Protect

What Protect does

Protect is an Australian worker entitlement fund, established in 2000 and headquartered in Melbourne, that administers severance accounts and income protection insurance on behalf of trade union members and their employers. Its core products are the Protect Severance Account (an Approved Worker Entitlement Fund under the Income Tax Assessment Act that delivers tax-free genuine redundancy payments) and Income Protection Insurance issued by ATC Insurance Solutions, covering non-work related injury and illness globally on a 24/7 basis. As of 2025 the platform also supports two regulated account types — General Account (GEN) for involuntary/redundancy claims and Voluntary Termination Account (VTA) for resignations and retirements — with a mobile app and worker/employer web portals handling contributions tracking, claim lodgement, and balance checks, all integrated with ATO Single Touch Payroll reporting.

Protect serves approximately 60,000 workers and 1,200 employers across at least seven trade verticals: electrical, metals, maritime, fire rescue, rail, lift and civil construction, with additional presence in New Zealand (NZPFU firefighters, maritime workers) added in 2025. The scheme is jointly owned by the Electrical Trades Union Victorian Branch (75%) and the National Electrical and Communications Association Victoria Chapter (25%), and benefits are negotiated into enterprise bargaining agreements rather than purchased directly by individual workers. Revenue mechanics are EBA-driven recurring contributions from employers, income protection premiums, and a free counselling add-on delivered through Hunterlink; any surpluses after administration costs are distributed as trust distributions to ETU (75%) and NECA (25%).

Operationally, Protect runs a field team that visits worksites across Australia and New Zealand to onboard members and support claims, supplemented by a digital-first service model (iOS/Android app, AU and NZ phone lines, online portals). The business is privately held, not listed, and is preparing for new ASIC rules effective September 2026 that will require the fund to hold an Australian Financial Services Licence.

Name

Protect

Legal name

Protect Services Pty Ltd (ACN 151 240 194) as trustee for Protect Services Trust (ABN 38 975 124 058), Protect Severance Scheme No 2 Pty Ltd (ACN 6060 361 853) as trustee for Protect Severance Scheme No 2 (ABN 52 967 672 143) and ElecNet (Aust.) Pty Ltd (ACN 080 344 458), as trustee of the Protect Severance Scheme (ABN 98 395 548 596)

Website

https://protect.net.au

Company type

Private

Founded year

2000

Operating status

Operating

Short description

Protect is an Australian worker entitlement fund that administers severance accounts and income protection insurance for ~60,000 trade union members and 1,200 employers across electrical, metals, maritime, fire rescue, rail, lift and civil construction industries, jointly owned by the ETU (75%) and NECA (25%).

Ownership category

akta.pro rank

Product category

Worker Entitlement Fund

NAICS

Other Insurance Funds (525190), Professional Employer Organizations (561330)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Workers’ Compensation Insurance (FSAJAMAF)

akta.pro secondary industry

Workforce Compliance & Employment Law Risk Management (Local Labor Law, Tax, Statutory) (BPACAHAH)

Keywords

• Worker entitlement fund
• Severance scheme
• Income protection insurance
• Redundancy benefits
• Union-negotiated benefits

Headquarters

HQ city

North Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Employer Severance Contributions: Employers contribute to Protect severance accounts on behalf of their workers per industrial agreements. These contributions provide workers a safety net for unemployment. Contribution amounts are determined by enterprise bargaining agreements.
2. Income Protection Insurance Premiums: Protect administers income protection insurance policies where employers pay premiums on behalf of workers. Insurance policies are held by relevant unions and issued by ATC Insurance Solutions. Cover provides benefits for non-work related injury or illness.
3. Trust Distributions: After funding administration costs, any surpluses made over and above the amounts owing to workers may be distributed as trust distributions to the corresponding divisions owners (ETU 75%, NECA 25%).

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Protect is Australia's leading worker entitlement fund that administers severance accounts and income protection insurance for trade workers. Employers contribute on behalf of workers per enterprise bargaining agreements negotiated with unions, providing tax-free genuine redundancy payments, global 24/7 income protection for non-work related injury and illness, and free confidential counselling services to approximately 60,000 workers and 1,200 employers across electrical, maritime, metals, fire rescue, rail, lift, and civil construction industries in Australia and New Zealand.

