The Accident Compensation Corporation (ACC) has responsibility for insuring and collecting ACC premiums for employers, the self-employed and private domestic workers. ACC premiums are calculated at a rate based upon the risk of accident for an industry category.
CoverPlus
If you're self-employed or a contractor you'll automatically be on CoverPlus. If you've had an accident and can't work, ACC will pay your compensation at up to 80% of your taxable income based on the most recently completed financial year. For example, if you earn $52,000 per year on CoverPlus you'd get up to 80% of that each week, which is $800 before tax.
Weekly compensation payments start a week after your injury, and ACC will cover the cost of your treatment and rehabilitation.
CoverPlus Extra
CoverPlus Extra is an optional cover product that allows you to choose how much of your income you want covered if you have an accident and can’t work. ACC will pay 100% of the agreed cover divided into weekly payments until you can get back to full-time work. For example, if you’re entitled to $52,000 per year as your cover, ACC will pay 100% of that amount each week, which is $1000 before tax.
CoverPlus Extra is especially suited to those who:
Benefits include:
Choosing a level of cover for CoverPlus Extra
You can apply for cover for any amount of income between $26,208 and $101,029. ACC will work with you to determine your cover amount.
If you're not sure what level of cover works best for you, talk to a third party for advice or contact with ACC.
Applying for CoverPlus Extra
You can apply for CoverPlus Extra if you’re:
CoverPlus
If you're self-employed or a contractor you'll automatically be on CoverPlus. If you've had an accident and can't work, ACC will pay your compensation at up to 80% of your taxable income based on the most recently completed financial year. For example, if you earn $52,000 per year on CoverPlus you'd get up to 80% of that each week, which is $800 before tax.
Weekly compensation payments start a week after your injury, and ACC will cover the cost of your treatment and rehabilitation.
CoverPlus Extra
CoverPlus Extra is an optional cover product that allows you to choose how much of your income you want covered if you have an accident and can’t work. ACC will pay 100% of the agreed cover divided into weekly payments until you can get back to full-time work. For example, if you’re entitled to $52,000 per year as your cover, ACC will pay 100% of that amount each week, which is $1000 before tax.
CoverPlus Extra is especially suited to those who:
- have fluctuating income, either yearly or seasonal as you’ll know exactly how much we’ll pay out
- want to apply for more or less cover than your actual income
- are newly self-employed with no earnings history and want assurances around your cover.
Benefits include:
- Your levy invoices are predictable as ACC will calculate them by using the level of cover you nominated.
- The injury that leads to time off work doesn’t have to be work-related. CoverPlus Extra covers injuries that happen anywhere, eg at home, on the road, during sports, etc
- More control over how much you pay in levies as you can choose to pay a lower levy in return for lower weekly compensation or a higher levy and receive higher weekly compensation.
Choosing a level of cover for CoverPlus Extra
You can apply for cover for any amount of income between $26,208 and $101,029. ACC will work with you to determine your cover amount.
If you're not sure what level of cover works best for you, talk to a third party for advice or contact with ACC.
Applying for CoverPlus Extra
You can apply for CoverPlus Extra if you’re:
- self-employed and working:
- full time (more than 30 hours per week on average)
- part time (less than 30 hours per week on average) and have earnings above the CPX minimum for the current year
- a non-PAYE shareholder, ie you don’t receive PAYE deducted earnings from a company you’re a shareholder, of as you pay levies through PAYE.
