Providing financial stability in an uncertain economic climate

Providing financial stability in an uncertain economic climate

The construction industry is a fickle sector, and with the current economic climate, many companies across the country have struggled to remain in operation. As work dries up around the nation and debts rise, several firms have collapsed over the years under the weight of financial pressures, including Southern Cross Constructions, Australian Property and Construction, BQL Constructions and Amorin Constructions. When an organisation folds, the first people to bear the impact of the collapse are employees, who not only find themselves out of work but in many cases with no sick or holiday pay to financially support them in the interim.

This can be particularly devastating if you suffer an injury as a result of an accident around the time of the firm’s demise. That is why schemes like Coverforce’s UPlus are so important, with it providing financial support in the event that this happens. Coveforce business development officer Andrew Ferguson said income insurance policies like UPlus mean that your livelihood remains intact in the event of an accident. He commented: “This type of insurance means the difference between security and dignity, and having nothing when there is an accident.

“UPlus is a specific insurance scheme aimed towards the building and construction industry, with employers purchasing it for their staff. Covering 15,000 workers in Sydney, UPlus provides employees with 24 hours income protection insurance for injuries that are the result of an accident. The scheme allows those who work in the sector the peace of mind knowing that they do not have to rely solely on Workcover benefits. “With a rent or mortgage to pay and a family to support, you may find it very hard to maintain your finances,” Mr Ferguson said. “It’s a credit to those employers who provide these types of benefits for their employees.

“Schemes like this can also boost staff retention rates and help companies attract skilled workers, with it being an attractive incentive when recruiting new employees, the insurance expert added. Given the current economic climate, working for a company that offers initiatives such as income insurance plans may be more appealing, with financial support an important consideration when debating job offers. UPlus not only provides around-the-clock insurance protection, it also covers its members from anywhere in the world – giving further reassurance to workers in the industry.

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