Is workers compensation insurance enough?
Written on the 10 January 2019 by Arrow
Workers Compensation will cover you for some things, but have you also considered Income Protection to ensure you are covered when you need it most?
Whether you're a white-collar worker hammering away at your keyboard from 9 to 5, or a tradie getting your hands dirty day-in and day-out, you run the risk of getting sick or injured at work.
That's why every Australian workplace has health and safety obligations: they must provide safe work premises, assess risk and have workers compensation insurance.
What workers compensation covers
Payments could cover your wages while you can't work, your medical expenses, rehabilitation costs or a lump sum payment if you become permanently disabled or pass away.
It's also important to note that in order to receive workers compensation you must prove that your injury is work related. Your entitlements and eligibility for various payments may vary from state to state.
When workers compensation may not be enough
However, workers compensation will only cover you for work-related injuries and illnesses.
What would happen if you broke your leg tripping over the dog at home? Or if you fell from the roof and sustained a head injury while removing a rogue tennis ball from the guttering?
If you're unable to work and not eligible to receive a workers' compensation payment, you could be without a wage to cover your family's regular food, accommodation and living expenses, not to mention the medical and rehabilitation costs that pile up.
Not only will you have living expenses, but meeting ongoing business expenses such as payments to suppliers or commercial leases may become challenging.
Income Protection Insurance
Income Protection Insurance could help take the financial pressure off your family while you're unable to work by providing monthly payments of up to 75% of your income.
Contact us for more information or to see if you are suitable for income protection and check the appropriate level of cover for your personal situation.