BUSINESS
BUSINESS INSURANCE
Our business insurance options AIA Start-Up Income Protection
What is business insurance and why do you need it? A range of options that provide either monthly payments or a lump sum in the event you or a key person become seriously ill, injured or die. You work hard to build your business, so make sure it can keep running if you or a key person faces a serious medical situation. This can often happen without any warning, so this financial support gives you time to decide your next steps, whether that’s to continue trading or wind up your business. Key benefits of our business insurance • With Start Up Income Protection, access up to $9,000 sum assured a month without having to provide detailed financial information • Business Continuity doesn’t have ACC offsets so you have confidence you can take care of your financial commitments • Covered across a wide range of situations that could affect you or your key people to continue working • Enhancement Pass Back, that means any future improvements made to your purchased AIA Living product will be automatically applied to your policy, providing you with even more coverage. At claim time, we’ll compare your purchased product’s policy wording with the latest version of that product’s policy wording and apply the most favourable option for your claim.
Supports new business owners with monthly payments of an amount agreed at the time you take out your policy (after three years agreed value or indemnity based on financials). AIA Living Business Continuity Provides established businesses with monthly payments if you or any key employees become disabled and are unable to work. Other business insurances You can choose to take out the below insurances for business or personal purposes depending on what best suits your needs: • AIA Living Life Cover • AIA Living Total Permanent Disablement
• AIA Living Critical Conditions • AIA Living Progressive Care • AIA Living Severe Trauma
AIA Vitality is our personalised, science-backed health and wellbeing programme that supports you every day to make healthier lifestyle choices. It takes you on a journey to better health - where you get to know your health, improve it, and enjoy the rewards for doing so. Add AIA Vitality when you purchase business insurance to receive: • an initial 10% premium discount* on your first year’s premium • earn up to $560 in vouchers or Airpoints Dollars TM per membership year • exclusive rewards and discounts from our partners.
Add AIA Vitality to your business insurance for $11.50 per month. *T&Cs apply.
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Look after what you’ve built
Succeeding in any enterprise can be challenging enough, without having to worry about the unexpected consequences of illness or injury. We can help you plan now for a secure future. Most New Zealand businesses appreciate the need to manage the risks they face every day. If you’re in business, chances are you insure your physical assets such as plant equipment, vehicles, stock or buildings, but it’s your human assets that provide the initiative, drive and expertise to make your business successful and profitable. Should something happen to one of these key people including yourself, the right insurance can help you make the next step that’s right for you and your business. The financial support could keep your business operating, allow you to cover debts, or help you wind up and sell.
Something to think about:
Who are your key people? What is their value to the business in terms of revenue and costs? Could you quickly replace the revenue they generate? Would your business remain solvent?
Could the remaining staff take on the extra workload?
We’re here to help If you’re business is new and been operating for under three years, you can be covered with our Start-Up Income Protection . Once you’ve been operating for over three years, you can move onto our more comprehensive Business Continuity insurance. Sometimes it makes sense to take out further insurances to fully cover yourself or key people for a wider range of situations. We have a suite of insurances across life, trauma and total permanent disablement that can be taken out for business or personal purposes depending on your needs.
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BUSINESS INSURANCE OVERVIEW
AIA Start-Up Income Protection
Congratulations on starting a business, you’re the boss! In this building stage you only take time off work if it’s really serious... so what if it was? Setting up insurance for your new business is an essential financial safety net to protect you if you’re unable to work for more than 10 hours a week due to illness or injury. However being newly self-employed can make it difficult to prove the profitability of your business and take out income protection insurance. Designed for business owners who have been trading for three years or less, our Start-Up Income Protection gives you the confidence you need while your business gets off the ground. Your monthly payments will be an amount agreed at the time you apply, based off a proportion of your business’ revenue. Once you’ve been operating for more than three years you can move onto our more comprehensive Business Continuity insurance. This ensures your insurance evolves with your business. AIA Living Business Continuity Designed to meet the needs of business owners who have been trading for more than three years, Business Continuity provides a monthly benefit so you have time to make the decisions you need about the future of your business. As an established business you have a strong understanding of your operating finances, so you can choose your monthly payments to be based off either Agreed Value, or Indemnity. Agreed Value is an amount agreed at the time you apply, based off a proportion of your business’ revenue. Indemnity is based off a proportion of your business’ revenue at claim time.
No ACC Offsets on Business Continuity This business insurance option will pay you on top of the amount of ACC payments you receive or are entitled to receive.
You choose the timing For both our business insurance options above, you choose the time you wait before you’ll start receiving payments and how long you want to receive them for.
Benefit Period The length of time you could receive the benefit
Waiting Period The length of time between you becoming disabled and when you start receiving the benefit payments. Choose from 4, 8 or 13 weeks.
payments for; either 6, 12 or 24 months.
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Business Insurance
AIA Living Life Cover Life insurance is one of the most simple but important types of insurance. It provides a lump sum if you or a key person dies, or is diagnosed with a terminal illness. AIA Living Total Permanent Disablement (TPD) This provides a lump sum payment if you or a key person become totally permanently disabled and unable to work due to illness or injury. You can choose to take it out under either of the below options. Own occupation Where it’s unlikely you’ll be able to work in the specific occupation you were involved in immediately prior to incapacitation. Any occupation Being so incapacitated that it’s unlikely you’ll ever be able to work, in any occupation for which you are reasonably suited by education, training or experience, and which would pay remuneration greater than 25% of your pre- disability earnings during your last 12 months of work.
