In partnership with BizCover – exclusive benefits for AFA members
Running a small business often means your income depends entirely on your ability to work. But what happens if you’re injured or fall ill and can’t earn an income? For many small business owners, that loss of capacity — even temporarily — can place significant strain on operations, cash flow, and livelihoods.
That’s where Personal Accident & Illness insurance steps in. Designed to provide direct income support when you can’t work, this type of cover is a practical safeguard for self-employed professionals. Yet, it’s often misunderstood or confused with Life Insurance. Understanding the difference can make a major impact on your financial security.
Understanding the Difference
While both Life Insurance and Personal Accident & Illness Insurance can provide financial protection in the event of death or permanent disability, there are key distinctions:
- Life Insurance is typically designed to support your family and business in the event of death, and eligibility often depends on your age and medical history.
- Personal Accident & Illness Insurance protects your income if you’re unable to work due to injury or illness — and it doesn’t require medical history. Pre-existing conditions are simply excluded, making it a faster and often more affordable option for business owners.
Why Small Business Owners Should Consider It
This cover is particularly useful for:
- Sole traders who aren’t eligible for Workers’ Compensation in some states.
- Newly self-employed individuals who may not yet have the financial data needed for traditional income protection.
- Small business owners needing a financial safety net to cover ongoing expenses.
Many policies also offer valuable extras, such as transport assistance, rehabilitation, or retraining support — helping business owners return to work or adapt to new opportunities.
BizCover Makes It Simple
Through BizCover, AFA members can access Personal Accident & Illness insurance that’s simple, fast, and accessible — designed specifically with small business needs in mind.
With BizCover, you can:
- Instantly compare quotes from leading Australian insurers.
- Get covered online in as little as 10 minutes.
- Access weekly benefits of up to 85% of your income.
- Enjoy 24/7 global protection from covered accidents or illnesses.
- Apply with no medical history required (pre-existing conditions excluded).
Over 270,000 Australian SMEs already trust BizCover to protect their income and peace of mind — and now, AFA members enjoy exclusive benefits, including simplified cover options and competitive rates tailored to the furniture and design industry.
Ready to Protect Your Future?
Visit bizcover.com.au to compare free quotes or learn more about AFA member benefits through our partnership with BizCover.
For more details, read the full article here:
👉 Personal Accident & Illness vs Life Insurance: What Small Business Owners Should Know