Self Employed Income Protection Insurance
Protecting your income when you’re unable to work
Self Employed Income Protection Insurance pays you a regular cash amount if you’re unable to work due to an accident and/or sickness. It helps you keep paying the bills while you recover.
As a self employed tradie, your financial position is dependent on your ability to earn an income. If your income stopped… would you be able to meet your financial commitments? Think home loan repayments, rent, vehicle and other financial commitments and everyday living expenses…
When you’re self employed, Income Protection Insurance is pretty much the only way of replacing your income when you become sick or injured.
And unlike Workers Compensation, Income Protection Insurance covers tradespeople 24 hours a day 7 days a week. Regardless when the accident or sickness occurs your income can be protected. You could be at work, at home cleaning out the gutters or kicking the footy with the kids – in any case, Self Employed Income Protection Insurance has got you covered.
What is Self Employed Income Protection Insurance?
Self Employed Income Protection Insurance (also known as sickness and accident Insurance) is a type of insurance cover that will pay policyholders their income if they are unable to work due to illness, injury or accident, regardless of where it happens.
It supports tradespeople by offering 24/7 cover, whether you’re at work, at home or playing with the kids in the park. Some policies even protect you when you are holidaying anywhere in the world.
Depending on the policy, Income Protection Insurance will provide financial support for a specific number of years for accidents and illness. Providing continued regular income payments while policyholders take time off work to recover.
And most importantly, if you ever need to make a claim, your insurer will take care of things for you quickly and painlessly.
Having Income Protection Insurance gives you peace of mind. It means that if you had an accident at work or while doing DIY at home, or even if you break your arm whilst on an amazing holiday, you know your income is secure.
Why Get Self Employed Income Protection Insurance?
Say you were unable to work for six months… now think of the impact on your lifestyle and financial security. How would you cope?
Most tradies would not do too well, and without Self Employed Income Insurance, finance would quickly become a major problem.
Steve certainly couldn’t have coped without it….
Steve’s a self employed builder and employees 2 workers and an apprentice. On a job site one day, he fell off scaffolding from a height of 2m, seriously injuring his back and arm.
As a result, Steve had to take 6 weeks off work, so had zero income during that time. He also couldn’t seek new work which meant his business had a lull between jobs.
He had no work for 3 months and no income…
Fortunately for Steve, he had Self Employed Income Insurance with Tradesure, which paid him a regular income, while he took time off to recovey.
Income Protection Insurance for self employed tradies:
- Covers you 24/7
- Offers up to 5 years of financial benefits
- You’re covered at work and at home
- Provides regular income while you recover
So, if you’re a self employed tradie, who would struggle to cover living costs without your regular income if you were unable to work, Income Protection Insurance is invaluable.