Business Insurance Protects You And Any Other Key Person In Your Business
Business Life Cover/Ownership buyout/Debt Protection and Permanent loss of Key Person:
Provides a lump sum payment in the event of the insureds premature death or if they were diagnosed with a terminal illness (less than 12 months to live). Can be used to fund buy-sell agreements, debt repayment commitments or key personnel replacement costs.
Business Trauma Cover:
Provides a lump sum payment in the event of the insured being diagnosed with a covered critical condition. Can be used to fund buy-sell agreements, debt repayment commitments or key personnel replacement costs.
Business Total and Permanent Disability Cover (TPD):
Provides a lump sum payment in the event of the insured suffering a disability which meant they can no longer work again. Can be used to fund buy-sell agreements, debt repayment commitments or key personnel replacement costs.
New to business/Start up Income Cover:
Are Business Income Covers for clients who have been self employed for less than 4 years. The cover provides a monthly injection of revenue whilst the key person is unable to work after the chosen wait period for a maximum of 2 years per claim (insurer specific).
Loss of Revenue/Business Continuation Cover:
A monthly injection of revenue whilst the insured key person is unable to work. Paid after the chosen wait period for a maximum of 3 years per claim (insurer specific).
If you’re self employed, restructuring may benefit you.
Most of us are unaware we have options with ACC when self employed and this includes changing the amount of cover we have, how much we pay in levies and how it would cover us in the event of a claim due to an accident.
So how does it work?
ACC CoverPlus automatically provides personal injury cover for self-employed people however its the ACC CoverPlus Extra cover that provides greater flexibility and certainty for self-employed people.
ACC CoverPlus Extra is right for you if:
- your income fluctuates
- your personal income is not a true indication of actual earnings
- your business will still generate income while you’re injured
- you have not been self-employed for long
- you want a guaranteed level of lost earnings compensation
Who can apply?
If you work as a sole trader, in a partnership, or have withholding or schedular payments deducted from your earnings instead of PAYE tax, you are considered a self-employed person for ACC purposes.
What does it cost?
ACC CoverPlus Extra levies are calculated in a similar way to ACC CoverPlus levies, based on your previous year’s earnings from self-employment and the levy rates specific to your business activity. In addition the levies also take into account the agreed amount of lost earnings compensation.