When we’re going about our daily work, we don’t often have the time to think about the worst case scenario. However, the unexpected could happen and there are times when tradies suddenly find themselves unable to work. If this happened to you, how would you cope financially? Well, that’s where personal accident and illness insurance comes in. Today, we’ll be taking a closer look at the many benefits of personal accident insurance.

What is personal accident insurance?

Personal accident and illness insurance means that you’ll continue to receive a portion of your regular income if you find yourself unable to work following an accident or illness. 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. Your policy will specify the injuries and illnesses which are covered by your policy. 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. 

What are the benefits of personal accident insurance?

Provides ongoing peace of mind

Being self-employed as a tradies offers a lot of benefits – you have the flexibility of arranging your own hours and the profits go directly to you rather than an employer. However, it also means that you’re unable to earn an income if you’re unable to work. This means that if the unexpected happens, you need to use your own savings while you recover. Personal accident and illness insurance offers ongoing peace of mind as you know that you’re protected if you suddenly find yourself unable to work.

Allows you to recover 

When you’re trying to recover from an injury or illness, often it takes time for you to start feeling 100% again. However, if you’re in a situation where you’re not earning an income while you’re off work then it can be tempting to return to work before you’re ready. This can mean that you’re exacerbating an injury and putting yourself at risk of more time off work. Personal accident insurance gives you the opportunity to take your time to recover and not rush back to work when you’re not really ready. 

Ensures financial security 

It’s understandable that the thought of taking an extended period of time off work due to an accident or illness can make some people nervous. After all, not only will you be unable to earn an income but you’ll continue to be responsible for your ongoing expenses. Personal accident insurance means that you’ll continue to receive a portion of your income to ensure you can keep up with your expenses and maintain your lifestyle. These payments allow you to meet payments such as rent, mortgage, bills and other daily living requirements. 

Addresses the risks tradies face

The nature of your work as a tradie leaves you open to risks that many other industries just don’t need to worry about. The hands on nature of your work means that you’re exposed to risks that someone who sits at a desk all day wouldn’t need to worry about. Between working at heights, working with power tools and the physical work you tend to undertake, there are a number of scenarios which could see you unable to work. For example, a simple back injury could see you out of work for a significant period of time. Unlike other industries where it’s still possible to work with an injury, you generally need to be properly recovered as a tradie to be able to work at your full capacity. Given the unique risks that tradies face, it’s easy to see why personal accident insurance is an important consideration.

Who should consider personal accident insurance?

If you work in the trade industry, it’s a good idea to consider having personal accident insurance in place. This is largely because tradies tend to be self-employed which means that you don’t have access to leave entitlements. As a self-employed tradie, having personal accident insurance allows you to take time off work in the event of an accident or illness without worrying about the financial implications. Even if you do work for an employer, often you won’t have enough leave entitlements to last a significant amount of time. Personal accident insurance generally provides you with payments for up to two years – there aren’t many employers who would offer this type of paid leave.

All Trades Cover was established to provide specialised cover for tradies across Australia. No matter the size of your business, 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. Along with personal accident insurance, we also offer the following cover depending on your needs:

  • Public liability insurance
  • Property and tools cover
  • Workers compensation insurance
  • Professional indemnity insurance 
  • Mining contractors insurance

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

Accounts Rachael

Accounts Rachael

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For nine years, Chief Financial Officer (CFO) and Business Manager of All Trades Cover, Rachael, has put her Business Activity Statement (BAS) Agent experience to work for the company and its clients. Coaching the All Trades Cover team and managing the company finances are Rachael’s primary responsibilities.

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