Business Continuity will pay an agreed value amount into your business for up to two years. You have the opportunity to nominate the percentage of effort you are responsible for in the gross operating profit. Most NZ businesses the owners are the key players and if they aren't involved their income would plummit.
Income Protection is designed to pay you a percentage of your taxable profit for a set period of time. It is very unlikely your income would carry on at the same level in the years to come.
Start Up Income Protection
Start up income protection is designed for newly started businesses where there is no financial history to go off. This policy gives you the opportunity to nominate an amount you wish to be paid on a monthly basis that will pay for sickness as well as on top of ACC.
Key Person Insurance
In every business you have key people that will bring in a large percentage of the turnover. If they were to have a major injury or sickness the lost revenue would be instant and high cost of replacement for that key person would be dreadful. This policy is designed to pay a monthly amount for up to 12 months so the business can afford to replace this person rapidly with least the interruption to the company and its revenue.
In the case of you having an accident or sickness you might have the opportunity to hire a locum to replace you, however this would come at a significant cost to your business. This policy can look after this cost for up to 12 months.