I’m a Small Business Owner
You have two people’ to feed now: your family and your banker. You owe money to your banker (or your lease company) and they are very unsympathetic when it comes to you missing payments for any reason. Should you become disabled, you need a personal disability plan to feed your family and an Overhead Expense plan to feed’ your banker (see Overhead Expense’ in What does it mean’).
You also have no EI (Employers Insurance) and will need a disability plan to start immediately. Ask for a 0′ day start on your personal disability plan. You will also need a Partial benefit that will keep paying you while you are trying to return to work and are only working part time. You may have WCB and if so, it is probably at the minimum amount of $1,500 per month. WCB pays does not cover anything off the job nor sickness at any time nor does it cover any overhead expenses.
I’m an Employee
You have two types of non-contractual government insurance: EI and WCB. As an employee, it is a legal requirement that your employer supply these for you. Your employer pays the full cost for the WCB while you share the cost of the EI with him. EI pays for injuries and illnesses after a two week wait and is paid through to the 120th day of disability. WCB pays for injuries only, on the job only, starts immediately and pays up to age 70 at a rate of 90% of your take home pay (ie. after all deductions). WCB does not cover your occupation off the job site or off regular job hours (eg. working at your brother-in-law’s house on the weekend).
You will need coverage that starts after EI stops (120 days) and pays for as long as to age 70. If WCB does not pay for some reason, this plan should be designed to replace that missing benefit.
I’m a Contractor
There are situations where CRA (Canada Revenue Agency) actually considers contractors to be employees and others where it treats you as an independent business person. Contact Ken MacCoy to see what plan is best for you.
You Can’t Depend on Government Benefits
Government benefits only cover you in certain situations and have restrictions in them that you don’t find out about until you go on claim. Depending on your government benefits only is like going out into the rain wearing only half a raincoat!
Accidents happen when your job keeps you on the road all week long. You may have minimum WCB coverage but no coverage for off the job or for your truck payments. See: Roadside Edge.