Illness & Injury Insurance is the financial security you need to keep an income when you are unable to work due to either getting hurt or getting sick. Illness & Injury insurance is important for tradesmen and subcontractors, whether you are self-employed or employed by someone else, because it provides 24/7 financial protection against illness and injury.
What’s that? You’ve got WorkCover because you are an employed tradie.
WorkCover is the compulsory insurance that covers you for injuries received travelling to and from and when in the workplace. But what if you have an accident outside of work – what then?
You need both! Injury & Illness Insurance provides cover for all those times you’re not at work, like when you slip and fall badly when playing with the kids, and when you fall ill. As its name suggests, Injury & Illness Insurance covers serious illness including cancer and heart disease, which is not covered by WorkCover.
There are two types of Injury & Illness insurance policies that are ideal for tradesmen, subcontractors, sole traders, partnerships and trade related business owners large and small: Accident Only or Sickness & Accident.
Statistics indicate that approximately 70% of illness and accident insurance claims are the result of sickness. Based on these statistics, it is recommended that you take out a policy that covers you in times of Illness AND Injury.
Previously known as Income Protection, Illness &Injury Insurance pays a financial benefit that will allow you to pay your bills and meet your living requirements when you are unable to generate your own income through work.
Many tradesmen don’t realise just how long they are able to survive without income. Depending on the severity of the accidental injury or the how serious the sickness, they could easily be away from work for six months or more. Research reveals that many self-employed tradesmen particularly over the age of 45 years will be out of work due to sickness for around three months or longer at some time during their working life.
Tradesure offers Illness & Injury Insurance (formerly Income Protection Insurance) that provides 5 years of financial benefits if you have an accident and 2 years financial benefits should you become ill. Some conditions apply, so please discuss with your Tradesure insurance advisor and always read your Product Disclosure Statement.
