Protecting your Business
Many New Zealanders are entrepreneurs and rely on their businesses as a primary source of income. If you are in this group, then you will want to look at the range of comprehensive business insurances available to keep your business safe and secure. Talk to us today for tailored advice on how to best protect your business.
Types of business protection
Business Expenses Cover
Are you the main business driver? Could your business operate without you? Maintain business as usual with financial help if the unexpected happens to you.
- Get financial support to help cover your business expenses such as business premises rent and utilities
- Or get help to cover the cost of a temporary replacement for you in your business while you’re unable to work due to illness or injury
Protect your businesses most important asset: your key people. Key person insurance is coverage that will protect the company or business in the case of an untimely death, trauma or disability of a top salesperson, executive or business owner.
- Receive a monthly benefit (up to an agreed amount) if you choose to take out key person protection and that key person is unable to work due to illness or injury
- Receive a lump sum of an agreed amount if you choose to take Life, Trauma or Disability cover to protect a key person
- Peace of mind that you are getting financial assistance to help your business through a difficult time
Make sure your business can continue to meet its debt repayments, following the loss of a business owner or key staff member
- Get funding to help meet your businesses debt obligations following the loss of a business owner or key staff member due to disability, death or a specified major trauma
In 2008, it was estimated that 1,880 businesses ceased operation partly due to an injury to the owner or a key staff member.
ACC, MAY 2008
Startup Income Cover
This insurance coverage is tailored specifically for the newly self-employed. This offers a monthly benefit to the business in the event of disablement due to illness or accident. This is tailored for business owners operating less than three years who may still struggle to prove profitability.
As a business owner, you could be getting more coverage at a lower cost with an ACC Optimisation plan from Total Life.
ACC Optimisation explained
In New Zealand all business owners are automatically covered through ACC and as such have to pay an ACC levy. However, ACC only covers you for accidents and not for illness. As such ACC protection alone may not be a sufficient enough safety net for you. With Total Life, you can get all of the coverage you need and potentially still save money on your ACC levy.
How does it work?
In its simplest form, an ACC Optimisation is based on the following: ACC is the mandatory and default program that covers you in the event of an accident. Your ACC levy is based on the likelihood of an accident due to the nature of your occupation. Your levy is also based on what your previous 12 months earnings have been.
One way we can reduce your ACC levy is to reduce your entitlement from ACC. This enables us to lower your levy, we can then use the savings to implement more comprehensive cover that will be there in the event of either accident or illness. Often the amount you can save on your ACC levy is greater than the amount you pay in insurance premiums- meaning you save money.
Talk to us today to see what we can do for you and your business.