ASB Start-Up Income Protection

Been trading under three years? ASB Start-Up Income Protection can provide cover if you’re unable to work. What’s more, you won’t need to supply your financial accounts when applying.

Benefits at a glance

  • Protects what could be your greatest asset – your ability to earn

  • Can provide you with a monthly payment if you are unable to work due to sickness or injury

  • Options to continue cover after three years

  • No need to show any financial information for the first three years of your policy

Understanding Start-Up Income Protection

ASB Start-Up Income Protection is designed to meet the needs of small business owners, particularly:

  • If you have only one business and it has been trading for less than three years, and;
  • If you find it difficult to provide the level of income evidence that many standard income protection products require.

About Start-Up Income Protection

Monthly benefit payments

Start-Up Income Protection can provide you with a monthly payment if you become totally disabled for a continuous period that continues beyond the waiting period.

You don’t need to supply proof of pre-disability income or your company’s financial statements at application or claim, in order to receive any eligible benefits.

During the first three years of your policy, Start-Up Income Protection provides an agreed monthly payment on any accepted claim based on your length of time in business and your preferred benefit payment period.

Continuing your cover

After three years, your business insurance needs are likely to have changed. To keep this important cover in place, on your business' third anniversary you have the option of:

A) Providing financial accounts for your business, to continue the agreed value basis of your cover to continue. 

B) Not providing any financial accounts for your business. In this case, your cover type will change. Your monthly benefit will be based on a proportion of your pre-disability income (before tax) at claim time (up to a maximum amount of the cover selected at the time of your application). You’ll also need to supply proof of pre-disability income when you lodge a claim. 

Please note: Any special conditions, exclusions and premium loadings will be transferred to your new policy.

Offsets – ACC and other policies

For the first three years, your benefit payment won’t be reduced by any other business income or income replacement benefits you may receive in connection with the disability, including ACC.

After three years, your benefit will be reduced by the value of benefits received from other income replacement type policies, ACC payments and any sick leave entitlements.

Choice of waiting periods

The waiting period is the time between your disability occurring and you receiving your first benefit payment. Generally, the longer the waiting period, the lower the cost of insurance. With ASB Start-Up Income Protection, you have a choice between four, eight or thirteen weeks. However, if you become totally disabled again through a related illness or injury — within 12 months of your recovery — we will waive the waiting period.

What you're covered for

The maximum benefit amount and payment period available, will depend on the length of time your business has been operating at the time of application and your level of cover.

Time in business
Monthly benefit
Maximum payment period
0 - 12 months
Up to $6,500
12 months
0 - 12 months
$6,501 to $9,000
6 months
Over 12 months
Up to $9,000
24 months

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 local relationship or rural manager or regular ASB contact. If you’re new to ASB, just make an appointment with an ASB Insurance Manager.

Enquire now

Call us

We’ll arrange an appointment with an 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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Business insurance Start-Up Income Protection