of your business.
Recent articles
What does ‘hibernate’ mean in professional indemnity insurance?
Imagine you’ve just delivered the last piece of work for your client and plan to take some time off, perhaps for good. Cancelling your professional indemnity cover is an option but not a very good one. The work you did in the past may still catch up with you in the future and since professional indemnity insurance (PI) works on a ‘claims made basis’, you won’t be able to access its benefits unless you have an active PI cover in place.
What is a retroactive date in professional indemnity insurance?
A retroactive date is a line in the sand which determines a specific point in the past from which your insurers have agreed to insure your business. You are effectively allowed by some insurers to backdate your professional indemnity (PI) cover so that your business is protected against possible claims as a result of your past work.
Is professional indemnity insurance the same as public liability insurance?
In short, no. It isn’t. Professional indemnity and public liability insurance are both legal covers, meaning you’re protecting yourself and your business against legal threats from clients and third parties. However, there are subtle differences and whether you need one, the other or both does depend on your business activities.
Ready to get started?
The fast and hassle free way to get business insurance for small professional outfits.