Personal Accident & Sickness Insurance

If you are self-employed, a sole trader, contractor or working director, your ability to work may be one of the most important financial assets behind your business and lifestyle.

You can insure your vehicles, plant, tools, buildings and business assets — but what happens if you are the asset that cannot work?

Insurance 2U arranges Personal Accident & Sickness Insurance for self-employed people, contractors, working directors and other eligible occupations who want to consider financial protection if an accident or sickness prevents them from working.

Depending on the policy selected, cover can provide agreed benefits following eligible accidental injury or sickness, subject to the policy terms, waiting periods, benefit periods, limits and exclusions.

Who Should Consider Personal Accident & Sickness Insurance?

This type of insurance can be particularly relevant for people whose income depends heavily on their personal ability to work, including:

Sole traders
Self-employed business owners
Working directors
Tradespeople
Contractors
Plant and machinery operators
Truck drivers and owner-drivers
Concrete pump operators
Construction workers
Electricians
Plumbers
Carpenters
Earthmoving operators
Professional consultants
Other eligible self-employed and employed occupations

The availability of cover and applicable terms can vary according to occupation, age, duties, income and other underwriting considerations.

Accident & Sickness — Not Just Workplace Accidents

One important consideration is that an inability to work does not necessarily result from an accident occurring at work.

Subject to the cover selected and policy terms, Personal Accident & Sickness Insurance can provide benefits for eligible disablement arising from accidental injury and, where sickness cover is selected and available, eligible illness.

For someone who relies on their own labour, skills or physical ability to generate income, being unable to work can quickly create financial pressure.

Weekly Benefits When You Cannot Work

Depending on the policy selected, a weekly benefit can be payable where an insured person meets the policy definition of temporary disablement following a covered accident or sickness.

The amount of benefit available will generally be subject to the insured person’s income, the percentage of income the insurer is prepared to cover, policy limits and underwriting requirements.

The purpose is to provide financial assistance during an eligible period of disablement — helping replace part of the income that would otherwise be lost while you cannot work.

Waiting Periods — When Do Benefits Start?

Personal Accident & Sickness policies generally have a waiting period before weekly benefits become payable.

Depending on the insurer and policy, different waiting-period options may be available.

A shorter waiting period can provide earlier financial assistance but may cost more, while a longer waiting period may reduce premium but requires the insured person to financially support themselves for longer before benefits commence.

When considering the waiting period, it can be useful to think about:

Available savings
Business cash reserves
Personal living expenses
Mortgage or rent commitments
Finance repayments
How long you could realistically manage without your normal income

Benefit Period — How Long Could You Need Protection?

The benefit period determines the maximum period for which eligible weekly benefits may be payable for a covered disablement, subject to the policy terms.

Available benefit periods vary between insurers and products.

The appropriate selection should consider both affordability and the potential financial consequences of being unable to work for an extended period.

Capital Benefits for Serious Accidental Injury

Depending on the policy selected, Personal Accident cover may also provide specified capital benefits for certain serious accidental injuries.

These can include defined events such as accidental death or certain permanent disabilities, subject to the policy’s benefit table, definitions, limits and exclusions.

The applicable benefits vary considerably between policies, so the policy schedule and wording should be reviewed carefully.

Tradespeople & Physical Occupations

For a tradesperson or plant operator, even an injury that might appear relatively minor to someone working behind a desk can make it impossible to perform normal occupational duties.

Consider the impact of an injury affecting your:

Back
Shoulder
Knee
Hand or wrist
Foot or ankle
Ability to lift
Ability to drive or operate machinery

A contractor who cannot physically perform their normal duties may experience an immediate reduction in income even though the business continues to have expenses.

Working Directors & Business Owners

Business owners sometimes concentrate heavily on protecting business property while giving much less consideration to their own ability to generate revenue.

A working director may be responsible for:

Performing physical work
Managing jobs
Supervising employees
Operating machinery
Meeting clients
Generating sales
Managing important customer relationships

If that person cannot work for an extended period, the financial consequences can extend beyond their personal income and affect the operation of the business itself.

