Why do I Need Personal Accident and Illness Cover? - Contractors Insurance Australia

April 28, 2020

Personal Accident and Illness Insurance will provide you with a portion of your regular income in case of injury or illness, that prevents you from attending work. Therefore, it is
essential to consider this insurance to ensure your livelihood is supported even during unforeseen circumstances.

In general, Personal Accident and Illness Cover will supply you with up to 85% of your income for an agreed benefit period as per the policy.

Personal accident and illness cover for contractors
As a contractor, you may often work in unfamiliar environments and work sites, where risks remain unknown in some circumstances. It leaves a chance for a workplace incident, or you
can be exposed to other factors that can lead to an injury or illness. These factors include hazardous chemicals, fires and explosions, dangerous equipment and general falls, scrapes,
and other minor injuries.

Recovering from an injury or illness can take a long time, which can lead to substantial financial stress. As a contractor, you and your business can only rely on you, which means
the sudden loss of income can dramatically affect your assets and your business. Therefore, a contractor needs to consider the benefits of Personal Accident and Illness Cover.
As we covered above, one of the most critical advantages of Personal Accident and Illness Cover is having a regular benefit paid to you while you cannot continue work. Other
advantages may include the following:

  • No medical questions or tests required when you apply
  • If you don’t qualify for a traditional income protection policy, you can still obtain Personal Accident and Illness Cover
  • Premiums can be cheaper than Income Protection Cover

As a business owner, it is essential to protect your assets and ensure the cash-flow is coming in. Personal and Accident and Injury Cover is a great security blanket for contractors during
unforeseen events.

At Contractor Cover, we provide expert advice for contractors from a variety of industries. Our specialists are highly trained and have extensive experience to make sure you have the
right cover for your business at the best price.

How much does personal accident and illness cover cost?
The cost of personal Accident and illness cover depends on a few factors:

  • How much of your income you will choose to replace (up to 85%)
  • The nature of work you do
  • How long you will require the benefits

Keep in mind that you can claim you a premium for Personal Accident and Illness Cover on your tax return at the end of the year, which makes it an affordable option for everyone.

Contractor Cover offers a convenient quoting system through which you can obtain a quote and arrange your Personal Accident and Illness Cover fast and easy. If you would like to find
out more information or get the expert advice, you can contact us on 1300 GETCOVER (1300 492 862), and we will be able to answer any questions you may have.

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General Advice Warning – retail clients *

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness. You should also consider our disclosure documents, which include our Financial Services Guide (FSG) and Product Disclosure Statements (PDS) for some products.
*Retail clients are individuals or those purchasing an insurance product for use in connection with a small business where the product is a designated retail product (eg motor vehicle, home buildings, home contents, personal and domestic property, sickness and accidental and travel insurance). All other clients are wholesale clients.

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Email – info@afca.org.au
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