A lot of the time in business we are thinking about the things that might go wrong externally to yourself. There are things to worry about such as accidents, injury to workers, damage to property, or break ins, that we often forget to think about ourselves. Have you thought about what might happen should you yourself become ill or injured as a result of your work? Here we will discuss the basics of Personal Accident Insurance.
What Is It All About?
Personal Accident Insurance focuses on you and helping you with your income. Should you fall ill or suffer an accident at work, this insurance will pay you a portion of your income to get you by until you are back on your feet or until your policy period is over. This can help with bills, supporting your family, and with protecting your own back pockets against depletion.
You can choose to have up to 85% of your income covered by Personal Accident Insurance. You can then use this money for whatever you might need such as bills, groceries, medical bills, home modification, doctors or specialists or in home nurses. In addition your spouse or partner might need to take time off work themselves to look after you, losing yourselves even more money. Working for yourself means you don't get sick leave or Workers Compensation Insurance, meaning you are open to great financial loss should something happen. Personal Accident Insurance combats this loss and eases the stress of being off work.
Some of the risks that may occur within your work as a trades person include working with hazardous chemicals, working with or on dangerous machinery and equipment, fires and explosions can happen, and general falls, cuts, and minor injuries through daily work.
Finding yourself unable to work because of this can be an unexpected burden. The insurance will ensure that you can focus on getting better rather than worrying about paying the next bill. Anyone that has their own business should consider taking out a form of insurance that will help in the case that something happens to them.
Health Insurance only covers so much and will generally have a limit as to how much they will cover. Health Insurance will generally only also cover single medical expenses. Accident Insurance will provide a regular payment to keep you going - and you can choose what it goes towards.
In addition you can also claim the cost of your Personal Accident Insurance on your tax return. So the costs are much more affordable than anticipated!
Speak to All Trades Cover on 1300 826 850 today about your Personal Accident Insurance. We have expertise in servicing trades of all kinds, even the most unique. To discuss visit us at www.alltradescover.com.au, you can also fill out our easy online form for a quick insurance quote. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.