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Starting a New Business?

New Business Insurance

The new year brings a lot of new ideas and energy and with that often new business plans are put in place and begin. New Zealanders enjoy the idea of being self employed and managing their own time doing what they love. Its never easy to start a new business and there are a lot of expenses that are hard to plan for, some of these are very important to the businesses future.

Yes I am talking about protecting the key person in the business from being unable to work. Most of the time that key person is the only full time person and runs the whole business, so without him/her there daily it wouldn't take long for the business to fail. That's an all to common end to the fresh and exciting start to the businesses life.

This is where a lot of people would think ACC would help them. Remember that ACC only pays out if the reason you cant work is an accident. They also look at your last year of income and use that as a guide to pay you. If the last year has seen most of the profit pushed back into the business as an expense then that pay out maybe very small.

The good news is you can make sure this doesn't happen to you. ACC levies can be pre arranged with ACC to make sure if its an accident that stops you from working then they will pay you a pre arranged amount. If its not an accident which stops you from working but instead an illness, Insurance companies also have products specially designed to pay out for businesses who cant yet prove their income for the past couple of years.

If this sounds like you or if you know a friend or family member who has recently started a new business (big or small) and become self employed please let them know we can help.

Reagan 0800 230 235