Personal Accident and Illness Insurance

Personal Accident and Illness Insurance for Contractors

Many a time we think about the risks our business may be open to from third party factors, or how our service may affect others, but we fail to realise that if we ourselves were unable to work how it would affect our business. In the event that you are injured or become ill through a course of your work, you can protect your business and your assets with Personal Accident and Illness Cover.

How does Personal Accident and Illness Cover work?

If you are unable to work due to injury or illness Personal Accident and Illness will supply you with a portion of your usual income. This can help to pay for bills, support your family, and prevent you from draining precious funds out of your business or personal assets to keep financially afloat whilst you are unable to perform.

Generally Personal Accident and Illness Cover will supply you with up to 85% of your income for an agreed benefit period as per the policy. These funds can be used for anything you need to spend it on, much like in the event of an employee receiving ‘sick leave’.

Working as a contractor often means you are entering unfamiliar work sites and risks are sometimes unknown, opening up the chances of a workplace incident happening. Other factors that may render you ill or injured include working with:

  • Hazardous chemicals
  • Dangerous machinery or equipment
  • Fires and explosions
  • General falls, scrapes, and minor injuries

If you find yourself unable to work as a result of any of these, if you inure yourself, or become ill because of your work, you will need to consider who will pay for your lifestyle, bills, and support your dependents. Accident and Injury Insurance will safeguard your everyday life in the case you cannot meet payments yourself.

Who needs Personal Accident and Illness Cover?

Personal Accident Insurance and Illness Insurance for Contractors

The sudden and unexpected loss of income can be a distressing blow for a contractor, especially as most of the time you are relying on an income that you alone produce. Not to mention the stress associated with recovery from illness or injury from an accident adding to the blow on the business. Anyone that works for themselves, such as a contractor, should consider Personal Accident and Illness Cover in order to safeguard their business from severe financial loss should they fall ill or suffer from an accident.

There are many unexpected expenses that will surface during this period alongside your normal every day bills. These can include but are not limited to:

  • Medical rehabilitation, which can also become an ongoing commitment for years to come
  • Family members may need to take time off work to care for you, taking away a portion of their income
  • The need for a registered nurse at home to aid you in recovery
  • Doctors and specialist fees, for follow up appointments and scans
  • Cost of modifications to the home or car (or hire of a driver)

It’s true that health insurance can cover a portion of these, but many costs may require an upfront fee or will only be partially claimable if at all.

If you are a business owner, you will need to ensure the business cash-flow is coming in, and Personal Accident and Injury Cover is a great buffer for this.

How much will Personal Accident and Illness Cover cost me?

The cost of your Personal Accident and Illness Cover will depend on:

  • How much of your income, up to 85%, you want to replace
  • The nature of your work
  • The length of the benefit period you choose

Don’t forget, you can actually claim the premium for your Personal Accident and Injury Insurance on your tax return. So the cost is much more affordable after all, and there is no excuse not to be protected in case of an insured event occurring.

Where can you get a quote?

Personal Accident Insurance and Illness Insurance Australia

Contractor Cover has extensive experience with providing specialist advice and customised Personal Accident and Illness Cover for contractors ranging from a large variety of industries. You can rest assured that your advice will be based on the latest information, with the best possible value for money policy for your business.

We hope you may never find yourself in a situation needing to call on your Personal Accident and Illness Cover, however accidents and unexpected illnesses do happen no matter how careful you are. The right policy will provide you with the confidence you need to allow you to go about your daily work with peace of mind.

The Contractor Cover quoting system is one of the fastest ways contractors can get a quote and arrange their Personal Accident and Illness Cover. It doesn't matter what type of contractor you are, Contractor Cover can help you find the best policy for your needs. To organise a quote just fill out our quick online form or give our office a call on 1300 GETCOVER (1300 492 862) to speak to our Contractor Cover real-life team.