Personal Accident Insurance: Protecting Australian Tradies
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What is Personal Accident Insurance?
Personal accident insurance provides financial protection for tradies if they are unable to work due to an accident or injury. This type of insurance covers loss of income while you recover, ensuring that you can meet your financial obligations even when youβre off the tools.
For sole traders and self-employed tradies, personal accident insurance is particularly important as they donβt have access to paid sick leave or employer-provided compensation. Without cover, an unexpected injury could mean weeks or months without income.
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Tell Us About Your Specific Needs
Fill out a quick form about your business challenges. Our Trades Experts who have helped thousands of tradies will then assist you with your questions β no strings attached!
We Connect You With The Best Fit
We have vetted hundreds of Australia's top trades specialists, technology and services with a proven track record and excellent outcomes for tradies!
Exclusive Tradiespace Savings
Our partners reward you for using Tradiespace by providing you with exclusive discounts and value offerings!
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What Tradies Say About Tradiespace x BizCover Insurance
Tradies love using tradiespace to find & connect with trusted trades services & products
Matt β Northern Region, NSW
As a sole trader, Bizcover have provided quick, effective and appropriate business insurance for me for the last 3 years. I tried several other firms that were too pushy and/or didn't offer the cover that I wanted.
John P βΒ Sydney, NSW
Needed reliable insurance fast when all the other providers were giving me the run around. BizCover already had a product on hand that covered everything I wanted in my trade including legal cover.
Darren β South East Queensland, QLD
Good UX/UI website, easy to navigate, select appropriate cover, answer a few targeted/relevant questions, pay, insurance certificate in your inbox in minutes. Does exactly what it says on the box.
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Got a question? Leave your details and our Trades Experts who have helped thousands of tradies, will assist you - no strings attached! (itβs free) We connect you with the right people to solve your issue.
Connect NowWhy Do Tradies Need Personal Accident Insurance?
Accidents can happen anytime, whether on-site, at home, or even during leisure activities. If you rely on your ability to work to earn a living, personal accident insurance ensures you have financial support while you recover. Key benefits include:
- Cover for temporary loss of income due to injury.
- Lump sum payments for permanent disablement or accidental death.
- Flexible waiting and benefit periods tailored to your needs.
- 24/7 cover, whether the injury happens at work or elsewhere.
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Personal Accident Insurance vs. Personal Accident and Illness Insurance
While personal accident insurance covers injuries resulting from accidents, personal accident and illness insurance extends this protection to include loss of income due to illness. This means that if you fall sick and cannot work, you are still covered.
For tradies, this added layer of protection ensures financial security beyond just accidents, covering situations like prolonged illness or serious medical conditions.
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What Does Personal Accident and Illness Insurance Cover?
A comprehensive policy typically includes:
Included Coverage:
- Loss of income due to injury or illness (up to 85% of earnings)
- Lump sum payments for permanent disablement or accidental death
- Optional coverage for business expenses
- Flexible benefit periods (12 months, 2 years, or more)
- Choice of waiting periods (e.g., 7 to 28 days before benefits start)
βWhatβs Not Covered?
- Pre-existing medical conditions
- Injuries from criminal acts, alcohol or drug use
- Professional or high-risk sports
- Pregnancy and childbirth-related illnesses
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How Much Does Personal Accident Insurance Cost?
The cost of personal accident insurance varies based on factors such as:
- Your trade and industry risk level
- The level of cover you choose
- Your age and health condition
- The waiting period before benefits begin
- The length of the benefit period
On average, Australian tradies pay between $800 and $2,500 per year for personal accident and illness insurance. Getting multiple quotes can help you find the best policy for your budget and coverage needs.
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Personal Accident Insurance for Sole Traders
As a sole trader, you are responsible for your income and business operations. If an injury or illness prevents you from working, personal accident insurance provides a critical safety net. Without employer-paid leave, this cover helps ensure financial stability during recovery.
Key Features for Sole Traders:
- Customisable coverage to match income and risk levels
- Business expense cover to keep operations running
- Tax-deductible premiums in many cases
- No need for employer-based sick pay
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Real-Life Examples of Personal Accident Insurance Claims
Sports Injury Leaves Tradie Out of Work
A scaffolder suffered a ruptured ligament in a social rugby game. His personal accident policy paid $1,600 per week during his recovery, allowing him to keep up with financial commitments.
On-Site Fall Results in Months Off Work
A carpenter tripped and fractured multiple bones on-site. Unable to work for 4 months, he received $2,800 per week, totalling $44,800 in benefits.
Tragic Accident Provides Family Support
A self-employed plumber fell from a ladder while working at home and passed away. His policy paid out $200,000 to his family, providing financial stability during a difficult time.
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How to Choose the Best Personal Accident and Illness Insurance
Assess Your Financial Needs
- Calculate how much income you need to cover rent, bills, and expenses.
- Consider if you need additional business expense cover.
Compare Multiple Quotes
- Check policies from providers like Vero, QBE, Berkley, and Chubb.
- Look at monthly vs. annual payment options for affordability.
Choose the Right Waiting & Benefit Periods
- Shorter waiting periods mean faster payouts but higher premiums.
- Longer benefit periods ensure protection if youβre out of work for an extended time.
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Final Thoughts: Is Personal Accident Insurance Worth It?
For Australian tradies and sole traders, personal accident and illness insurance is a must-have. Without employer sick pay, a sudden injury or illness can lead to serious financial hardship. A well-chosen policy ensures you can focus on recovery rather than worrying about lost income.
If youβre unsure where to start, compare quotes from multiple providers to find the best coverage at the right price. Investing in the right insurance today can protect your livelihood tomorrow.
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