If you're self-employed or a contractor you have two options for your ACC cover, either standard CoverPlus or CoverPlus Extra.
Standard cover – CoverPlus
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 also help cover the cost of your treatment and rehabilitation.
CoverPlus Extra
This 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 we calculate them by using the level of cover you nominated and agreed with us. So, no surprises at invoice time
like our standard cover, 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.