If you’re disabled and unable to work, the Engineers Canada-sponsored Business Overhead Expense Insurance can provide up to $8,000 in monthly benefits to cover your eligible business expenses
Business Overhead Expense Insurance 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 are limited to actual expenses incurred. Some eligible business expenses include:
Elimination Period is the number of days during which no benefits are payable. After satisiying the elimination period, monthly benefit will be payable to you.
Extra features at no additional cost:
Existing Coverage: Do not include any existing Engineers Canada coverage when selecting your coverage amount. Provincial taxes may apply.
Your insurance does not cover:
If you must hold a government permit or licence to perform your regular duties, you will not be considered totally disabled solely because such permit or licence has been withdrawn or not renewed.
Limitation in Benefits. Any benefit amount payable will be reduced by the amount of any expense included therein which you are entitled to recover from another source.
Eligibility for application is granted to a Canadian resident under age 65, who is:
* Premiums are subject to change without notice. Premiums increase as you enter a new age bracket. For the annual premium, divide the monthly premium by 0.09.
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