Not very! The chances of me ever having a work related injury at the office is pretty slim. If I did, its very very likely that any injury I sustain will by viewed by ACC as a degenerative issue. They won’t pay out on that, yet they are quick to take my money year after year. Its not my insurance, its paying for someone else’s misfortune.
Over time, with the assistance of our very capable broker, we have been pro-actively reviewing all insurances for each and every client, whether it be business related or personal. Insurance arranged under banks should be questioned in particular as to their effectiveness. We also see from time to time, double up’s, or folks being insured for the same thing twice. ACC can be taylored for those people that are not on PAYE. Those of you on withholding tax we can also help. IF you are a client you will get a referral from me to my broker if I can see the necessity for it.
The road forward is to use the funds you would normally pay to ACC for work related injury, and apply it to a policy that will pay out. I see this as a necessity, in particular for aging client’s. ACC will cover you to the extent of either an agreed upon value (Cover Plus Xtra), or, to the extent of the last return filed reporting income (history). You are not insured for critical illness, recovery, trauma, disability. A taylored package to ensure adequate cover for what ever situation that may arise is the key.