Talk to us about optimising acc cover plus extra (CPX) with Income Protection insurance.
Income Protection provides a more comprehensive solution for all forms of illness and injury disability, rather than just having cover on ACC for accidental injury.
Why rely on cover for accident only, when the main cause of long term disability is illness.
Save on levies - improve your protection.
In cases where an individual can't obtain income protection insurance due to their occupation or medical constraints, CPX can be used to safe guard compensation for injury at an agreed high level.
We then combine this high level CPX cover with Trauma insurance to provide a solution that protects against injury and major illnesses.
Check you are on the correct CU code and change to CPX without insurance.
We can assist you with reviewing your current ACC plan and lodging your CPX application
*Fee of $250 + GST applies
If ACC advice is provided with new insurance then the service fee is waived.
In New Zealand all businesses are required to pay an ACC levy on behalf of their employees and shareholders. The type of levy paid is based on your occupation, payroll status (e.g. employed on PAYE or self-employed on shareholder salary) and income.
ACC provides compensation if you can't work due to an accident, and will also fund medical treatment and rehabilitation cause by accidental injury.
Cover is limited to accidental injury only and does not cover any illness or any disability from so called "wear and tear" degenerative injuries or disability.
Each financial year ACC will charge you a levy. The levy charges will depend on your declared income and the industry Classification Unit (CU) of your business occupation. The higher the risk of accident in your occupation/industry, the higher the levy charged.
ACC provides a useful base level of protection for injury, but should not be relied upon due to the limitations in coverage.
If you are confused by your ACC invoices, coverage or want to learn how to enhance your cover, get in touch.
If you are self-employed and pay yourself a shareholder salary, the default ACC plan is called Cover Plus. Your ACC levy and compensation is based on your personal taxable income. Levies are invoiced annually in arrears.
With the default Cover Plus plan you have no control over the level of your compensation or your levies, it is simply based on your declared income regardless of whether you have other arrangements in place, such as insurance.
You also have to prove your financial loss at the time of claim. This can lead to delays in receiving compensation while you gather information and process forms and can be a frustrating experience.
For newly self employed business owners, if you remain on Cover Plus you will be liable for a double levy once you file your first year's tax return. This is a levy for your first year in arrears and your second year provision levy all at once. Ouch.
Fortunately, there is another way. Introducing ACC Cover Plus Extra..
Take control of your ACC cover and expenditure with CPX. At Tidal we recommend that all our self-employed clients (non-PAYE) move to CPX for the following reasons:-
For those in business it can be hard to know where you stand with ACC. Let us guide you through the process and optimise your ACC plan to improve your protection, and provide greater certainty.
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