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

Understanding life and disability insurance

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 passes away 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 pass away 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 or legal advice, to ensure you get the most benefit from a lump-sum payment. The policy also features an optional add-on Business Safeguard Facility benefit which includes:

  • 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 if you are unable to work due to sickness or injury. 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 guidance at a challenging time, and allows you to focus on your recovery.

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 Critical Conditions

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, such as:

  • Children and Maternity Benefit
  • Early Cancer Upgrade
  • Life and Critical Conditions buy-back options
  • Business Safeguard Facility

Business Total and Permanent Disablement

Provides a lump sum payment in the event that you become totally and permanently disabled and are unable to engage in either your 'own' or 'any' occupation, depending which type of cover you have.

About your rural cover options

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 Disability Insurance

Provides a monthly payment to help safeguard the future of your farm or sharemilking business if you are unable to work due to sickness or injury.

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 Disability Insurance 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 disablement cover
  • Peak Season Upgrade Benefit
  • Business Income Support Benefit

ASB and AIA - a partnership you can trust

Partnership is all about trust. When it comes to protecting you and your family's financial wellbeing, you can trust ASB and AIA to be there for you. ASB has helped thousands of New Zealanders protect themselves over the years. Our ASB Insurance Managers and frontline teams make life, loan, health, and income protection insurance easy. It's about keeping you one step ahead, by making sure difficult and even heart-breaking situations don’t turn into financial setbacks as well. We've now partnered with AIA - as our underwriter, they stand behind all our policies.

All licensed insurance providers are required to have a financial strength rating from an approved rating agency. You can find details of AIA's current rating and rating agency at www.aia.co.nz, or at any office of AIA New Zealand Limited.

View AIA's financial strength rating.

Find out more about the relationship between ASB and AIA.

How to get started

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.

Contact us

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.

Enquire now

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 ASB branches across New Zealand.

Find a branch

You might also like

Start-Up Income Protection

If you’ve been trading under three years, this cover could provide the protection you need if you become unable to work.

ASB Lifestyle Security Plan

A personalised policy that can offer comprehensive insurance solutions including life, loan and income protection.

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premiums loadings may apply. An excess may apply for health insurance policies. For full details refer to the policy document which is available on request from ASB Bank Limited. This insurance is underwritten by AIA New Zealand Limited ("AIA").

Business insurance Business life and disability insurance