Business expenses insurance operates in a similar way to income protection insurance in that there is a waiting period and a benefit period (usually a maximum of 12 months).

The insurance covers the overheads of the business that continue while you're unable to pay them.

Depending on the contract, it generally doesn't cover the owner’s wage, depreciation or staff wages that can generate income (such as salespeople). This list may not be exhaustive.

Again, it's important to read the product disclosure document and/or seek advice.

Business interruption insurance covers the reduction in your business income due to damage to your property. Examples of damage may include flood, fire or theft.