Insurance is not a one-size-fits-all scenario; it's a team effort, and the partnership between brokers and underwriters holds the key to success. It's about finding one that genuinely understands and caters to the unique needs of your clients.
One of the most important aspects of accident and sickness insurance for the self-employed is providing income replacement, which helps pay for other insurances and expenses to keep the business protected during any periods of incapacity – especially as financial obligations continue even when you are unable to work and earn an income.
The latest report from Safe Work Australia reveals a startling statistic: a massive 130,195 serious claims were filed in 2020-2021 alone. These claims represent a wide range of incidents that lead to incapacitation for a week or more, excluding fatalities.
What's even more alarming is that everyday accidents account for a significant portion of these claims. Body stress, trips, slips, and being hit by moving objects make up a substantial portion, with percentages as high as 37%, 23%, and 16%, respectively.
It’s also important to remember that accidents and illnesses happen outside of work. According to the Australian Institute of Health and Welfare (AIHW), falls are the top cause of hospitalisation in the country, causing injuries to the head and neck, hip and leg, and shoulder and arm in various cases.
In this type of scenario, it’s especially important for self-employed individuals not covered by worker’s compensation to have comprehensive accident and sickness coverage. In fact, more than 50% of Australians also have at least one of eight chronic diseases, so it’s crucial to have a safety net of 24 hours a day to recover, enabling the individual to afford caring for themselves and focus on getting better.
Prioritising health and well-being with accident and sickness insurance
We all know that accidents can strike anyone, regardless of age, gender, or occupation. But sometimes, it’s easy to forget.
From traumatic injuries to open wounds, fractures, and even mental health issues, the list of potential accidents during and outside of work hours is extensive. The AIHW report serves as a powerful reminder of the importance of having comprehensive accident and sickness insurance coverage, especially for self-employed individuals.
Insurance brokers play an important role in educating their clients about the importance of having an accident and sickness policy and can offer real-life examples and statistics to illustrate the potential financial impact of accidents and illnesses.
By empowering your clients with knowledge, you enable them to make informed decisions to protect themselves and their finances. Whether your clients are on the job or going about their daily life, having the right insurance can provide them and their loved ones with peace of mind.
Benefits of getting an accident and sickness insurance policy
Accident and sickness insurance is an essential policy to offer to your clients for comprehensive financial coverage. This insurance protects individuals by replacing lost regular income in the unfortunate event that they become injured or ill.
Unlike disability insurance, accident and sickness insurance provides benefits regardless of whether an individual can work or not and it can complement their health insurance by covering medical expenses that may not be included in their existing plan.
While disability insurance pays monthly benefits throughout their disability, accident insurance offers a predetermined payout based on the severity or duration of the accident.
Providing a percentage of their salary each month for a specified period, typically 12 or 24 months, ensures that clients can meet essential needs such as mortgage or loan repayments and everyday expenses.
These policies often include additional benefits such as death benefits for beneficiaries, nursing care coverage, rehabilitation expenses, and accommodation benefits, providing even greater support and protection.
The beauty of accident and sickness insurance lies in its flexibility, as there are no restrictions on how the payout should be used. It offers peace of mind and stability during challenging times, allowing your clients to focus on recovery instead of worrying about financial burdens.
By offering accident and sickness insurance, you showcase your dedication to your clients' well-being and financial security. It's a tangible demonstration of your commitment to ensuring that individuals and families are safeguarded against unforeseen circumstances and can navigate through these challenging periods with confidence.
How to get a personalised insurance policy
At AFA, we understand that you have a wide range of clients that have unique needs when it comes to personal accident insurance. That's why we offer flexible coverage options that benefit people from all walks of life. Whether your client is a self-employed tradie or a long-distance truck driver, we have them covered with first-class security and the flexibility to protect them while they work.
Our coverage includes weekly income replacement in case of temporary inability to work, so your client can maintain financial stability during their recovery. Additionally, we provide a lump sum benefit for permanent total disability or accidental death, giving your client and their loved ones added peace of mind.
AFA's individual personal accident insurance goes above and beyond, offering over 25 additional benefits to enhance your client’s coverage and provide comprehensive protection. We give your client the flexibility to select from various scopes of cover, including 24/7 coverage, Working Hours Only, or Outside Working Hours Only, depending on their work schedule
We understand that injury and sickness can be an emotional rollercoaster, and we’ve applied this thinking to our personalised policies. We are committed to providing tailored, reliable, and comprehensive insurance solutions, and we want your client’s to be focussing on their recovery, not stressing over their finances.
As insurance brokers, your success in delivering exceptional service and tailored insurance options to clients hinges on a strong partnership with underwriters. By fostering an environment of respect, collaboration, and open communication, we can confidently navigate the insurance landscape as a cohesive team. With AFA's suite of flexible coverage options and personalised policies, we can genuinely prioritise the well-being and financial security of those we serve. When it comes to choosing an underwriting partner, trust AFA to deliver reliable and customised insurance solutions that perfectly suit the unique needs of your clients.