Rapid Biz

Is it something a bus driver should get?

Anyone self-employed should consider Income Protection Insurance. If you become sick or injure yourself the cover usually provides you with regular monthly payments for a specific period, replacing a proportion of the taxable income you’d usually earn. Self-employed Bus Drivers are an example of the types of people who should consider this option even though 83% of people insure their car and only 31% insure their income.  

Key things a Bus Driver should know about Income Protection Insurance

  • You will not be covered 100% of your income and usually, Income Protection offers cover for up to 75% of your gross wages. 
  • Income Protection premiums should be tax deductible – but not always so check this before you purchase a policy. 
  • Make sure you understand what policy you are getting and know what your waiting period will be depending on your type of cover (usually 1-3 months). 

When would a Bus Driver need to make an Income Protection Insurance claim? 

  1. If you have an illness or you are too sick to work
  1. If you have injured yourself, and are physically unable to work,
  1. If you become disabled and are unable to work 
  1. If you have suffered major traumas

Why Bus Drivers should get Income Protection Insurance?

A self-employed Bus Driver should consider Income Protection Insurance because if they get sick or injure themselves they can’t just ‘work from home’ and still get paid. It would be unsafe for a Bus Driver to be around people and operate a large vehicle if he/she is sick. A Bus Driver should not be operating a vehicle if they have any sort of injury that impairs their ability to drive. A Bus Driver earns an average wage of AU$23.51 per hour in the public sector. Even though self-employed and private bus drivers may earn more at busy times – this work can be inconsistent and the wages are generally pretty low for this occupation.

Leave a Reply