As a small business owner, protecting your income is critical. One of the most effective ways to do this is through ACC CoverPlus Extra. Only available to self-employed people and contractors, this option allows you to choose your cover, providing peace of mind and more financial stability.
Guaranteed Weekly Compensation
Unlike standard ACC CoverPlus, which calculates compensation based on your previous year's earnings, ACC CoverPlus Extra allows you to negotiate a guaranteed level of weekly compensation.
This means you can set a predetermined amount that reflects your current income and financial needs, ensuring you get enough support if you're unable to work due to injury. ACC CoverPlus Extra allows you to choose your level of cover within certain thresholds, currently a minimum of $35,400 and maximum of $113,826 per annum*.
Flexibility and Control
ACC CoverPlus Extra offers the flexibility to adjust your cover to suit your changing business circumstances. Whether you're experiencing growth or facing a temporary downturn, you can modify your cover to align with your current situation, ensuring your insurance remains suitable. This extra control also means you can decide how to complement your ACC cover with other forms of health, trauma or income protection insurance.
Certainty for Variable Incomes
For many small business owners income fluctuates throughout the year; ACC CoverPlus Extra provides a consistent level of compensation regardless of your earnings at the time of injury. This stability is reassuring when managing financial commitments and business operations.
Simplified Claims Process
If you need to make a claim, the ACC CoverPlus Extra process is straightforward. With the pre-agreed compensation level, you won’t need to provide extensive financial documentation – so you can focus on recovery and getting back to business as usual.
ACC CoverPlus Extra offers peace of mind, making it a great tool for small business owners wanting to protect their income and ensure business continuity if injured. By offering guaranteed compensation, flexibility, and a simplified claims process, it provides a robust safety net tailored to your needs.
It can be a good idea to work with an insurance advisor to find the best combination of insurance options for your circumstances, but you can also learn more here and get in touch if I can help you at all.
*These minimum and maximum levels are for the year 1 April 2024 to 31 March 2025. Certain amounts may require approval.