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ACC provides 24/7 personal injury cover for everyone in New Zealand. So whether you have an accident in the workplace, home or on the road, you have the peace of mind to know that you are covered.

If you’re self employed, your personal injury cover is one of the most important business assets you will have, as it gives you peace of mind should the worse happen and you end up having to take time off work.

If you’re injured and unable to work, under your default injury cover ACC CoverPlus, you will be able to receive up to 80 percent of your previous year’s income. So if your income stays the same year-in, year-out or if last year’s income was good, ACC CoverPlus should be sufficient.

But what happens if:

• Your income fluctuates and last year’s earnings were poor?
• You’re just starting out in your own business and have no income history?
• Your personal income is not a true indication of your true earnings capacity because you’re splitting income with a partner or spouse?

ACC CoverPlus Extra  
ACC CoverPlus Extra works differently. If you are injured and have to take time off work, you are guaranteed a pre-agreed level of income regardless of how much you earned in the previous year.

As this amount is pre-agreed, there is less paperwork required at claim time, which means faster payments. And unlike ACC CoverPlus, your payments remain fixed at the pre-agreed level.

Here are some examples of how ACC CoverPlus Extra has worked for these self-employed people.

Jeff is an electrician earning $100,000 a year; Kelly does the bookwork and answers the phone. Their income is split 60/40 so with standard CoverPlus Jeff will only receive $48,000 in lost earnings cover if he is injured. And Kelly’s lost earnings cover is too high at $32,000. Using CoverPlus Extra they can adjust the sum, so if Jeff has an accident their weekly payments will cover their living costs –say $72,000 for Jeff and $28,000 for Kelly.

Mike started his own business six months ago and filed an IR3 showing a loss in his first part year. He then suffered an injury, which meant he needed four weeks off work. But as he made a loss in his first year, he’s only eligible for the minimum weekly compensation. If Mike had taken up ACC CoverPlus Extra before his injury, he would have received a pre-agreed amount of weekly compensation that more accurately reflects his outgoings and allows him to keep his business running.