Personal Accident & Sickness Is Not Workers Compensation

Personal Accident & Sickness Insurance and Workers Compensation are different forms of insurance.

Workers Compensation is governed by the applicable workers compensation legislation and arrangements in each Australian jurisdiction.

Personal Accident & Sickness Insurance is a separate insurance product with its own eligibility requirements, insured benefits, definitions, waiting periods, exclusions and conditions.

A business should not assume that purchasing Personal Accident & Sickness Insurance removes or replaces any Workers Compensation obligations it may have.

It Is Also Different From Retail Income Protection

Personal Accident & Sickness Insurance should not automatically be treated as identical to a retail life-insurance Income Protection policy.

The products can differ in their underwriting, definitions, benefit structures, policy periods, exclusions and other terms.

We can explain the general insurance product we arrange and its relevant features so you can determine whether it is appropriate for the protection you are seeking.

Your Occupation Matters

The duties you actually perform can materially affect the insurance terms available.

An office-based consultant does not necessarily present the same accident exposure as a concrete pump operator, truck driver, earthmoving contractor or tradesperson.

When arranging cover, insurers may require information including:

Occupation
Actual work duties
Percentage of manual work
Annual income
Age
Hours worked
Work at heights
Use of machinery
Driving duties
Other higher-risk activities

Accurately describing what you actually do for work is important.

24-Hour or Working-Hours Cover

Depending on the insurer and product, cover may be available on different bases, which can include protection extending beyond normal working hours.

This can be an important consideration because an injury preventing you from working could occur outside the workplace — at home, during recreation or elsewhere.

The actual scope of cover depends on the selected policy and should be confirmed from the insurer’s terms.

Pre-Existing Conditions & Policy Exclusions

Personal Accident & Sickness policies contain exclusions and conditions that need to be understood.

Depending on the policy, these may include provisions relating to pre-existing conditions, particular illnesses or injuries, hazardous activities and other specified circumstances.

We believe these details should be considered when arranging the insurance rather than discovered for the first time when a claim occurs.

Claims Support — When You Are Already Dealing With an Injury or Illness

Being unable to work is stressful enough without also having to work through an unfamiliar insurance claims process.

For clients whose insurance we manage, Insurance 2U can assist with:

Helping lodge the claim
Explaining the claim information generally required
Assisting with insurer claim forms and documentation
Communicating with insurers and claims personnel
Following up outstanding insurer requirements
Helping the client understand insurer requests
Monitoring claim progress
Following up delays where appropriate
Helping clarify applicable policy benefits
Assisting with disputed claim matters where required
Advocating for our client’s interests throughout the claims process

Our clients have a broker they can contact when they need assistance rather than having to navigate the insurance claim alone.

Protecting the Person Behind the Business

We regularly insure expensive commercial assets — trucks, concrete pumps, excavators, buildings, machinery and equipment.

Yet for many owner-operated businesses, the person operating those assets and generating the income may be the most important asset of all.

That is why Personal Accident & Sickness Insurance deserves consideration as part of a broader business insurance program.

Why Insurance 2U for Personal Accident & Sickness?

Business insurance experience: We understand the relationship between the individual, their occupation and the business that relies upon them.
Experience with trades and contractors: We work with business owners, plant operators, truck operators, concrete pumping businesses and other commercial clients.
Cover options: We can discuss available waiting periods, benefit periods and insured benefits subject to insurer availability.
Clear explanations: We explain important policy features and limitations rather than treating the product as generic income protection.
Claims assistance: We help lodge, manage and follow up claims for our clients.
Claims advocacy: We remain involved and advocate for our client’s interests throughout the insurance claim.
Personal service: You can speak with your broker when circumstances change or when you need assistance.

Talk to Insurance 2U About Protecting Your Income

If you are self-employed, a contractor, sole trader or working director whose income depends on your ability to work, talk to Insurance 2U about Personal Accident & Sickness Insurance.

You insure the equipment that earns your income. Consider protecting the person who operates it.

Personal Accident & Sickness Insurance