ASB Start-Up Income Protection

Monthly benefit payments

Start-Up Income Protection can provide you with a monthly payment if you become totally disabled for a continuous period that continues beyond the waiting period.

You don’t need to supply proof of pre-disability income or your company’s financial statements at application or claim, in order to receive any eligible benefits.

During the first three years of your policy, Start-Up Income Protection provides an agreed monthly payment on any accepted claim based on your length of time in business and your preferred benefit payment period.

Continuing your cover

After three years, your business insurance needs are likely to have changed. To keep this important cover in place, on your business' third anniversary you have the option of:

A) Providing financial accounts for your business, to continue the agreed value basis of your cover to continue. 

B) Not providing any financial accounts for your business. In this case, your cover type will change. Your monthly benefit will be based on a proportion of your pre-disability income (before tax) at claim time (up to a maximum amount of the cover selected at the time of your application). You’ll also need to supply proof of pre-disability income when you lodge a claim. 

Please note: Any special conditions, exclusions and premium loadings will be transferred to your new policy.

Offsets – ACC and other policies

For the first three years, your benefit payment won’t be reduced by any other business income or income replacement benefits you may receive in connection with the disability, including ACC.

After three years, your benefit will be reduced by the value of benefits received from other income replacement type policies, ACC payments and any sick leave entitlements.

Choice of waiting periods

The waiting period is the time between your disability occurring and you receiving your first benefit payment. Generally, the longer the waiting period, the lower the cost of insurance. With ASB Start-Up Income Protection, you have a choice between four, eight or thirteen weeks. However, if you become totally disabled again through a related illness or injury — within 12 months of your recovery — we will waive the waiting period.