If you are self-employed, you need to know this

If you are self-employed you are most likely covered by default by ACC Cover Plus which is standard compulsory cover for all self-employed. This cover gives you compensation for lost earnings up to 80% of your previous year's taxable income. At the time of claim you will need to prove a financial loss due to your injury to receive compensation.

This is an area where many self-employed get into difficulty when they try to claim weekly compensation from ACC. If they have an accident and cannot prove an income they are only be entitled to a minimum payment.

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.

However you should look at ACC Cover Plus Extra together with a comprehensive financial plan. ACC only covers you for accidents so it is worth looking at other insurances to cover you and your family in case of illness as well. If your family depends on your income, you need to make sure their financial security is covered by protecting your income.


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