Product overview

Protect is Australia's leading worker entitlement fund offering a comprehensive suite of financial protection and wellbeing services for trade workers. The core offerings include Protect Severance Accounts (tax-free redundancy accounts with two types: GEN for genuine redundancy and VTA for voluntary termination) and Income Protection Insurance (24/7 global coverage for non-work injuries and illness). These are supported by digital platforms: the Protect App (iOS/Android) and Workers/Employer Portals for account management and claims submission. All members receive free counselling through Protect Counselling (powered by Hunterlink) with additional wellbeing resources through ADA Australia. The company serves approximately 60,000 workers and 1,200 employers across diverse industries including electrical, maritime, metals, fire rescue, rail, lift, and civil construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Protect Severance Account A severance and redundancy account into which employers contribute on behalf of workers per enterprise bargaining agreements, providing a tax-free safety net during unemployment. Includes two account types: General Account (GEN) for genuine redundancy and involuntary termination, and Voluntary Termination Account (VTA) for resignation, retirement, and promotion off the tools. Covers termination events including redundancy, promotion off the tools, total permanent disability, and death. For trade union workers across electrical, metal, maritime, fire rescue, rail, lift, and civil construction industries.
• Income Protection Insurance Insurance policies covering non-work related injury or illness with global, 24/7 coverage. Includes death benefits, serious trauma payments, broken bones benefits, and accidental dental injury cover for members and their families. Administered by Protect and issued by ATC Insurance Solutions; policies are held by relevant unions (ETU, AMWU, AWU, UFU, NZPFU, MUA). For trade workers in electrical, metal, maritime, fire rescue, rail, lift, and civil construction industries.
• Protect App Mobile application available on iOS and Android enabling workers to manage their Protect accounts, check balances, track employer contributions, lodge severance and income protection claims, view digital membership cards, and update contact details. Separate versions available for Australian and New Zealand users.
• Workers Portal Online platform for workers to log in and manage their Protect accounts, access statements, submit claims, view correspondence, and review contribution history. Accessible via the Protect website through the yellow worker login button.
• Employer Portal Online portal for employers to manage contributions, confirm employee terminations, and fulfill industrial agreement obligations with respect to Protect severance and income protection schemes.
• Protect Counselling Free, independent, confidential counselling service available to all Protect members, employers, and immediate family members. Delivered through Hunterlink with phone (24/7), face-to-face, and online session options. Covers issues including mental health, relationship problems, substance abuse, financial difficulties, workplace stress, bullying, and COVID-19 impacts.

