WorkCover and income protection are two separate systems that can both apply when illness or injury stops you from working, but they operate very differently. WorkCover is a state-based statutory scheme funded by your employer, covering only work-related injuries.
Income protection is a private policy covering you for illness or injury regardless of where or how it happened. When both apply, most income protection policies include an offset clause reducing your monthly benefit by whatever WorkCover already pays. If your pre-injury income exceeded the WorkCover weekly cap, claiming both can recover the full difference.
Some policies also cover non-work-related elements of an injury that WorkCover won't touch. Knowing how your specific income protection policy handles WorkCover offsets before an injury occurs is where independent broker advice adds the most value. Finsol helps Australians structure cover so both systems work together seamlessly.
