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Start-Up Income Protection

Been trading under three years? 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
  • Monthly payment if you are unable to work more than 10 hours a week 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

Is it right for my business?

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

  • 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 provides a monthly payment on any accepted claim if you are unable to work or perform key income-producing duties, for more than 10 hours a week due to sickness or injury.

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's third anniversary you have the option of:

A) Providing financial accounts for your business, to continue the agreed value cover. At this time, your benefits may be reduced by the value of any ACC payments received in relation to the same disability.

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. At this time, your benefits may be reduced by the value of any ACC payments received in relation to the same disability.

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. 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 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 Start-Up Income Protection now

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.

Find an expert

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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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 Start-Up Income Protection