The number of contractors in the UK is constantly growing as people increasingly feel empowered to take their future employment into their own hands are attracted by the benefits of less hours, more pay and a varied workload.
However, with all of the benefits come the issues of who will help you out, should you be unable to work — particularly with recent government austerity measures making many welfare benefits harder to access. If you had an accident as an employee and were unable to work for a period then your employer would look after you. However, if you are a contractor, you could find yourself unable to work and with no income whatsoever.
This is why Occupational Personal Accident Cover is vital for contractors.
What is Occupational Personal Accident Cover?
Occupational Personal Accident Cover looks after you should you be injured as a result of an occupational accident, leaving you unable to work. At Kingsbridge, we include this cover as part of our contractor insurance policy — and it is far and away the most claimed policy component we offer.
It covers you for injuries obtained on your commute, at your home office or at your workplace (both in the UK and abroad), allowing you to claim up to £2,000 per month — paid as a weekly benefit of up to £500 — while you are unable to work for up to 52 weeks. This sum can be used to pay your rent or mortgage, your household bills, your food costs and anything else your earnings would normally cover. This is vital when being unable to work means you could lose both your current contract and any other contracts you had lined up for the near future.
If your accident leaves you permanently disabled, or results in your death, a lump sum of up to £100,000 will be paid out to you or your beneficiary.
Examples of how Occupational Personal Accident Cover can help
Say you were an engineer who fell while on site at a job and broke your leg, requiring several operations to set it as well as rehabilitation. This could leave you unable to work due to pain and mobility issues. The Occupational Personal Accident Cover in your Kingsbridge policy would mean you still had income for a whole year, easing financial concerns at such a difficult time.
If you were left permanently disabled after the fall, your policy would pay a lump sum that could assist with loss of earnings, as well as adjustments to your home or any specialist equipment you may need.
If, in extreme circumstances, that fall sadly proved fatal, the lump sum your policy would help your loved ones during such a terrible period by ensuring money worries do not add to their burden.
At Kingsbridge, our priority is making sure contractors are covered for every eventuality. If you would like to speak to our friendly, helpful team regarding your contractor insurance, you can take a look at our website or call us on 01242 808740. Alternatively, you can reach out on social media via our Facebook, Twitter and LinkedIn pages.