Often said in business 'You need to get out there and network!' The problem with this statement is it is not that helpful for those who haven't done it before. 

In a recessionary market, the way forward is to get out there and market, not retrench and pull back. "When in Hell, don't stop! Keep going." often attributed to Winston Churchill 

Yes, you may have been to a conference or two, but if you haven't been in a sales or relationship role previously, networking can be daunting, especially when you're trying to get your new venture off the ground. 

Great idea, product or service. You're busy getting going, so adding more to the load isn't easy to contemplate. Even if you've been in business for a while, you need new or more contacts, but you're not sure how or where to spend your time.

Level premiums are an interesting one, as every situation is different.

Level term has had some additional noise recently, with new financial advice rules raising awareness of the way advice in this area is delivered. 

So when do you need it?

Change, it seems to be the only constant. Innovation and new products from businesses seem to be a constant stream. 

In the world of insurance and risk, it is much the same. In 2015 ACC paid $718,000,000 to cover the cost of work-related injury claims.

A posting on LinkedIn got to the crux of this quite succinctly. If your business cannot run without you for 30 days, you do not have a business.  You have a J-O-B with a very expensive sign that has your name on it. When you can sit back and say ‘my business will work without me’, you probably have a strong business and a succession plan.

KPMG International’s 2014 Global Audit Committee Survey has highlighted some positive things about the management and structure of New Zealand companies, specifically around the role of CFO.

It has also highlighted issues with succession planning. When it comes to succession planning, New Zealand is doing just as poorly as the rest of the world.

Also called premium waiver or premium cover. In a nutshell, it is insurance for your insurance premiums. Ok stop there! Before you go 'huh? I don't need that', consider the following.

The point of waiver of premium benefits is to pay your policy premiums when you are disabled and unable to work. Extending this logic, if you are disabled and unable to work, your income has likely stopped or reduced, often significantly.

If you have a reduction in income due to a disability, it is likely you may miss a premium payment or two. Miss three (months) and your insurance cover will lapse.

I cover a lot of ground in this post, though a bit of a lengthy technical one. Maybe that's part of the reason protecting incomes is not high on the completed tasks list, as policy details can get quite complicated.

I have mentioned before that income protection in New Zealand is not something that is well covered, much like the rest of the world. With about 80% of the population without financial support in a non-accident disability situation. This comes with potentially limited support with ACC. There is a lot of exposure not only for you personally, but also for your family members, co-workers, suppliers and clients.

What is the real risk?

You are not alone; most business people comment that ACC levy invoices do not make much sense.

Part of the reason for this is the way ACC levies are calculated, some in advance and some in arrears. Often this is not in a sequential order so you might be paying this year's and paying a wash up on a year before last. This is usually because of the way you have reported your accounts; this is also across two or more levy invoices. Added to this the various components to cover the past and future risks ACC have, credits that happen if you have overpaid a portion calculated on a prior estimate.