Accident insurance for self-employed renovators

Under the Workplace Safety and Insurance Act, 1997 (WSIA), independent operators, sole proprietors, partners, and executive officers in the construction industry are exempt from compulsory coverage if they are engaged exclusively in home renovation work, as defined in this policy.

If you are a sole proprietor and your business only does home repairs and renovations where you are hired and paid directly by the homeowner or resident, then you are not covered by the Workplace Safety and Insurance Board (WSIB) of Ontario.

Many people get injured simply doing their routine home improvement jobs. And if an accident happens at your work place, you are on your own. “On your own” doesn’t mean that you won’t have medical help; of course you will! It means that nobody will compensate your loss of income for the time for your temporarily disability.

If you are a sole proprietor doing home repairs and renovations then accident disability insurance is the crucial protection you probably don’t have.

No doubts, very often we all think that it won’t happen to me. But non-emotional statistics say that 33% of workers between ages 30-64 will experience a disability greater than 90 days.

Accident disability insurance for self-employed home renovators

Specially designed for self-employed people or people working on commissions on home repair and renovation projects, accident disability insurance is a straightforward, affordable and easy to purchase plan. It’s a must-have insurance policy

Accident disability insurance can help protect you and your family from an unexpected injury that leaves you unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your regular income for a specified period of time. It provides you with monthly payments to help cover expenses, replace your income if you become disabled, or provide the money for hospital and convalescence costs, payable in addition to other coverage.

How accident disability insurance work

Generally, an accident disability plan covers the following:

• Permanent and total disability

• Accidental fracture
• Extended medical care further to an accident

• Home alteration and vehicle modification
• Workplace modification and accommodation
• Day care
• Rehabilitation
• Spouse & dependent child educational benefit
• Accidental death and dismemberment
• Repatriation

There are some exceptions though: you will not get monthly benefits for disability that results, directly or indirectly, from being impaired at work.

The accident disability insurance benefits

• No medical examination at the time of purchase. Answer just a few basic questions to apply. You can receive injury-only coverage if you do not qualify for sickness coverage.
• 24/7 Protection.

• Affordable: Premiums start as low as $12 per month for injury-only coverage.
• Tax-free monthly benefit: Choose $500, $1,000 or $1,500 (75% of your gross monthly income is the maximum).
• Easy to apply
• Total disability benefits: Receive a monthly benefit for up to 2 years if a covered illness or injury completely prevents you from working.
• No premium payments during disability: Your premiums will be waived if you are disabled and being paid monthly benefits.
• Portable: You can keep your policy if you change jobs.
• Policy cannot be cancelled as long as you pay your premiums
• 30-Day review period: If you change your mind during this time, you will get a full refund and your policy will be cancelled.

If you have a family that relies on your regular income for housing costs and daily living expenses, you should definitely consider accident disability insurance to protect your long term financial health, should something compromise your bodily health. And remember, accident disability insurance is more affordable than you may think. Coverage can be obtained for 1-3% of annual income.