For self-employed people we hear this all the time. The trouble is – most self-employed people do not understand why or how to arrange ACC cover to ensure it will work seamlessly and receive the entitlement they have been levied for.
If you are self-employed or a contractor and take your income in any form other than PAYE, you will have a problem – unless you have something else.
There are two key problems:
At claim time, you and your accountant will be required to prove your loss and any income still being generated will be deducted from your ACC payment. Claims can take months and no claim will be paid until your financials are sorted! If your Company is profitable without you, you may not receive a bean.
For good tax reasons your accountant often splits the business income with another shareholder. If your personal declared income does not represent the full income the business generates for you, then 80% of your share will not be enough for you, your family, or your business to survive on.
The simple solution is an elected contract that solves problem one by having an agreed benefit. When you go on claim ACC pay the benefit you have elected. ACC will not require financial evidence at the time of claim, eliminating accountancy fees and time delays.
Yes, that is right; you can elect the level of benefit you want, within limits.
This solves problem two, you simply get paid the benefit you have been paying for. No fuss, no delay. This also gives you control over cost.
It is now up to you to adjust the level of benefit you would like to receive; you do have a choice.
Make it easy:
Contact us today for an obligation free solution by phoning 0800 444388.