Do you worry that you don't have enough ACC cover or are you looking to reduce your ACC levies? If you are eligible for ACC's CoverPlus Extra, you can get yourself some certainty about your cover level and your fees.

CoverPlus Extra is like an insurance policy, you only pay ACC based on a fixed value rather than your actual earnings, in the event that you were injured and claimed ACC you would receive the agreed amount of the policy.

So who is eligible?

If you are currently paying a CoverPlus or Shareholder ACC invoice for your income, you work full time and don’t receive a PAYE salary from your business you are eligible.

Benefits of CoverPlus Extra:

• If injured the agreed amount is paid on a weekly basis until you are able to return to work On the standard cover once you are back at work even part-time your ACC payments will reduce or stop.
• Shareholder employees and partners in a partnership are able to be classified under their individual occupation rather than the business activity of their business. For example, if your role was administration work then your levy code would be administration, reducing the levy due to less risk of a serious accident.  However, it is important to note that at least one of the shareholders or partners in the business must be on the business classification.
• You can save significant premiums by applying for ACC CoverPlus Extra
• The agreed amount will be paid regardless of what you actually earn, (even a loss and no salary).

Disadvantages of CoverPlus Extra:

• The invoices are paid in advance.  So we could apply now for the 2023 year but you have just received the invoice for the 2021 year which includes a 2022 provisional and once your 2022 tax returns are filed you will get an invoice for the 2022 year.
• If the CPX invoice is not paid on time the policy will be cancelled by ACC and you will be required to reapply.

If you would like to chat to us about this matter give us a call today!