Start-Up Business Income Protection

It’s hard work getting a new business off the ground, but the rewards of self-employment are well worth the effort. One way to ensure the long-term success of your business is to protect it in case you become sick or injured. Start-up business income protection is designed specifically for newly-opened businesses and businesses less than three years old to help their owners plan for the unexpected.

You’ve put a lot of time, money and other resources into starting and building your new business. So it makes smart business sense to protect that investment if you’re unable to work. While new business owners take the chance that a serious illness or injury won’t happen to them to save on insurance costs, statistics show the consequences of that risky decision.

According to New Zealand’s Accident Compensation Corporation (ACC), an estimated 1,880 businesses ceased operation because of an injury to the owner or a key staff member.

Start-up business income protection will ensure your business isn’t added to those statistics. With this cover, you receive a monthly benefit payment to keep your business going if you are unable to work because of an illness or injury. The amount of your monthly payment is based on the amount of coverage you select and continues until you are well enough to return to work full time.

​How to insure your new business

Because start-up business income protection is designed for new businesses there’s no financial proof of income or profitability required. Simply choose a policy and your acceptance is assured – subject to medical underwriting. 

As your business grows, you have the option to upgrade your business income protection insurance. The cover period is stepped and depends on the length of time you have been in business for.

The benefit payment period will vary between 6 and 24 months depending on the length of time you have been in business. Once you pass the 3 year period you can revert to standard cover which gives you better provisions such as cover to age 65.

Since start-up business income protection differs among insurance companies, the best place to start is with a coverage and rate comparison. You can get a free, no-obligation comparison by contacting us today.

You’ll be able to do a side-by-side comparison of benefits, benefit payment period options, waiver of waiting period options and coverage costs so you can decide what’s best for you and your business. Now that you’re newly self-employed, it’s time to get the protection you need to ensure your business gets off the ground and on its way to success.


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