Do you know what is considered the worst nightmare among many trucker families? No doubt about it, it’s when the breadwinner losing his job. This is even more so to the self-employed driver who owns and operate their own trucks. With no Workcover or workers compensation benefits to lean on when they are injured or ill, these professionals and their families who live from paycheck to paycheck are often left hanging with debts from unpaid mortgages, children tuition fees, utility bills, and so on– and this is where Workcover alternative for self-employed driver Australia insurance policy comes in.
Sad Reality
The main asset of a self-employed truck driver is his paycheck or the income he earned from his driving engagement. They spend most of their days on the road leaving no room for illness or injuries, only to have their world shattered into pieces when an untoward incident causes them to lose their jobs. It is a known fact that truckies tend to suffer serious injuries or fall seriously ill during their time of employment than to die. As a matter of fact, studies reveal that 2 out of 10 truckies go on long term sick leaves at this time and sadly, with ZERO back-up plan to keep his life and that of his family’s lifestyle safe.
It is a sad reality that truckies, as well as other blue-collar jobs out there, are always subject to financial upheavals. This is even more so to self-employed ones whose biggest asset rest on the earnings they receive from project to project, often calculated by the hour. This income-generating factor, as we all know, can be subjected to the very horrors of the risks they face on a daily basis. With this in mind, it is only fitting to find ways to ensure that such risks cannot jeopardize their lives as they continue to deliver services to the economy.
Managing the Worst
With the threat of losing everything left hanging above their heads, self-employed truck drivers must find a way to protect their families as well as themselves should the worst thing happen. One of such is to arrange a rainy day fund, a sort of piggy bank for future use. As money can be tight, it is wise to do this as a cut on one’s weekly income being deposited to another savings account virtually touched only when an emergency situation arises. The idea of experts having at least a standby fund equivalent to 3 months worth of earnings can be hard at first glance but slowly putting in a fixed amount every payday into this financial war chest will eventually bring relief when it’s utterly needed.
One way also of diversifying such savings is to invest in a Workcover alternative for self-employed driver Australia insurance policy. Owner-operators of trucks are often not covered with the contracting company’s employee benefits. Having an income protection insurance for self-employed drivers will allow one to enjoy the same comfort of earning money even when ill or injured–regardless if during work hours or not, so long as not self-inflicted or done in bad faith. For a small premium, one can enjoy year-round protection allowing income to smoothly flow into your family’s financial coffers when disaster strikes.
In a Nutshell
Overall, self-employed truck drivers in Australia have everything to lose when not gearing for the long haul ahead. Whether you decide to save on your own or invest in an income protection insurance, the intention should be clear– protecting your biggest asset, your income, should be seriously considered while the good times are still rolling. Regrets always happen in the end and getting prepared should be done ASAP. To learn more about the Workcover alternative for self-employed driver Australia coverage, call our hotline or send us a request for a consultation now.