How To Make ACC & Income Cover work Together

Let’s be honest, we don’t all jump for joy when we get our ACC Levies Invoice, if anything it’s enough to give you reflux!

For anyone that has made an ACC claim, as a self employed person this can be a very painful and drawn out affair.

Basically for those with a ACC history of earnings, if you do not have the latest 12 calendar months of earnings on hand then ACC default to the minimum threshold of approx $300 a week!

And for those newly self employed without an ACC history of earnings, then this can often result in no payment.

The answer is to have an ACC Agreed Value cover, known as Cover plus Extra that ACC now provide for non PAYE earners, which allows you to choose your level of cover in line with both your needs and costs.

This is financially guaranteed and so requires no proof at time of claim and even pays 100% until fully back to work.

In addition, the newer forms of private Income covers can now pay at the same time as ACC also, thus ensuring they both work and pay at the time most needed.

Please note a large majority of Income covers, particularly termed ‘indemnity’ or ‘Agreed Value’ do not when ACC does!

So at the end of the day you can ‘have your cake and eat it’ after all, without upsetting your stomach.
 
Rory Graham is a Specialist Business Insurance Adviser with use to all the main Insurance Companies, for any assistance feel free to contact info@abelassurance.co.nz