Sickness and Accident Insurance for Tradies

Why is accident and sickness insurance so important to tradesmen?

Australian tradesmen encounter many dangers at various job sites. They also encounter a number of people since much of the work they do involves consulting with clients and working with people on a daily basis. Tradesmen, or tradies, take a great financial risk being self-employed since they rely on their trades and skills to make a living for themselves and their families. Sickness and accident insurance for tradies helps these hard-working tradies pick up the financial pieces in case something happens.

What does accident and illness insurance do for you?

This kind of insurance cover provides you with a percentage of your average income if you are in an accident or become too sick to work. A number of factors are considered when choosing this type of insurance for tradesmen.

The waiting period

The waiting period is the length of time you are out of work before you can begin to claim your benefits. The longer the waiting period chosen for your cover, the lower the premium. Shorter waiting periods are more expensive. Most tradies choose a 30-day waiting period for their sickness and accident cover.

The amount of cover

You also get to choose cover that amounts can amount up to 75 percent of your gross income.  This is considered before taxes are taken and after business expenses are figured. The higher percentage you choose, the higher your premium will be. Professional insurance providers can help you figure out your sum insured amount according to your needs.

The benefit period

How long will you be unable to work? No one can estimate to a fault how long they might be out of work until it happens, but you do have to take this under advisement when choosing your protection. The maximum benefit period is up to two years, but some policies may offer longer benefit periods for your consideration.

Package deals

Accident and illness insurance cover for tradesmen can be obtained at lower premium rates when you choose package deals for your cover. For instance, some providers offer trade-specific packages for plumbers, carpenters, electricians, builders, landscapers, and other trades. Package offers often encompass a number of insurance cover plans like liability, sickness and accident, tools of the trade cover, vehicle insurance, and other trade-specific cover to meet your needs. It is advisable to always compare coverage, limits, benefits, and premiums before selecting single or package tradesmen cover.

Get help with choosing an accident and illness insurance provider

If you do need a good insurance broker to help you with sickness and accident insurance, try contacting a local broker from our Tradebusters Academy network. These professionals specialise in helping tradesmen in business and we sure one could be a good choice for you.