Why Tradies Cannot Afford To Go Without Personal Accident Insurance
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Personal Accident Insurance is not mandatory; however it comes highly recommended for tradies to include in their insurance policy package. By enlisting Personal Accident Insurance you are protecting yourself and your family in the event that you are injured at work. Find out why you can’t afford to go without this cover here.

After Public Liability Insurance, Personal Accident Insurance is the most important and common type of insurance that tradies engage. Personal Accident Insurance protects tradesmen in the case where you are unable to earn an income themselves resulting from an accident due to work activities.

This type of insurance is beneficial to self-employed tradesmen who do not have access to sick leave or workers compensation. Even if you do have sick-leave or access to workers compensation, it is a beneficial type of insurance. Tradesmen are at a higher injury risk and it can put you off work for prolonged periods of time that sick-leave and compensation may not cover.

What’s in a Personal Accident Insurance policy?

A Personal Accident Insurance policy will commonly cover a greater portion of your income and pay you a benefit regularly after your chosen waiting period has passed. The payments cover a pre-chosen benefit period, or can also stop as soon as you are able to return to work. Generally, if your waiting period is shorter and the benefit period longer, the higher the premium is.

What about Income Protection Insurance?

Income Protection Insurance and Personal Accident Insurance are very similar, however slightly different. An income protection policy can be more comprehensive and provides specific options and flexibility of cover with higher benefits. It is also more difficult for the insurer to cancel your policy. However, it is more expensive than Personal Accident Insurance which can make it a financial challenge for business owners to obtain.

Personal Accident Insurance offers an effective alternative. Personal Accident Insurance policies generally have lower premiums, which can keep business costs down. As a result, the benefit periods do not go for as long. However, protecting your income is important for any tradesman, regardless of which way you choose to cover yourself.

A Personal Accident Insurance Policy is a very effective and cost effective way to make sure that you and your income are covered in the event that you are injured in the workplace. If you would like more advice on Personal Accident Insurance, contact All Trades Cover today.

If you require any assistance with obtaining a quote or finding information regarding Personal Accident Insurance contact All Trades Cover today. Do not leave yourself open to the financial risk of not having cover.


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