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Protect your income if you can't work
You will need: your ABN and an estimate of your Yearly Income (How do I calculate this?)
Do NDIS Registered Providers need Personal Accident Insurance?
Yes — if you are a sole trader or are otherwise not covered by Workers Compensation insurance. The NDIS Quality and Safeguards Standards require that risks to participants, workers and the provider are identified and managed, including having appropriate insurance in place. NDIS Auditors will ask to see a certificate of currency for these insurances during your Audit Certification or Audit Verification.
What does Personal Accident Insurance cover?
Personal Accident and Illness Insurance can provide cover for loss of income if you are unable to work due to injury or illness, permanent disability, and accidental death (lump sum payment to your beneficiaries). It is not a one-size-fits-all type of insurance and can be tailored to suit your personal and business needs.
How does Personal Accident Insurance work?
Personal Accident Insurance can provide up to 85% of your monthly income over the time you are unable to work. When taking out cover, you can tailor it by choosing:
Type of Cover
Choose Accident Only, or Accident and Illness cover. Adding illness cover may increase your premium but provides broader protection.
Waiting Period
The time you must be off work before the policy pays (7–28 days). The shorter the period, the higher the premium — similar to an excess.
Benefit Period
The maximum period you can receive payments for each claim — either 12 months or 2 years. Longer periods attract higher premiums.
How is Personal Accident Insurance different to Workers Compensation?
Workers Compensation is required by any business that has employees. Personal Accident Insurance is for sole traders who cannot take out workers insurance to cover themselves. According to icare (NSW): "A personal accident and illness policy, or income protection insurance policy, is a suitable alternative."
What is typically not covered?
- Pre-existing conditions
- Participating in professional sports or hazardous activities
- Pregnancy and childbirth
- Intentional, criminal or self-caused acts
- Being under the influence of alcohol or drugs
- Acts of war and terrorism
Tips when applying for Personal Accident Insurance
Have answers ready for these questions when you apply:
- What are your current weekly earnings?
- How much would you need weekly to cover your living expenses if unable to work?
- Do you want Accident Only or Accident and Sickness cover?
- Do you want Accidental Death & Disability cover?
- What benefit period do you require — 12 months or 2 years?
- How long can you afford to wait before payments begin — 7, 14, 21 or 28 days?
How do I get Personal Accident Insurance?
Call 02 8287 6576 to speak to a BizCover agent, or get a quote online instantly.
Ready to get covered?
Have your ABN handy. Takes less than 5 minutes.
Disclaimer: MyCareSpace does not offer insurance advice. There is no one-size-fits-all for insurance and your insurance agent will be able to ensure you have the correct cover.
MyCareSpace is a referral partner of BizCover Pty Ltd (ABN 68 127 707 975; AFSL No 501769). MyCareSpace earns a commission from BizCover when you purchase a policy through their website. Any advice provided is general advice only. Please read the relevant PDS before making a decision. For more information, read BizCover's Financial Services Guide.
MyCareSpace resources may be shared provided they are credited to MyCareSpace with backlinks to the original resource.
MyCareSpace resources may be shared provided they are credited to MyCareSpace with backlinks to the original resource.
