Insurance

Essentials

• Protecting your business

Westpac Business Overheads provides financial protection for you, your family and business. If you become disabled because of sickness or injury and are unable to work, this insurance can give you:

• A monthly benefit for the day to day costs of running your business
• Competitive premium rates
• Discounts for non-smokers
• Cover automatically renewable each year, to age 65, regardless of changes to health, occupation and pastimes (provided that premiums are paid)
• We offer automatic indexation on your benefits each year in line with the CPI
• You will qualify for a multi-policy discount of 5% on the Insured Person’s premiums if the Insured Person is covered by more than one policy in the suite of insurance options offered by Westpac Protection Plans
• Worldwide cover, 24/7.

For an additional cost, you also have the option to include: 

• Needlestick Benefit: provides a one-off lump sum payment if you contract HIV, Hepatitis B or C while performing your duties as a medical professional  
• Children’s Benefit: provides a one-off lump sum payment if your child suffers from one of a range of specified medical events.

Support

Background

David* runs a successful business as an architect. Unfortunately, last year David had a serious car accident and he broke his right collar bone and arm, rendering him unable to work. His duties within the business were the hands on production of drawings and documents for construction plans, physical site inspections and driving to councils, sites and clients. David’s business has a high turnover of revenue, and his outgoings are also high.

Illness

Following David’s injury, the income his business received reduced dramatically and his company started running at a loss. Fortunately his business was able to survive, due in main part because of David and his team’s dedication, and because David was able to claim on his Business Overheads Policy.

How Business Overheads policy helped David

To ensure his business was able to survive, David submitted his Business Overheads benefit claim to Westpac. David’s claim was accepted, allowing him to source and pay for a locum architect to keep things running whilst he recovered. His clients continued to be serviced through his company, maintaining his professional status. Thanks to his Business Overheads Policy, David recovered and his business survived, without having to obtain additional finance or put his company in jeopardy.

Westpac Financial Planners are ready to help you

Talk to a Westpac Financial Planner ¹ – they can help you tailor a Westpac Protection Plans policy to give you and your family peace of mind.