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Ill health and lack of health insurance are one of the four main causes of people going bankrupt.
Ministry of Economic Development – Insolvency and Trustee Service Statistical Data Report 2007-2008

Key Person Start-Up Cover

  1. Have you started a new business and it is less than 3 years old?
  2. How would your business be impacted if you could not create income for your business?
  3. What are the risks if you could not generate income for your business?

What are the financial risks if you could not create income for your new business?

  • What would ACC pay you if you had an accident and couldn’t work?
  • What income (profit) could you prove if you could not work?
  • Is your family home at risk if you could not generate income from your new business?
  • Do you have other assets at risk if you could not create income for your new business?

What is Key Person Start Up Cover?

Pays a monthly benefit to the business if the insured person is unable to work because of a total disability.  This cover is ideal for business owners with 3 years or less trading history who may find it difficult to demonstrate reasonable levels of profitability during the initial business phase.

How does it work?

  • The amount payable is agreed at the outset, so once your policy starts you can be sure of the level of your benefit and you only need to change it if your needs change. The benefit is payable for a maximum of 2 years.
  • Decide how long you want to wait before your claim payment begins – 4, 8 or 13 weeks. The longer you wait, the lower the premium.
The above benefits are summary examples only and may or may not apply to the policy you have purchased or may purchase. The exact types of cover and benefits will change depending on the insurer and the specific policy. Please contact us for specific advice, a quote and benefits details.