Do you know why many truck drivers are choosing the self-employment route? There is more to self-employment than just being your own boss in the trucking industry. The concept of independent contracting to truckies has always been a fodder for debates in the current economic climate. Considering the fact that there’s widespread growth in Australia’s transport industry, so does the impact on owner operators of trucks, trailers, vans, and other transport vehicles. Though being an independent contractor offers far wider income incentive, some also lament the lack of workers compensation or WorkCover benefits. Fortunately, finding WorkCover alternative for self-employed truck driver can now be done via income protection or wage replacement insurance.
Many companies today employ truck drivers as independent contractors. One of the biggest reasons behind this is the cost-cutting incentive this type of arrangement brings. With truckies no longer in their regular employment roster, companies virtually cut operational costs to a half. The risk of liability is also passed to the self-employed truck driver giving companies peace of mind in addressing the core of their business dealings. On the other hand, self-employed truck drivers also enjoy independence in their working hours as well as in building and scaling their career path.
With risks continue to hound their daily lives, self-employment as truck drivers do come with a price– and it’s something that income protection or sometimes called wage replacement addresses. This specialty insurance aims to provide financial protection when a truck drivers falls ill or become injured due to an accident. While WorkCover or workers compensation insurance only compensates occupational risks and hazards, income protection or wage replacement address all types of legal absences including those with temporary or total disability. The aim of this insurance is to provide you necessary financial backing in the event of an illness or injury regardless of its nature. Regardless of your coverage and limitations, its main goal is to deliver a sense of continuity in the financial department allowing you and your family to live comfortably while you recuperates.
Going beyond financial support in times of sickness, injuries and other needs, income protection often pays you until such time that you will be cleared for work again. Some policies may even extend up until your policy term ends, upon retirement or even death, whichever comes sooner. While there are different waiting period before payments start, income protection allows you to claim as many times you need to or up until the policy lasts. It also cover most illnesses in short-term or long-term perspective depending on policy stipulations as well as definition of “incapacity”.
But how much does this self-employed truck driver Workcover alternative insurance costs? Depending on your policy and personal circumstances, income protection or wage replacement insurance takes various factors into consideration when calculating premium payments or cost of a policy. This includes type of job, age, income percentage to be covered, waiting period, range of illness and injuries, health history, and so on. Some insurers may even include your lifestyle, like say smoking or alcohol drinking, in the equation.
Bottom line is: Self-employment offers great incentive to truck drivers who wish to go the extra mile in their goals. While this decision may leave them to find the best Workcover alternative for self-employed truck driver, it also gives them more freedom to control their destiny. It comes with a lot of risk, but also promises astounding rewards. With the right income protection insurance, you can finally rest easy knowing that you have a safety net. To learn more about specialty insurance for self-employed truck drivers, call our hotline for a consultation.