Quantifiable outcome

• Over $400 million delivered to electrical workers during periods of unemployment or transition (2019 figures)
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• ADA AustraliaminorStrategic or Co-development Partner · 1 January 2021Partnership with Alcohol and Drug Awareness Australia to deliver workplace mental health support services and behavioral health safety awareness. Provides access to Protect Support and Learning Hub with training videos and webinars on mental health, COVID-19 responses, and drugs/alcohol in workplace.
• United Firefighters Union (UFU) VictoriacoreChannel Partner/ Reseller/ Distributor · 1 January 2018UFU Victoria negotiated income protection into Fair Work Commission Order in 2018. Endorsed Protect as provider of choice due to superior cover, high claim acceptance rate, and Field Officer support. Almost 100% of eligible firefighters enrolled.
• WithOneSeedminorStrategic or Co-development Partner · 1 January 2016Community forestry program in Timor-Leste that Protect invests in to offset emissions not reduced or eliminated internally. Maintains Protect's zero carbon footprint while providing social benefits to Timor-Leste communities.
• ATC Insurance SolutionscoreTechnology or Integration · 1 January 2011ATC Insurance Solutions is the insurer issuing Protect income protection policies. Policies are held by relevant unions (ETU, AMWU, AWU, UFU, NZPFU, MUA) and issued by ATC. ATC handles claims processing for injury, sickness, dental, and related benefits. Long-standing partnership since at least 2011.
• Maritime Union of Australia (MUA)coreChannel Partner/ Reseller/ Distributor · 1 January 2011MUA members joined Protect for income protection starting 2011. MUA holds insurance policy issued by ATC. MUA National President has publicly endorsed Protect for delivering benefits beyond income payments.
• Electrical Trades Union (ETU)coreStrategic or Co-development Partner · 1 January 2000ETU Victorian Branch owns 75% of Protect Severance Scheme No 2. ETU negotiated Protect benefits into workplace agreements and drives membership enrollment. Board representation ensures worker interests are central to governance.
• National Electrical and Communications Association (NECA)coreStrategic or Co-development Partner · 1 January 2000NECA Victoria Chapter owns 25% of Protect Severance Scheme No 2. Represents electrical contractors who are major employer contributors. Board representation ensures employer perspective in governance.
• HunterlinkcoreStrategic or Co-development PartnerHunterlink provides free confidential counselling services to all Protect members and immediate family. Service available 24/7 via phone, with face-to-face sessions and online portal access. Recommended by Maritime Union of Australia for member support.
• Disability Sport and Recreation (DSR)minorGTM or Marketing PartnerProtect is key sponsor of Victorian wheelchair rugby including Victoria Thunder Wheelchair Rugby team and Victoria Wheelchair Rugby Cup. Program supports players from beginner to Paralympic representation. DSR upholds Protect's values of helping those in times of need.
• Fiona Elsey Cancer Research Institute (FECRI)minorGTM or Marketing PartnerProtect is proud partner of Ballarat Cycle Classic raising funds for FECRI. Event has raised over $1.9 million to date with 100% of registrations and donations going to cancer research. FECRI is Australia's only regionally based cancer research facility.
• Australian Manufacturing Workers Union (AMWU)coreChannel Partner/ Reseller/ DistributorAMWU Vic Branch endorsed Protect as severance fund of choice for metal workers in 2011. AMWU holds injury cover insurance policy issued by ATC. Endorsement drives metal industry membership.
• New Zealand Professional Firefighters Union (NZPFU)coreChannel Partner/ Reseller/ DistributorNZPFU members covered under Protect injury and illness insurance policy. 2025 marked extension of Protect services to New Zealand maritime workers as well.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Others

• Hunterlink (Counselling Provider): Australian Employee Assistance Program provider delivering Protect's free 24/7 counselling line. Included as an adjacent ecosystem partner underpinning member value rather than a direct competitor.

Broad incumbents

• TAL (TAL Life Insurance): Leading Australian group life and income protection insurer. Comparable in that TAL issues income protection policies that could be substituted via union/employer EBAs in place of Protect's ATC-administered policies.
• AustralianSuper: Australia's largest superannuation fund offering insurance benefits including income protection. Indirectly competes for worker benefit allocations through EBAs even though not industry-exclusive.
• Asteron Life (Suncorp): Income protection insurer competing for group schemes negotiated through employer/union agreements. Comparable product offering for the non-work injury/illness cover that Protect packages inside its overall member value proposition.
• Construction & Building Industry Super (CBUS): Industry super fund for construction workers offering redundancy and income protection benefits. While much broader, it competes for EBA-mandated worker benefit allocations and serves overlapping trade worker demographics.

Direct peers

• RedRESS Scheme: Australian worker entitlement fund providing severance and redundancy benefits similar to Protect, primarily in the textile, clothing and footwear sectors. Same regulatory framework under the Income Tax Assessment Act.
• CoINVEST Limited: Victorian-based worker entitlement fund administering severance and redundancy benefits across construction, electrical and related trades. Most directly comparable competitor and was the prior employer of Protect's CEO Michael Connolly.
• Incolink: Construction industry redundancy and portable long service leave fund. Operates a similar EBA-driven, union-endorsed severance model for Victorian commercial construction workers, competing for the same EBA mandates.

Regional players

• WA Building Industry Redundancy Trust: Western Australian equivalent worker entitlement fund for the building industry. Same regulatory designation as Protect, but geographically restricted to WA's building trades rather than Protect's multi-industry, multi-jurisdiction footprint.

Emerging players

• Insync Solutions (Benefit/Pacific): PEO and outsourced HR administration provider that administers employer obligations including severance and benefits. Competes for the workforce administration and EBA compliance layer where Protect layers onto its severance and IP products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ProtectMembers
• Instagraminstagram.com/protectmembers
• Xx.com/protectnet

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Protect