ACC is an insurance policy, you pay your premiums (levy) and you get cover for accidental injury or accidental death. It’s a great benefit but it could be better because 90% of you are in the default plan, not getting the cover options you could have and, possibly, paying more than you need to.
You can have all these extra benefits:
- you won’t have to prove your income loss at claim time
- agreed level of ACC cover
- your benefit won’t be cut if you can go back to work part-time while recovering
- your benefit won’t be cut if you have other income while recovering
- set realistic cover levels, not just your taxable income which your accountant will rightly minimise
- you can change the classification unit to a lesser rated code for business partners possibly reducing levy
- you can change classification unit to a lesser rated code for other shareholder-employees and spouse partners possibly reducing levy
- set the right levels of cover if you split income with your spouse
- reduce your ACC cover to more appropriate level thus reducing your levy
- simpler, quicker benefit payments
- if you are new to business you can set an agreed value of 60% of ACC’s Replacement Labour Costs, essential because proving income may be difficult
If you stick with the basic, default ACC plan that you have now, the opposite of all the above holds true.
Changing to the alternative ACC plan also enables you to add illness and disability cover to the existing accident only protection. This means your business and family are protected no matter what happens. And all for less than or similar to the levy you pay now.
Remember that ACC covers accidental injuries and death only, yet self-employed kiwis are more likely to be out of work from a long-term serious illness or disability (over 80%) rather than an accidental injury (20%)Seriously. If you were organising your own ACC insurance for the first time, which one would you choose? And what would your accountant recommend?
It’s straightforward and easy to change. I will show you your options, help you choose, manage every step of the process with you, liaise with ACC administration and agree it with your accountant, if required.
There is no cost to you for my service. For an initial, confidential discussion, complete the form below.
I offer this service ‘face to face’ across NZ via my online meeting facility with document viewing and signing capability. Find out more here.