Do truckies need truck driver salary protection insurance? Without a doubt, truck driving is one of the most dangerous professions not just in Australia but also to the rest of the world. Heavy vehicles are known to be prone to accidents for a variety of reasons– heavy loads, long hours of driving, exposure to nature’s elements, fatigue and lack of proper meals and accommodation, semi-sedentary lifestyle, road hazards, among others. While primary insurance coverage for vehicle damage, accident and illness, liability and the likes are known to be part of many truckies lives, the contention on salary protection has been a fodder for discussion for quite some time.
General Insurance vs Income Protection
Taking some form of insurance cover for truckies and their families is an important matter to consider. A reliable insurance cover offers solid protection for truck drivers in the event of injury, accidents or negligence resulting to lawsuits, medical or hospitalization, or in the event of untimely death. Insurance to cover damage and repairs to their vehicle must also be considered. As mentioned, many of these insurance policies are meant to protect just the driver including his or her responsibility to third-party litigation.
While these general insurance options are truly necessary, many of them do not guarantee steady flow of income should a driver becomes incapacitated or out of work while nursing an injury. Even truckies working for big-time hauling services have limited sick leave with pay leaving them and their families at a huge loss when the unforeseen strikes– and this is where income protection comes in.
Buffering Responsibility to Family and Business
For driver who operates and drive his or her own trucking business, income protection allows much-needed buffer in times of terrible consequences. In times when disability from accident or sickness come barreling into one’s life, truck driver salary protection insurance allows them to keep the wheels turning while focusing on their speedy recovery. It will provide needed income for the whole family or cash flow to the business.
When it comes to income protection for truck driver, however, important considerations must be taken into mind. Think of zero waiting period or zero premium loading for high-risk truckies or non-increase of annual level premiums. Claims payment must also be based on gross turnover and not just on taxable income. In some cases, trusted insurers may also offer all-in-one tax-deductible life insurance inclusion to ensure comprehensive coverage. Do take note that there are also certain conditions that can make the whole claims payment painstakingly bothersome like waiting period for various bodily injuries like broken wrist, sprained knees, or whiplash.
Without a doubt, every insurance company you meet out there will offer the sun and the moon including the stars. When picking truck driver salary protection insurance, however, go for the most reliable ones. Seek out the help of an insurance agent or a certified financial adviser. These professionals are equipped with the right information on various insurance companies operating in the region and can very well talk you through the nitty-gritty of the income protection process.
For more information on truck driver salary protection insurance, please enquire online or contact our office to discuss how we can help you with truck driver salary protection insurance.