Personal Accident & Illness Insurance
What is it?
Individual Personal Accident & Illness insurance is designed to cover an individual in the event they have an accident or suffer an injury or illness which impacts their ability to continue working in the capacity they had been.
This insurance provides financial protection for injuries that result in death or permanent disablement and cover for loss of earnings due to injury or illness and may enable an individual to meet ongoing financial commitments including providing for their family or continuing business operations. Personal Accident and Illness insurance may also allow cover to be arranged over and above workers compensation limits already in place or where an individual may not be covered under a worker compensation scheme (such as a sole trader)
Who Should Consider it?
Self employed people, employees, small business owners, working directors, contractors or subcontractors
“Public liability insurance helps protect you and your business against the financial risk of being liable for negligence.”
Australian Government,
Business.gov.au
Did you know?
The ABS found that the age brackets with the highest rates of work-related injury or illness among persons who had worked at some time in 2017-18 were:
50-54 years old (5.8%); followed by
20-24 years old (5.5%).
What can it cover?
| Issue | Benefits |
|---|---|
| Capital benefits | Lump sump benefits in the event of death or permanent disablement |
| Weekly Injury Benefits | Provides cover for weekly salary if an insured suffers an accidental injury results in them being temporarily disabled and unable to attend their occupation |
| Weekly Sickness Benefits | Provides cover for weekly Salary if an insured suffers a sickness that directly results in them being temporarily disabled and unable to attend their occupation |