Insurance for Established Businesses
There are many benefits to running your own business. For a start, it gives you the freedom to set your own goals and do things your way. But just as importantly, it provides you and your family with a lifestyle that may not have been possible if you were working for someone else.
So what would happen to your business if you or a key person in your business was suddenly taken out of the picture? Accidents and illnesses happen when you least expect them – how would your business continue to operate without you?
The solution is AIA Business Continuation Cover.
Insurance for Established Businesses
- AIA Business Continuation Cover
Protecting your livelihood and the business you’ve worked so hard for.
AIA Business Continuation Cover is a simple insurance plan designed specifically for profitable businesses over four years old. It provides a monthly income of up to $50,000 to help keep the business running if you or a key person* in your business is unable to work due to illness or accident.
The money can be used for any purpose – to pay expenses, hire new staff or buy new stock for instance. What’s more, the amount you receive won’t be reduced by any other insurance benefits you may receive, like ACC or other income protection benefits.
It’s a financial safety net to ensure your business can continue, even if you’re not around.
* For Business Continuation Cover, a key person is either a working shareholder or a non-shareholding employee with specific skills who generates revenue for the business (who is not a passive investor). To be eligible for this cover, the business must have no more than five key people and no more than 15 employees.
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Guaranteed renewable to age 65
- Cover of up to $50,000 a month
- Benefit is paid monthly in advance
- Premium waived while a benefit is paid
- Worldwide cover
If you or a key person in your business is sick or injured and can no longer work for an extended period of time, AIA Business Continuation Cover will pay your business a fixed monthly income for up to 12 months to help keep your business running.
- Cover of up to $50,000 a month
- Benefit paid in advance each month
- Choice of waiting periods: 4, 8 or 13 weeks
- Use the money how you like
- Premiums waived while a benefit is being paid
- No reduction in payments if you’re also receiving ACC or other income protection benefits
With our Business Continuation Cover you’ll also receive a recurrent disability benefit, so if the same disability or illness occurs within 12 months the waiting period is waived for the second episode. And if you choose the partial disability option you’ll get a benefit if, after a 7-day period of total disability, you’re able to work but for fewer hours than before.
Contact us now to find an AIA Insurance Adviser near you.
| Qualifying age* | Depending on your occupation class, you need to be either 16 – 59 years* or 16 – 54 years of age |
|---|---|
| Duration of policy | Policies are annually renewable to age 65 |
| Benefit period | 1 year |
| Cover limit | $50,000 per month |
| Waiting periods | 4, 8 or 13 weeks |
| Premium options | 1 year |
*Individual consideration will be given to ages outside this range.
A keen sportswoman who loves a challenge, Angela had been a GP for more than 10 years when she fractured her spine in a skiing accident. She knew, better than anyone, that back injuries are unpredictable. Although she had no spinal cord damage, she required surgery and several months off work.
So how would she keep her thriving GP practice running while she was recovering?
Fortunately, Angela had prepared herself for this possibility and could make a claim on two types of insurance. Firstly, she had AIA Income Protection Cover. Secondly, she had AIA Business Continuation Cover, which covered the cost of hiring a locum to keep her practice running for up to a year.
After nine months of rest and careful rehabilitation, Angela was able to resume her work as a GP.