When you run your own small business as a tradie, it gives you the flexibility to run your business autonomously and you benefit from all the profits coming straight to you. But how would you cope financially if you were suddenly unable to work? Luckily, personal accident and illness insurance can help.
Personal accident insurance is an important consideration for self-employed tradies as it means that you’ll continue to receive a portion of your income if you’re unable to work due to injury or illness. Let’s take a look at just the reasons that you should consider personal accident insurance.
Financial peace of mind
Consider for a moment the expenses that your regular income pays for and then consider how you would keep up with those if you were unable to work. Personal accident insurance offers ongoing peace of mind as you’ll receive payment until you’re able to return to work or until your policy expires – whichever happens first. This allows you to keep up with expenses such as mortgage and rent, credit card and loan payments, bills, and general living costs.
Helpful for self-employed individuals
Tradies are often self-employed which means that you don’t have access to leave entitlements, such as annual leave or sick leave. This makes things difficult as you have nothing to fall back on if you can’t work. Personal accident and illness insurance provides a financial buffer for self-employed tradies so you know that you’ll have financial protection in the event of injury or illness.
Allows you to recover
If you don’t have insurance cover in place in the event of injury or illness, it can mean that the financial stress of not earning an income sees you return to work before you’re actually ready. This can mean that you can exacerbate a problem, such as a back issue, rather than letting it heal fully. With personal accident and illness cover, you receive regular payments which means you don’t need to worry about returning to work before you’re ready.
Lessens stress on family
If your family relies on your income to keep up with expenses, it can be a stressful time when you suddenly find that you’re unable to work. Personal accident insurance means that your family doesn’t need to become stressed by financial burden as the regular payments means that you’re able to keep up with regular expenses such as school fees and general living costs.
When you consider the expense involved with taking a long time off work following injury or illness, personal accident insurance works out to be a very affordable cover. It can also be a more affordable option when compared to life insurance.
At All Trades Cover, we’re the expert when it comes to insurance cover for Australian tradies. For more information about personal accident insurance, contact All Trades Cover today on 1300 826 850 or visit our website.