Going by the year 2005 report from the Australian Bureau of Statistics, tradesmen are the most likely to be injured during when compared to many others professions in Australia. While the government has set aside the worker’s compensation insurance that protects the employees from the rampart cases of accidents especially when making claims, this have had a huge impact for the people who need treatment after the cases of accidents.
While many have lost their source of wages through this process, many have always claimed rejection by the insurance companies who fail to compensate them in cases of accidents. This has led to a weakening start in the financial position of many families whose members have been a victim of work related injuries.
Through this, income protection policy has been key for those who need to protect their employment and potential loss of income in an easy way. This makes it mandatory that all people need to subscribe to the income policy as a way of ensuring that you do get the best deals whenever you are looking for these options.
This income protection policy is also vital for all the construction workers and traders who may need the best cover whenever they are working in the construction industry. When a worker has this cover, they are able to work in the industry without fearing to lose their income in case of an injury in the work place. This makes it a key component for the employers who need workers in their construction industry.
How is it administered?
The income protection policy is administered by paying the injured or sick worker a monthly payment through the periods when he or she is unable to work. This definitely makes it one of the best ways to motivate construction workers knowing well that their interests are covered from the existing insurance covers.
According to the latest research by the Australia Bureau of Statistics, 7 percent of all the workers often experience work injury related accidents in the construction sites. This means that at least 1 out of 8 workers in a construction will be injured at some stages in their lives. This alarming statistics means that measures has to be taken to curb the incidence whenever continuing with their daily working activities.
Income protection for tradies
When you have an injury and leave work for sometimes when recovering with no pay can be stressful especially when coping with the daily living expenses. This means income protection cover will always protect you whenever you are looking for the available options. While high- income white-collar jobs may pay these benefits, the low paying blue-collar jobs definitely needs them the most.
What do income protection cover entails?
The following are some of the information you need to know about income protection insurance cover:
The income protection policy often works as a guide for the income of the employees who do blue-collar jobs such as construction workers who often are injured when continuing their daily tasks in the best way possible. When you have the policy, you will always get facts that you would need when thinking about protecting your income in case of injury of accident when working leading to inability to continue with the same work.
The types are:
1. Indemnity value
In the policy, the insurance firm will assess your financial situation before making sure that you are compensated by taking you back to your initial financial position. This type of cover works well for both the white-collar and blue-collar jobs. It might be cheaper when compared to other available policies from other providers.
2. Agreed Value
Here they use the policy at the application time. In addition, you must provide all your financial documents when making your applications. You will always have all the documents you need when making your application. The benefits are often unchanged.
3. Guaranteed agreed Value
The financial position is assessed before making a claim. The financial evidenced must be assessed before a financial benefit can be given for the person who makes the claims.
Finally, this information should help you understand this protection policy as well as how it can help construction workers protect their income in case of an injury or accidents when working in the building companies.