Running your own business has its many perks. It can be quite profitable, flexible and self-fulfilling. However, with its many advantages comes a few disadvantages. For instance, as a self-employed tradie you won’t get annual leave or sick leave. So 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 all 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 the ins and outs of personal accident insurance to see if it’s right for you and your business.

What is personal accident insurance?

Personal accident and sickness insurance protects you financially if you find yourself unable to work following a sudden accident or illness. With this insurance cover, you’ll continue to receive a portion of your income while you’re off work due to injury or illness so you can recover whilst keeping up with expenses. These payments will continue until you’re able to return to work or until your benefit period runs out, which is usually 12 to 24 months. 

Why do you need personal accident insurance?

Most 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. This is why it is so important to cover yourself with personal sickness and accident insurance. Just think for a second, how would you and your family keep up with financial obligations if you could not work? 

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 lead to you exacerbating a problem rather than letting it fully heal. Save yourself the stress and take out personal illness and accident insurance. It will provide financial peace of mind knowing that you’ll have financial protection in the event of injury or illness.

When would you make a claim for personal accident insurance?

You would make a claim for personal sickness and accident insurance in the unfortunate event that you fell ill or injured and were unable to work for an extended period. This could be something like injuring your back lifting a heavy object or breaking a bone after a fall on a jobsite. Our friendly team at All Trades Cover are more than happy to assist you with a claim or answer any questions you may have regarding personal accident insurance.

What are you covered for with personal accident insurance?

Your policy will specify the injuries and illnesses which are covered by your policy. At All Trades Cover, we offer an agreed value option which means you can nominate how much you receive during the benefit period up to a certain amount per week. You can opt for a benefit period of up to two years, depending on your age. There’s no limit to what you spend your payments on – you can opt to use it for medical costs, rent and mortgage, daily living needs and whatever else you need. Remember to pay close attention to the inclusions and exclusions of the policy and any waiting periods that may apply. 

How much does personal accident insurance cost?

When you consider the expense involved with taking an extended period 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. The cost of personal accident insurance will vary depending on the level of cover you want and your personal risk factor.

At All Trades Cover, we offer competitive cover at an affordable price. Our massive buying power means that the policies we offer are specially worded to meet the needs of tradies. We understand that you want an insurance broker who understands your business and our trained staff are ready to help. We’re partnered with the world’s leading insurance marketplace for the best protection and peace of mind. 

For your personal accident insurance quote, contact All Trades Cover today on 1300 826 850.

John Elliott

John Elliott

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An industry veteran with a vision to revolutionise insurance for tradespeople, John Elliott founded All Trades Cover with a commitment to make insurance easy, efficient, and affordable for tradies across Australia.

With 2 decades of experience and thousands of insured clients nationwide, John’s vision has become a reality. All Trades Cover is now a trusted partner for tradies, offering top-tier coverage at competitive prices. But it’s not just about cost savings.

John’s innovative approach focuses on simplicity and speed without compromisingon quality.

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