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Business Overhead Expense Plan
If you are responsible for the fixed expenses of running your business, you know these office expenses continue even when you are unable to work.
The Business Overhead Expense Plan covers business expenses that continue when your business revenue slows or stops because you are disabled due to illness or accident. Coverage is available from $500 to $8,000 in monthly benefits, in increments of $100.
Benefit payments begin following the Elimination Period you choose when you apply — either 14 days or 30 days. (The longer the Elimination Period, the lower your premiums.)
| Extra features at no extra cost |
| Great features make this coverage more valuable. |
| How your expenses are paid |
This Plan covers you for eligible expenses, which are normal expenses in the operation of your business, such as:
- rent or mortgage interest,
- utilities including hydro, heat and water,
- depreciation,
- employee salaries and so on.
If the business is a partnership or operates under a cost-sharing agreement, only your share of the expenses is considered eligible. more... |
The Plan does not cover self-remuneration, the cost of goods, wares or merchandise of any nature or the cost of implements of your occupation or profession. Benefit payments are limited to actual expenses incurred. Some limitations and exclusions apply.
Benefit payments begin following the elimination period you choose at the time of application (either 14 days or 30 days). The longer the elimination period, the lower your premiums. Benefit payments end when you recover, when you reach your benefit maximum (which is 12 times your monthly benefit), or when payments have continued for three years or when you reach age 70 (whichever occurs first).
For example, if you had purchased $5,000 of monthly benefit, the Plan would reimburse you for $5,000 of incurred expenses for 12 months, at which time you will have reached the benefit maximum (12 times your $5,000 monthly benefit, or $60,000). However, if you had purchased $5,000 of monthly benefit and your incurred expenses taper off (i.e., $5,000 in the first six months, $2,500 for the next six months and $1,250 thereafter), you could continue to receive benefits until you reach your $60,000 benefit maximum (24 months in this case).
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| Determine the benefit amount you can apply for |
| You may purchase coverage equal to your average fixed monthly expenses in the last six months, less any business expense or office overhead coverage already in force. more... |
Coverage is available from $500 to $8,000 in monthly benefits, in units of $100.
Benefit payments begin following the Elimination Period you choose when you apply — either 14 days or 30 days. (The longer the Elimination Period, the lower your premiums.) |
| Eligibility |
| All applicants must be resident in Canada and under 65 years of age. The following individuals are eligible to apply: more... |
- Members of the 12 provincial and territorial engineering licensing associations, including members in training. Also, student engineers who are members of a student section (in those associations where a student section exists) and who are within 24 months of expected graduation from a program accredited by the Canadian Engineering Accreditation Board.
- Members of the 8 provincial associations of technicians and technologists.
- Members of l'Ordre des Géologues du Québec.
- Members of the Association of Professional Geoscientists of Nova Scotia.
- Members of the Association of Professional Geoscientists of Ontario.
- Members of the Manitoba Association of Architects.
- Members of the Architects' Association of New Brunswick.
- Members of the Nova Scotia Association of Architects.
- Members of the Architects Association of Prince Edward Island.
- A full-time employee of Engineers Canada, or of one of Engineers Canada provincial/territorial constituent associations/ordre, or of one of the participating organizations, or of The Youth Science Foundation.
- Limited licensees.
No family coverage is offered under the Business Overhead Expense Plan. |
Limitations and exclusions
Benefit payments are limited to actual expenses incurred. Please see the Certificate of Insurance for other limitations that may apply. |
Your authorized insurance representative is always ready to discuss this Plan with you, to help you determine what coverage best suits your needs and to help you complete your application. You can get in touch with your local representative today.
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