PA Personal Accident Insurance pays you weekly benefits for up to 24 months if you’re injured. Optional cover is also available for weekly benefits if you’re sick, as well as payment of fixed business expenses if you cannot work. This insurance provides cover 24 hours a day, 7 days a week, at home or work or when travelling in Australia.
If you become permanently disabled, or partly disabled, then a lump sum is paid, based on a percentage of the Death & Capital benefits you have chosen.
As with any insurance, there will be limitations or exclusions, such as a waiting period before any benefits are paid or high-risk sporting activities like parachuting or racing. Many self-employed people choose to purchase this type of insurance cover, as they are not covered by workers compensations. So, if you’re playing social football during lunch or a carpenter who cuts her hand and cannot work for 8 weeks, then a weekly benefit is paid.
In addition, some insurers cover fixed business expenses until the person returns to work. Again, this is an optional cover which can help self-employed people pay ongoing bills.
The standard excess for this type of insurance cover is 2 weeks. Therefore, the insurer will start to pay benefits after the person has been off work for a minimum 2 weeks. Longer excesses can be requested, which will reduce the premium.
Almost any occupation can buy this type of insurance, including tradies, self-employed consultants, small business owners or employees.
You can choose any or all of the following:
- Weekly loss of income benefits for temporary disability due to injury or injury & illness;
- percentage of pre-injury earnings and maximum benefit period;
- Reimbursement of fixed business expenses;
- Cover for funeral expenses;
- Injury rehabilitation benefit – up to $5, 000;
- Relocation, home and motor vehicle modification expenses following permanent disability;
- Guaranteed advance payment if disablement will continue for more than six months;
- Lump sum payment for death and permanent disability resulting from injury or disappearance.
No need to prove who was at fault: Unlike some insurance policies, personal accident insurance does not require anyone to be at fault. The policy pays you out as long as the injuries are directly related to an accident and not self-inflicted.
Pricing: Premiums for personal accident insurance are determined based on your occupation, age, chosen coverage, sum insured and prior claim history. Cover for accidents is standard, with sick cover an optional benefit at an additional cost.
Protecting yourself financially is essential and key to keeping your business operating.
Seeking expert advice on insurance matters? Reach out to LA Insurance today. We are specialists in providing tailored insurance solutions for businesses of all scales, offering suitable coverage options within your budget.