Personal Accident Insurance [Also known as Income Protection Insurance is highly recommended for a sole traders, business partners and company directors as a combined liability policy does not cover any injury caused to a sole trader/business partner while it is extremely difficult for a company director to sue his/her own company. A policy can be tailored to your exact needs and policies include a tax free monthly benefit, a lump sum [capital benefit] and hospital cash.Consider the following examples where Personal Accident Insurance will provide cover:
• You’re a self employed carpenter with no employees. You cut your hand and are unable to work for eight months. As you have Personal Accident cover you receive a tax free benefit of €1,500 after one month and continue to receive this amount until you return to work.
• Although Personal Accident/Income Protection insurance is no substitute for full time earnings it will provide you with an income if you are unable to earn and it will reduce your financial worries at a time when your recovery should be your number one priority.
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