If you’re self-employed, have a fluctuating income, or are new to the workforce, you’ll want to know about this
While getting personal accident insurance quickly is doable with most insurers (say, if you need it to get onto a worksite), you might be unpleasantly surprised when your claimable amount ends up being less than you expected.
Like many tradespeople over the past couple of years, you may have had periods of time without work, have been in and out of secure contract work, or are now self-employed. This makes it tricky if you need to lodge a personal accident claim most insurers request proof of income at claims time—unless we organise an agreed value policy for you.
Most personal accident policies also only cover a maximum of 85% of your average weekly income over the last 12 months, and if your work has been unstable, this becomes a bit of a hassle to prove.
With our market-leading Personal Accident policy for tradies, we can offer up to $1,300 a week as an agreed value for two years, with no need to prove your income in the event of a claim.
If you’re newly self-employed, don’t have a steady income, or are new to working in general, this will come as a big relief in our currently demanding market.
Other Market Insights
Due to supply chain issues pushing higher prices on materials, claims costs, and the increase in the number of claims, premiums are generally up by about 15-20%. In order to remain competitive, we’ve been maintaining strong partnerships with our providers on Trades Insurance packages which has enabled us to cap these increases by 5% (subject to underwriting guidelines and clauses).
At times it’s a challenge to get insurance because underwriters are declining a lot of the higher risk trades, such as working at height (anything over 10m high becomes expensive). Water damage claims are also up which is resulting in underwriters pulling out of plumbing or putting huge excesses on premiums.
If you’ve made a large claim or numerous claims during the year, many insurers won’t quote or renew cover—in this instance we’re able to negotiate with our insurers and find solutions where others can’t. Our team is consistently monitoring the market to ensure breadth and depth of knowledge in these evolving conditions.
Is your current personal accident insurance policy offering you the flexibility and ease you need in a fluctuating market? To find out more, call us direct on 1300 736 997 or leg it to our quick quotes page to start the process.