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Personal Accident Insurance

You're the business, if you can't work, income stops

Broken bones, serious illness, temporary disability, as a sole trader or founder, your income depends on you showing up. Personal Accident Insurance replaces your income and covers medical costs when injury or illness stops you from working.

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What could go wrong

(and why you need this)

As a sole trader or founder, you are the business. No sick leave, no Workers’ Compensation, no safety net. One serious injury or illness, and income stops while your business costs continue. Your mortgage, your family, and your employees’ wages all depend on your ability to work. Without Personal Accident Insurance, a broken bone can break your business.

Scenario 1

The ladder fall

You’re a sole trader consultant. You fall off a ladder at home while cleaning gutters. Fractured hip, surgery required. You’re off work for 12 weeks. Medical bills: $18,000*  (after Medicare).

Lost income: $30,000* . Your business expenses continue: rent, software, and insurance. You have no income, but bills continue to arrive.

What Personal Accident covers

Weekly income payments (75% of your normal earnings), all medical costs, rehabilitation and physio, and a lump sum for permanent disability if applicable.

Scenario 2

The serious illness

You’re diagnosed with a serious illness requiring 6 months of treatment. You can’t work full-time during treatment and recovery. Lost income: $60,000* . Medical specialists, treatments, and medications not fully covered by Medicare: $15,000* . You’re burning through savings fast.

What Personal Accident covers

Weekly income replacement during illness, medical and treatment costs, specialist appointments, and return-to-work support when you’re ready.

Scenario 3

The car accident

You’re rear-ended at traffic lights. Whiplash and back injuries. You can’t sit at a desk for more than 30 minutes. You’re a designer, your entire job requires you to sit. Income loss: $4,000* /month for 4 months. Physio and specialists: $8,000* .

What Personal Accident covers

Income replacement while you can’t work, ongoing treatment costs, rehabilitation, and temporary adjustments to help you return to work earlier.

Scenario 4

The permanent disability

You suffer an injury that causes permanent partial disability. You lose 30% use of your dominant hand. You can eventually return to work, but not at the same capacity or income level. Your earning capacity is permanently reduced.

What Personal Accident covers

Lump sum payment for permanent disability (amount depends on severity and policy limits), ongoing income support, and retraining costs if you need to change careers.

What this actually covers

Personal Accident Insurance

Personal Accident Insurance protects sole traders and founders who can’t get Workers’ Compensation:

Weekly income benefits:

  • Regular payments if you can’t work (typically 75-85% of your proven income)
  • Starts after waiting period (7, 14, or 30 days)
  • Continues until you return to work or reach maximum benefit period (usually 2 years)
  • Partial payments if you return to work at reduced capacity

Medical expenses:

  • Hospital and surgical costs
  • Specialist appointments
  • Physiotherapy and rehabilitation
  • Prescription medications
  • Medical equipment and aids
  • Ambulance and emergency treatment
  • Dental treatment from accidents

Lump sum benefits:

  • Death benefit paid to your dependents
  • Total permanent disability (TPD) payment
  • Partial permanent disability (scaled payments based on severity)
  • Loss of sight, hearing, or limbs (specific schedules)

What’s typically covered:

  • Accidents causing injury (fractures, burns, cuts, impact injuries)
  • Sudden illness requiring hospitalisation
  • Specified illnesses (depends on policy)
  • On and off-duty accidents
  • 24/7 worldwide cover

Additional benefits

  • Rehabilitation and retraining costs
  • Home modifications if needed
  • Return to work support
  • Counselling and mental health support
  • Dependent care costs while you’re unable to work

What's typically not covered

  • Pre-existing conditions (unless declared and accepted)
  • Self-inflicted injuries
  • Illegal activities or criminal acts
  • War, riots, and civil unrest
  • Normal pregnancy and childbirth
  • Cosmetic procedures
  • Mental health conditions (unless caused by physical injury)

When you need this

By founder stage

Start smart

Pre-launch to first year

You need this from Day 1 if you:

  • Are a sole trader (you can’t get Workers Compensation for yourself)
  • Don’t have income protection or sick leave
  • Have dependents relying on your income
  • Have business loans or mortgages
  • Have no financial buffer for months without income
  • Do any physical work or manual tasks

Income protection vs Personal Accident:
Income Protection is broader (covers illness and injury). Personal Accident is narrower but more affordable (covering accidents and certain illnesses only). Consider your risk profile and budget.

Typical coverage

Weekly benefit of $1,500-$3,000 (based on your income), 30-day waiting period, 2-year benefit period, $500k death/TPD.

Scale strong

Growing and hiring

Your cover needs to increase when:

  • Your income increases significantly
  • You have more financial commitments (loans, mortgages, school fees)
  • You’re still doing hands-on work (not just managing)
  • Your business would struggle without you for months
  • You have more dependents

Reassess cover when

Every 2-3 years or when income increases by 20%+.

Stay protected

Established and optimising

Consider transitioning to:

  • Full Income Protection (broader than Personal Accident)
  • Key Person Insurance (protects the business if you’re incapacitated)
  • Life Insurance for estate planning
  • TPD cover for serious disability scenarios

Typical coverage

This is where things get custom, and you need to talk to the team at Pocket to evaluate your specific needs.

Common questions

Founders actually ask

Can't I just get Workers’ Compensation for myself as a sole trader?

No. Workers’ Comp only covers employees. Sole traders, partners, and some company directors can’t claim Workers’ Comp. Personal Accident Insurance fills this gap.