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Business life and disability insurance

Protecting your business against property loss or damage is important, but have you considered the importance of your most valuable assets – you and the people you rely on?

Benefits at a glance

  • We offer a range of solutions to suit the size and nature of your business – including rural
  • An ASB Insurance Manager can help tailor a solution that fits your unique circumstances
  • Help protect your business and team from the unexpected consequences of illness, injury or death
  • Choose to combine personal and business insurance to get the best level of protection for you

Is it right for my business?

Life and disability insurance can help protect your business, assets and staff against major setbacks due to accident or illness.

With a range of options available to suit your business stage, style and size, an ASB Insurance Manager can help choose a solution specifically for you.

About your business cover options

Business Life Cover

Provides a lump-sum payment if you or an insured key person dies and your claim is accepted. Up to 100% of the life cover benefit can be paid early if you, or a key person, are diagnosed as terminally ill and likely to die within 12 months of diagnosis. The money can be used to reduce business debt, help to purchase shares on a partner's death or replace profits that the key person would have generated. The life cover benefit is reduced by the amount of any terminal illness benefit paid.

We'll also pay up to $2,500 for professional financial advice, to ensure you get the most benefit from a lump-sum payment. The policy also features a number of optional add-on benefits to suit your specific needs including:

  • Business safeguard facility
    Increase your cover level up to $10 million, or five times the original life cover amount (whichever is less), without further medical evidence, when your financial interests in the business increase. Terms and conditions apply.

Business Protection

Provides a monthly payment to keep your business running, should you become disabled as a result of accident or illness, and be unable to work more than 10 hours a week. It’s designed to meet the needs of business owners, who have been trading for more than three years (as well as key employees).

Business Protection comes with a Business Mentors benefit. Following an accepted claim, the policy will pay the cost of a two-year membership for Business Mentors. This provides you with guidence at a challenging time, and allows you to focus on your recovery.

The policy also features a number of add-on benefits to suit your specific needs:

  • Optional specialist and diagnostic testing benefit
    Provides cover every year for up to $5,000 for specialist consultations, diagnostic imagery and tests. This includes Best Doctors®, a benefit that provides additional advice on critical, chronic and degenerative conditions after the person who is suffering has seen a specialist.
  • Optional Best Doctors Employee Upgrade benefit
    You have the option of upgrading your employees and their immediate family to use the Best Doctors service. Best Doctors provides additional advice on critical, chronic and degenerative conditions after the person who is suffering has seen a specialist.

If your business has been trading for under three years our Start-Up Income Protection insurance has been created specifically with you in mind.

Business Living Assurance

Provides a lump-sum payment if the insured person experiences a defined critical illness (such as heart attack, cancer or stroke). The policy also features a number of optional add-on benefits to suit your specific needs:

  • Children and maternity benefit
  • Early stage cancer upgrade
    Provides cover for a number of minor cancer conditions that are treatable and non-life threatening at the early stage of diagnosis.
  • Life and Living Assurance buy-back options
  • Business Safeguard

Business Overheads

Pays owners or partners in small businesses a monthly payment to cover the continuing expenses incurred, should they become totally disabled. This monthly benefit can be paid for a term of either one or two years. There are options available with this policy, speak with an ASB Insurance Manager for full details.

Business Locum

Provides a monthly payment to help keep your business operating if you are totally disabled. It reimburses the cost of a replacement manager, or covers your eligible business overheads if a locum is not engaged.

Business Total and Permanent Disability

Provides a lump-sum payment if an accident or serious illness leaves the insured person permanently disabled and unable to work again. There are options available with this policy, speak with an ASB Insurance Manager for full details.

About your rural cover options

Rural Disability Insurance

We offer farmers a unique form of insurance, specifically to suit their needs and unique work environment. So if your health was to suffer a setback, your farm or sharemilking business doesn’t have to.

Rural Continuity

Provides a monthly payment to secure the future of your farm or sharemilking business (you must own, part-own or lease the farm or the herd) should you become disabled as a result of an accident or ill-health, and be unable to work more than 10 hours a week.

Because your farm has a variable cash flow, we require only minimal proof of income. Plus, we’ve kept the application process simple, so you’re not tied up with paperwork.

Rural Continuity is based on a simple ‘agreed value’. You choose the amount of cover you require: up to 35% of your farm or sharemilking turnover, to a maximum of $10,000 per month.

There are also a range of optional add-ons, including:

  • ACC offsets to manage affordability
  • Partial disability income cover
  • Peak-season benefit
  • Business income support
  • Specialist and diagnostic testing benefit with Best Doctors®

ASB and Sovereign - a partnership you can trust

In times of uncertainty, it’s important to know who you can trust. And when you’re relying on someone to protect you and your business’ financial wellbeing, you want to be sure that they’ll be there when you need them.

Sovereign Assurance Company Limited (“Sovereign”), the underwriter of the insurance cover, has an A+ (Superior) rating from A.M. Best, an approved rating agency, so you can be confident of receiving the financial support you need when the unexpected happens.

View Sovereign's financial strength rating.

Get started today

01. Contact

Call your regular ASB contact, or arrange a time to meet an ASB Insurance Manager.

02. Meet

Discuss your needs and how you’d like to protect your business with your local ASB Insurance Manager.

03. Consider

Review your recommendation and apply for cover. We’ll keep you updated and confirm if your application is accepted.

04. Review

Remember to regularly review your cover and update it as required – especially if something has changed.

Get business life and disability protection now

Ready to get started?

If your business banking is with ASB, just talk to your regular ASB contact. If you’re new to ASB, just make an appointment with an ASB Insurance Manager.

Find an expert

Call us

We’ll find a time for you to talk to your local ASB Insurance Manager.

0800 200 252

Visit a branch

Visit us at one of our many branches across New Zealand.

Find a branch

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Start-Up Income Protection

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ASB Lifestyle Security Plan

Get a personalised Lifestyle Security Plan that can offer comprehensive insurance solutions including life, loan and income protection.

Best Doctors® – Best Doctors is a trademark of Best Doctors Inc. in the United States of America and other countries, and is used under license.

ASB life, health and disability insurances are underwritten by Sovereign Assurance Company Limited (“Sovereign”). For full details refer to the relevant policy document which is available on request from any ASB branch or by calling 0800 200 252. The availability of insurance cover is subject to your application being approved. Special conditions, exclusions or premium loadings may apply. See further information about Sovereign.

Business insurance Business life and disability insurance