These days, income protection insurance has become essential for just about every profession, and being an Uber driver is no different. But what exactly is a professional driver? You might automatically think of racing drivers, but anyone who drives for an occupation is considered a professional driver – from taxi drivers to train drivers.

What to know about income protection insurance

If you become ill or injured and are able to work, income protection insurance provides you with an income to help you continue repayments on your work vehicle (if you own it) and your usual monthly bills. Depending on the cover you get, your insurance would pay out 50–75% of your gross earnings (pre-tax). The cost of the insurance premium will vary from provider to provider and also depends on the level of cover you opt for and the features of the plan. Income protection insurance covers you only for unemployment from illness or injury. It won’t cover you if you lose your job.

When to Make a Claim

If you have an accident or develop an illness that will prevent you from working for some time, be sure to get in touch with your insurance provider as soon as possible. You will need a medical certificate from your doctor that states that you are unable to work. Claims can take some time to process, so the earlier you contact them and the sooner you provide documentation from your doctor, the better. You will also have to complete your insurance provider’s claim form, and you may also need to supply them with your most recent financial information, such as a set of accounts. 

Why Should You Have Income Protection Insurance?

Unlike other professions where a worker might still be able to work with a broken leg, Uber drivers are particularly vulnerable to loss of earnings thru not being able to work if they are unable to drive. If you cannot drive, you may find yourself in a very difficult situation unless your employer will continue to pay part of your salary while you are not working, or if you have adequate savings or a partner who can support you. Income protection insurance can give you peace of mind that the essentials will be covered if you ever become ill or injured and unable to work.

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