What is income protection insurance and why do you need it?


Accidents and illness happens, right? A couple of stitches here, a bout of flu there, but have you ever thought about how your business would survive if you were laid up for a while or worse, if you were permanently out of action? That’s why you need income protection insurance.

What would happen to your house, vehicle, school fees, grocery and electricity bills … if you couldn’t work?  How many weeks to do you think you could survive without an income? Tradesure’s Illness and Injury insurance (previously known as Income Protection Insurance) is the answer.

Many injuries happen at work, but what happens if you are injured over the weekend or in your own home? Unlike WorkCover which covers you for financial compensation for accident or injury on the job, Illness and Injury Insurance (previously known as Income Protection Insurance) covers you even when you’re not at work.

Illness and Injury insurance provides 24 hours, 7 days a week insurance cover for tradesmen. Regardless of whether they are at work or doing jobs at home or just horsing around with the kids – if a tradie breaks a leg or worse – they’re covered.  The benefits of Illness and Injury insurance are often confused with those offered by Life Insurance which has a different purpose.

Life insurance only pays a benefit to your family once you’ve passed away.  Illness and injury insurance (income protection insurance) provides the financial support you need while you’re still alive and need to pay the bills while you recover.

Imagine the peace of mind of Tradesman Illness and Injury Insurance cover for injured or sick tradies who are still able to meet daily expenses of living, paying your rent, mortgage repayments and any other bills while recovering.  

When you are a tradie, ensuring you have insurance cover to protect your income against accidents, injury and sickness via an injury and illness insurance policy is a must and that’s where Tradesure can help.  They only provide insurance or tradies and subbies.

Tradesman’s Illness and Injury Insurance, formerly known as income protection insurance and often described as accident insurance should be considered an essential part of a tradesman’s business insurance package, which may also include other must have insurance policies including Public Liability Insurance, Tools Insurance, Business Insurance and Commercial Motor Vehicle Insurance.

The process of Illness and Injury Insurance is easy and it starts by completing a health statement and insurance application form.  Approval time is usually 24 hours, but if you need it now, urgent income protection insurance approval is available within a couple of hours.

Your Tradesure illness and injury insurance adviser will guide you through it explaining why it is different to other insurances including WorkCover and Life Insurance and importantly, why it is a necessary inclusion in your insurance and financial planning. It is important that you complete your illness and injury insurance (formerly income protection) application form and any claim forms honestly and disclose ALL relevant details about your health and work practices.

All insurances including Public Liability Insurance, Tools Insurance, Business Insurance, Commercial or Work Vehicles Insurance have exclusions, terms and conditions therefore it is always necessary to read your PDS (product disclosure statement). For further information please contact your Tradesure insurance adviser on 1800 872 331.