How to be confident your small business insurance is right

 Although a growing number of business owners now deal directly with insurance carriers via phone or online, some still choose to use insurance brokers. If you're astute enough to manage a company, you probably have the skills necessary to manage your insurance portfolio.

Having control over your company's insurance has several benefits. The ease of knowing that getting company insurance over the phone or online only requires filling out a form and providing certain information is one noteworthy benefit. You can personalize your policy with CGU, providing you with authority over your customized coverage.

It's simple, convenient, and always available to manage your insurance coverage and get a price online. This implies that instead of being constrained by working hours that can interfere with your activities, you can independently investigate your small business's unique insurance needs.

Certain insurers provide tools and instructional resources to help you better understand your needs if you're not sure how to handle your business insurance.

It's critical to keep in mind that every company is different, and yours is no different. Prioritize suitability over the attraction of the lowest alternative to ensure with confidence that your company insurance is the correct match. Make a list of everything your business needs, determine the value of everything you're covering, and determine whether your present coverage satisfies your demands.

Should you find that your current business insurance doesn't offer the optimal coverage for your small business needs, you can explore the various CGU business insurance options available.

Determining the right coverage is straightforward. Get a quick business insurance quote online or converse with one of CGU's knowledgeable insurance specialists at 13 24 81. You can also request a callback from a CGU insurance specialist, and within 48 hours of completing the online form, one of our business insurance experts will reach out.

With a legacy of over 165 years of trust, choosing business insurance with CGU ensures you can focus on running your business while entrusting your insurance needs to us. Whether it's safeguarding against unforeseen challenges or providing tailored coverage, CGU is dedicated to supporting your business journey.

Income Protection for Self-Employed Australians

Embarking on the entrepreneurial path brings a mix of independence, flexibility, and responsibility. As a self-employed individual – whether you're an independent contractor, sole trader, or small business owner – the rewards are abundant, but so are the challenges. One significant challenge arises when unexpected health issues interrupt your ability to work. Unlike traditional employees, the self-employed often lack sick leave, making the need for a safety net paramount. This is where Income Protection Insurance steps in, offering a shield against the financial uncertainties that accompany illness or injury.

Understanding Income Protection Insurance: A Lifeline for the Self-Employed

In the dynamic world of self-employment, where control over projects and working hours is balanced with heightened pressure and responsibility, the absence of income due to sickness or injury can pose a serious threat. Income Protection Insurance acts as a financial safeguard, ensuring that even if you can't work, your income doesn't come to a grinding halt. This type of insurance can replace up to 70% of your monthly income, providing a crucial lifeline during periods of incapacity.

Why Might You Need Income Protection Insurance?

For the self-employed, the absence of traditional benefits like sick leave can be a risk factor. If an unforeseen illness or injury forces you to take an extended leave, the bills don't pause along with your income. Income Protection Insurance becomes a vital tool in bridging this gap, ensuring that your financial responsibilities, both personal and business-related, are met even when you're unable to work.

Benefits of Income Protection Insurance for the Self-Employed

• Business Continuity: As a self-employed individual, your business is closely tied to your ability to work. Income Protection Insurance provides a safety net, allowing you to focus on recovering from illness or injury without the added stress of how your business will continue to operate.

• Expense Coverage: From mortgage payments and utility bills to childcare fees, life doesn't pause when you do. Income Protection Insurance ensures that you can cover these essential expenses even when you're unable to work.

• Debt Management: Unexpected health challenges can lead to medical bills and potential debt. Income Protection Insurance helps you manage these financial burdens, preventing them from derailing your financial stability.

• Family Care: Beyond personal expenses and business costs, your loved ones may depend on your income. Income Protection Insurance provides peace of mind, ensuring that you can still care for your family even during challenging time
  
  

Options for Income Protection Insurance

When exploring income protection policies, it's crucial to tailor the coverage to your unique circumstances. Consider the following factors:

• Benefit Period: This is the maximum duration for which you'll receive benefit payments after a successful claim. Options typically range from two to five years or up to a certain age, such as 65.

• Waiting Period: The waiting period is the time you'll need to be off work or working in a reduced capacity before you start receiving benefit payments. This period ensures that the coverage kicks in when you genuinely need it.

• Income Assessment: Since March 2020, income protection insurance is purchased as an indemnity benefit. This means the benefit amount is based on your income right before the claim, offering a realistic reflection of your financial circumstances.

Finding the Right Income Protection Insurance

Navigating the array of insurance options requires careful consideration. Utilize tools like our calculator to determine the coverage you may need, factoring in personal and business expenses. Additionally, our comparison tool can assist in evaluating income protection products from leading Australian insurance companies.

The Importance of Regular Insurance Reviews

The self-employed often experience fluctuations in income. To ensure you're neither under nor over-insured, regularly review your insurance coverage, especially after significant income changes. Scheduling periodic reviews ensures that your insurance aligns with your average income and evolving needs.

In conclusion, being self-employed offers unparalleled freedom and challenges. Amidst the uncertainties, Income Protection Insurance emerges as a reliable ally, providing financial security when health challenges disrupt your professional journey. By understanding the nuances of income protection, tailoring coverage to your unique situation, and regularly reviewing your insurance, you empower yourself to navigate the self-employed landscape with confidence and resilience. Secure your journey, protect your livelihood, and focus on what truly matters – your well-being and the success of your endeavors.