It is important to protect your income to make sure you are secured during an event that you are unable to earn due to illness, accidents and other factors. This is why it is essential to have income protection insurance. If you are working, and you become ill or encounter an accident and you can’t earn anymore, you will get the amount you need to sustain your lifestyle, pay your bills and your bank loans with this insurance policy. If you have your own business, then this insurance is also a necessity. There are a lot of advantages if you have income protection insurance for your business.

Indemnity or Agreed-value

You can choose the policy that will cater to your needs. There are option you can choose from that will help you make sure that you get the right coverage for your income needs. You can choose between indemnity or agreed-value benefits. Both of these options will be able to give you the income you need if you are unable to work for 10 hours and more due to a permanent illness, a temporary illness or disability. With indemnity, you can get up to 75% of your income when you were still able to work. With agreed-value option, you can get up to 55% of your income when you were still able to work.

Business Coverage

You can also opt for a plan that can cover the passive income of your business. This way, you can be sure that your business continues to run when you get ill or encounter an accident.

Advantages

There are a lot of advantages when you have income protection insurance for your business. You can be sure that you still have income for up to 12 consecutive months in the event that you are unable to work and earn. You can get your payment in the event where there is total interruption on your business. You will also get reimbursement to make sure that you can keep your business running. You will also be reimbursed during loss of profit.

Shopping for Insurance Policy

When you are looking for the right insurance policy to protect the income of your business, it is important that you do proper research. You must get as many quotes as you can to be able to compare what is best for your business. Just because a certain policy is cheap doesn’t mean this is the best for you. You can get the help of an insurance professional to get the right advices of you can visit the websites of the insurance providers. This way, you do not have to go to their office personally. You can simply do this in your own convenient time at the comfort of your home.