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  • #982875
    Geronimo
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    Hi all, just a friendly reminder to check your contingency planning.

    Over the weekend I shattered a bone in my foot. Needless to say, I’m in a pretty bad way with both pain and mobility. I have a 3 month recovery in front of me, with two additional surgeries to come.

    I have income protection insurance, and some trauma cover, so financially it could be worse.

    If you pay your own way, would you be ok if this happened to you?

    #1139330
    Past-Member
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    No – I just battle on, which is what I did when I was very ill a few years ago. Due to age I cannot get trauma or income protection insurance. It is an ongoing challenge for solos working for themselves when they can’t access any govt benefits and cannot have those insurances either. It is important to put funds aside (savings) for times like these and to avoid any longterm leases or anything that would put pressure on you during a time of illness.

    I do hope your surgery goes well and that you recover quickly.

    #1139331
    Greg_M
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    Ouch … broke a couple of bones in my foot over twenty years ago … wasn’t pleasant … still buy oversize boots so my right foot will go in them.

    I’m afraid I’m in the “battle on” group with Karen, too old for insurers to touch.

    I mentioned in another post somewhere, that good real world networks are invaluable if you’re hurt or sick. My last effort was a buggered rotor cuff, in the right shoulder, not conducive to laying heavy stone (which I was contracted to do at the time) … my network bailed me out, on time, and on budget.

    Contingencies like illness are difficult to cover if you’re a solo operator, strong networks were my best solution, insurance was always too difficult, or expensive in a high risk industry … reading the fine print always revealed the cover was not that good anyway.

    A P/L structure means you can become an employee of the company, and probably get Workcover under a company policy, but even that’s a two edged sword if you’re a small operator.

    Be interested to know if anyone has found a better solution (or any).

    Hope you have a speedy recovery.

    #1139332
    The Copy Chick
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    Despite my younger age, I’m also having to fund my own income protection, since a pre-existing condition means I can’t get insurance for the one thing I know will be taking me out of work for at least 3-6 months (even if that’s still 5-10 years from now (hopefully!)). I’m currently putting 10% of my earnings into a high-interest account which I hope will provide at least 6 months to a year’s salary when I need it.

    As far as other contingency plans, I’ve recently discussed this with a very close business associate and made plans in case anything goes drastically pear-shaped. I’m making sure all my client data will be easily accessible in the event of a critical emergency so clients can be informed and kept up-to-date (fortunately my associate and I share quite a few clients, which makes that part easier).

    I also have back-up contingency for if my office burns to the ground… *touch wood*.

    Meanwhile, all the best for your recovery.

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