Everything you ever wanted to know about personal accident insurance

This article is provided by Simply Business

Working in construction always comes with risks, from stubbed toes to the sort of hazards that require hard hats and high-vis jackets.

There’s not much insurance can do to help with the former, but for the latter you may want to consider personal accident insurance.

What is personal accident insurance?

Personal accident insurance covers you if you suffer an injury or even death during the course of your work, whether it’s on a construction site or in the office.

Even better, some covers are 24 hour, meaning you’ll still be able to claim compensation for accidents that happen outside of work.

What does personal accident insurance cover?

If you have personal accident insurance then you’ll be covered against serious injury or death caused by an accident - so long as the damage is done to you rather than a member of the public.

While there are plenty of precautions you can take when other people come onto your site, if you want to be insured against injuries they might suffer, it’s public liability cover you need.

However, if you do need to make a claim on your personal accident insurance, it can pay out for medical costs you might incur as a result of the injury.

And there’s the fact it can be particularly hard for those who work in construction to continue to work while they’re recovering from an injury - climbing scaffolding is no easy feat with a broken leg. Fortunately, personal accident insurance can also cover the cost of lost income as a result of your injury, so you needn’t let bed rest cause you any financial worries.

Do I need personal accident insurance?

Ultimately, it’s up to you whether you want personal accident insurance. It’s popular among those who work in construction because of the higher risk of injury they face going about their day-to-day duties.

You should also consider whether or not you’d struggle to make ends meet if you were unable to work for a period of time.

Being unable to climb scaffolding because of a broken leg is just one of a number of ways an injury could put you out of work for a while - you may find that getting back to work is a lot harder for you than for someone who works in an office, for example, so that’s something you should keep in mind when deciding whether or not to take out a personal accident insurance policy.

Will personal accident insurance cover my employees?

Whether or not personal accident insurance covers your employees depends on a number of factors.

You may find your insurance will only cover direct employees and not subcontractors, or that it will only cover a certain number of employees.

If you’re unsure then it’s best to check your policy documents or, if you’re taking out a new policy, make sure your chosen insurance will cover everything you want it to.

On the plus side, a lot of subcontractors will have their own personal accident insurance already, and if you’re the one running the site then you’re well within your right to ask them to have certain insurance policies in place.

Is personal accident insurance a legal requirement?

Personal accident insurance is not required by law, but if you are ever subcontracted out, you may find that the people employing you require you to have it in order to work on their site.

Is personal accident insurance tax deductible?

Unfortunately, personal accident isn’t one of the types of insurance that’s tax deductible because it doesn’t count as a business expense.

However, the likes of professional indemnity, public liability and employers’ liability insurance are, so if you need those too then you’re in luck.

This article is provided by Simply Business