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A lot can go wrong on the building site. And while income protection insurance for builders can't stop accidents from happening, it can pay you a monthly income if you become injured or sick. Better still, with income protection insurance, the injury or illness doesn't necessarily need to be work-related.
If you're sick or injured anywhere – inside or outside of work – an income protection insurance policy can pay you a monthly benefit while you take time off to get better. It can pay you up to 75% of your current income so that you can still pay the bills while you're unable to work and receive your usual income. You are generally also eligible for income protection insurance if you're self-employed or a contractor.
You need to be physically fit in order to be able to do your job as a builder. That's one of the reasons that workers compensation might not be enough. It only covers you for work-related injuries. Income protection, on the other hand, covers you everywhere, and for illnesses as well as injuries. It can also cover you until you are fit and able to return to work, so that you don't risk returning early and injuring yourself even more.
Builders tend to pay more for income protection than people working in other professions because there's more risk of injury and illness when working as a builder. As a result, your insurance premiums tend to cost a little more than most. Some of the reasons that builders pay more for income protection include:
Keep in mind that there are other factors that more generally affect the price of your income protection premiums, such as your age, gender, health and smoking status.
Income protection is particularly beneficial to builders. Here's why:
All insurance policies have exclusions. Here are some of the more common things that may not be covered by a standard income protection policy:
Income protection isn't the only type of insurance worth considering. You may also want to take a look at:
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