Business Insurance & ACC
If you or a key person associated with your business are off work with a serious illness, it is important to know that your business can continue to operate without you.
Business insurance products aim to safeguard your business should you or a key person be off work with a serious illness, injury or death.
Specialised Business Insurance Covers Include:
- Ownership Buyout Cover
- Debt Protection Cover
- Permanent Loss of Key Person Cover and Loss of Revenue Cover.
Do you Have A Business Protection Plan In Place?
The unexpected death or illness of a business owner or key person can have a major negative impact on the business. It is important to make sure that a contingency plan is in place. To ensure that your business can continue to run without you, we recommend you seek business insurance advice from a qualified professional.
A business insurance package would cover financial protection against lost revenue, profits and maintaining the capital value of your business should you or a key person suffer a major illness, injury or death.
At any stage of its development, a business can have some significant financial exposures unless the relevant issues have been addressed at the outset. For example:
Succession plan/ownership buyout plan:
in the event of a buy/sell agreement trigger being activated by events such as death or sale of shares in the business;
Debt protection plan:
lump sum re-payment of business debt in the event of death, terminal illness or total long term disability of any person whose death or incapacitation would trigger a requirement for the debt to be repaid;
Permanent loss of key person:
a capital injection into the business in the event of the permanent loss of a person who is key to the business;
Loss of revenue:
a monthly injection of revenue while a key person is unable to work.
Business Insurance Review
If a business contingency plan was not put in place at time the business was established, it is critically important you have a “warrant of fitness” insurance review undertaken promptly. Qualified business insurance advice can identify any potential pitfalls down the track and save you a lot of heartache and money in the long term.
Fire & General Insurances
As a member of Adviser Support Limited (trading as the Adelphi Adviser Alliance), we are able to provide a one-stop shop by referring you to highly recommended fire and general insurance specialists. This includes insurances for:
- business property (material damage)
- business interruption/loss of profits
- public liability
- professional indemnity
- commercial motor vehicle and other specialised business covers such as directors & officers’ liability
- statutory liability
- employer’s liability
just to name a few.
Read what our clients say…
We have found Theo to be meticulous in undertaking his analysis and preparing informative reports that provide clear recommendations, as well as a thorough explanation of the reasoning behind those recommendations. He explains the key details of the policies he is recommending so that we have a firm understanding of how the insurances work.
What Does ACC Cover?
ACC cover is only for injuries by accident. Everyone who is earning pays ACC levies in some form or other. The reality is that ACC is a rather expensive form of accident insurance. ACC CoverPlus Extra provides eligible businesspeople with the option to choose their own level of agreed value ACC cover, to reduce their ACC levies and apply those savings to achieving a substantially more comprehensive cover against both illness and accident than from ACC cover alone.
Insurance Covers Working Together For You
The key point is that for optimal results, ACC cover and personal insurance cover need to work together to complement each other.
If you wish to explore the flexibility and benefits that ACC CoverPlus Extra can offer, please contact us for business insurance advice.
ACC CoverPlus Extra
ACC CoverPlus Extra is an optional product that lets self-employed people and non-PAYE shareholder-employees negotiate a pre-agreed level of lost earnings compensation. This way you know exactly how much you’ll receive each week if you are injured and can’t work – whether the injury is work-related or not. If you choose ACC CoverPlus Extra, this will replace your standard ACC CoverPlus or ACC Workplace Cover product.
The advantages of ACC CoverPlus Extra are that:
- You can tailor the level of cover for lost earnings to suit your own personal circumstances, subject to ACC underwriting;
- It pays 100% of the amount agreed until you are fit for full-time work again;
- It is paid in full, even if your business continues to generate income during your time off work, or if you return to work on a part-time basis;
- You do not have to prove loss of earnings as the weekly compensation is already agreed, meaning that you may receive your weekly compensation quicker.