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Will workers compensation cover me if I get injured?

If you are relying on the Workers’ Compensation scheme as adequate cover against becoming disabled, you may be compromising the financial wellbeing of your family.

Workers’ compensation is designed to protect employers from employee workplace related claims. It’s not an all-purpose income protection cover as most illnesses and injuries occur outside the workplace and if you’re a sole trader or in a partnership you are unlikely to even be covered by workers’ compensation at all.

Recent changes in the Workers Compensation scheme in NSW also show that the rules can change, so there is no peace of mind that workers’ compensation benefits will be available into the future.

Where do illnesses and injuries happen?

75% of injuries in Australia happen outside of work1 and from those that do suffer an injury at work, 36% do not receive any financial assistance2.

Over 2.6 million Australians aged under 65 are living with a physical disability3, with many including conditions like cancer, stroke, heart disease and depression that in most cases will not be covered by Workers Compensation.

So how do you protect yourself and your family?

Income protection cover can pay benefits of up to 75% of your income to help you and your family meet the cost of living if you are injured or ill. It is usually tax deductible, provides 24/7 cover, and whether the illness or injury happens at work is irrelevant.

There are other types of cover that you may wish to consider too, such as Critical Illness cover and Total & Permanent Disability. All are designed to help you financially if you can’t work due to illness or injury.

Would you like to know more?

To discuss your personal circumstances and eligibility for income protection call Brent Olszewski on (03) 5331 3711 or email brento@ppt.com.au.

1 AIHW (2008) Australia’s health 2008, Cat. no. AUS 99, Canberra
2 Australian Bureau of Statistics, Work-Related injuries 2009 – 2010.
3 http://www.abs.gov.au/ausstats/abs@.nsf/mf/4825.0.55.001/ accessed on 30 August 2012.

SOURCE: TAL Insurance

This information is of a general nature only. It is not intended as personal advice or as a recommendation, and does not take into account the particular insurance objectives, financial situation and need of a particular person. Before making any decision to purchase any product mentioned in this communication you should consider the Product Disclosure Statement of this particular financial product and seek advice from a financial adviser to assess whether the advice is appropriate for you.