Secure your investment in yourself and other key people by being prepared for what tomorrow holds. Our insurance options widen your cover so you can focus on your business today.
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AIA Living Critical Conditions This is our most comprehensive trauma insurance, providing financial support through full or partial lump sum payments for a wide range of defined medical conditions, so you can focus on recovery, not expenses. Plus, with the option to buy back your cover after a claim, you can maintain long-term protection and peace of mind. AIA Living Progressive Care Affordable trauma cover that can provide multiple payments for defined medical conditions based on how serious your condition is; more serious illnesses receive greater financial support. This ensures you’re covered across five key health categories, and even if you’ve received a full payment in one area, you may still be eligible to claim in others. AIA Living Severe Trauma Our most cost-effective trauma cover, designed to support you through life-changing medical events. It focuses on fewer, more severe conditions that have a very significant impact on your day-to-day life. AIA offers one of the most comprehensive trauma insurance ranges in New Zealand, giving you the choice of your level of cover to suit your budget. By combining our trauma products, you can create a personalised protection plan that meets your needs. Whether you’re looking for comprehensive cover, or a cost-effective solution for serious illnesses, our options work together to provide layered protection, so you’re supported for a wide range of conditions.
Understand your cover It’s important to understand that while a medical condition might be covered under multiple products, the definition, severity level and claim requirements can differ between them. Always refer to the specific policy wording to ensure clarity on what’s covered and how.
Keeping up with your success One of the key reasons you might need to take out these insurances as Business rather than Personal is to access our Business Safeguard Facility available with Life, Total Permanent Disablement, Critical Conditions and Severe Trauma cover. With this optional benefit you can support your growing business by applying to increase your sum assured when your financial responsibility in your business increases, without providing any further medical information. This will increase your premium, limits and conditions apply, and every increase in cover will result in an increase in premium.
For more details on what’s included within these products view our brochures at aia.co.nz/our-products For flexibility around your individual situation, these products can all be taken out as Personal or Business.
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Business Insurance
Built-in benefits
See at a glance whats included in the different insurance options:
Start-Up Income Protection
Business Continuity
Total Disablement Benefit
Recurrent Disablement Benefit
Rehabilitation and Support
Business Mentors Benefit
Total Disablement Benefit You will receive a monthly benefit less offsets (if applicable) if you are totally disabled. Recurrent Disablement Benefit The waiting period will be waived if you become disabled again and it’s caused by the same or a related illness or injury. This is subject to AIA’s opinion after considering the advice of a registered medical practitioner and other relevant information. Rehabilitation and Support One of our dedicated case managers will work with you to understand your personal situation and will consider what assistance could aid your return to work, or improve your capacity to work. Business Mentors Benefit Following an accepted claim, we can provide you with a two-year membership to Business Mentors - New Zealand’s leading business mentoring service. A business mentor can offer a fresh perspective and guidance at a challenging time, enabling you to focus on your recovery.
Worldwide Cover Whether you’re at home, travelling or living overseas for any period, you remain insured.
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Optional benefits you can add on
See at a glance whats included in the different insurance options:
Start-Up Income Protection
Business Continuity
Specified Accidental Injury Cover
Waiver of Premium
Partial Disablement Benefit
Partial Disablement Bridging Benefit
Specified Accidental Injury Cover This optional benefit provides a single up-front payment, should you experience an accidental injury. This payment can be used for whatever you need: covering treatment costs, getting taxis to work, hiring someone to help with children, or simply taking time off work to recover. You choose how much cover you need, up to $5,000 a month, and the lump sum you receive is based on the treatment you require. Making a claim under this optional benefit is not affected by payments from ACC or other insurances you may have. Waiver of Premium This can remove the burden of paying premiums when you are unable to work due to total disability. We will waive your premium payments, while your insurance remains in place. This benefit is compulsory with Start- Up Income Protection and Business Continuity and you’ll incur an additional cost.
Partial Disablement Benefit This provides additional income if, owing to a
A note on exclusions and benefits Our business insurance (including the built-in benefits and optional benefits in this brochure) is subject to certain stand-down periods and exclusions. Please also note that the optional benefits are subject to an increase in premium and their own terms and conditions. For more information, please refer to the relevant policy wordings which can be found on aia.co.nz or speak to your Adviser.
continuation of the disability, you are working less than 75% of the working hours stated at application time and have been totally disabled. If you choose to take this benefit you’ll also have access to: Partial Disablement Bridging Benefit If you move from a total to partial disability benefit, this pays a lump sum equal to 1/3rd of the last monthly total disability benefit to help cover costs during the transition period.
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Business Insurance
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Disclaimer
Other things you should know: the availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions and premium loadings may apply. This insurance is underwritten by AIA New Zealand Limited (‘AIA’). For full details of the products and benefits offered by AIA, please refer to the policy document(s) which are available from AIA. The information contained in this publication is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any insurance decision, you should consult a professional Adviser. Copyright © 202 6 , AIA New Zealand Limited (352806). All rights reserved. The information contained in this document is current at the time of publication and is subject to change at any time.
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