COMPARISON ACC COVERPLUS EXTRA AND ACC COVERPLUS 

 

 

ACC CoverPlus is the standard cover that ACC Corporation will automatically cover you with,  with levies and weekly compensation based on your previous year’s earnings from self employment.  ACC will automatically cover you with this option.
However, if:
Your income varies from year to year
You have not been self-employed for long
You can continue to receive business income after injury
You want a guaranteed level of compensation
You are in a partnership
You are a non-PAYE shareholder-employee

it is recommended you look at ACC CoverPlus Extra

 


Not sure whether to go for ACC CoverPlus Extra or stick with ACC CoverPlus?
To help you choose the cover that’s right for you, the following are  the key differences between the two options:


ACC CoverPlus Extra
ACC CoverPlus
Weekly entitlements
•  Weekly compensation based on 100% of the amount you agree with ACC.
•  Stays the same if your business continues to generate income during any time off work.
•  Pays up to 80% of your previous year’s earnings (limits and conditions apply).
•  May be reduced if your business continues to generate income during time off work.
Special conditions apply for newly or recently self-employed people or shareholder-employees.
Calculating levies
Calculated using:
•  The agreed amount of cover
•  Your business activity.
Calculated using:
•  Your previous year’s liable earnings
•  Levy rates specific to your business activity.
Payment of levy
•  An invoice is sent once you agree to the terms and conditions of the cover.
•  A reassessment invoice to include your residual levies is sent once your earnings details become available from Inland Revenue.
•  An invoice is sent once your earnings details become available from Inland Revenue. The invoice includes your residual levies.

 

 

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