Financial Planning - Training @ work

• Income protection is a product that pays you a regular cash amount if you are unable to work as the result of an accident or sudden illness. It covers up to 75% of your income for a set period of time (e.g. six months, until the age of 65).

https://www.comparethemarket.com.au/income-protection/#:~:text=Income%20protection%20is%20a%20product,until%20the%20age%20of%2065).&text=Income%20protection%20explained.

• Loading as a concept, thus, comes into play when an insurance company is dealing with a high-risk candidate, and “is resorted to by insurance companies in cases where the risk to the individual is higher than in ordinary circumstances. This can be due to medical history, a dangerous job, or a hazardous pastime,” says Yashish Dahiya, CEO & Co-Founder, Policybazaar.com.

https://economictimes.indiatimes.com/wealth/personal-finance-news/what-is-loading-in-insurance-how-does-it-affect-your-premium/articleshow/26470877.cms

Insurance types

https://www.bizcover.com.au/7_types_of_insurance_for_small_business/

1. Public Liability Insurance: It covers you and your employees for potential liabilities to third parties if your products or services cause bodily injury or property damage.

2. Professional Indemnity Insurance: It protects professionals against liability for damages, and the legal costs associated with defending yourself against claims arising from an act, omission, or beach of duty in the course of your work.

3. Business Insurance: often comes as a package encompassing a range of different coverage options for you to choose from, with the most common being Building, Contents, Theft, Glass, and General Property.

4. Tax Audit Insurance: designed to provide protection by covering expenses incurred during an audit or investigation, including professional fees from accountants, lawyers, bookkeepers, and any other advisors that are required.