WSIB and a Second level of Protection

Most people know that Bill 119 for self-employed renovators, contractors and trades people came into effect the beginning of 2013.

How many times have we heard from clients that now they will have to cancel their personal coverage due to the fact that they can’t afford to be paying for both WSIB which usually will be around 9% – 13% or higher of their labour costs billed on the job and pay for their personal cover.

To clarify, WSIB only covers for accidents on the job; it does not cover 24 hours 7 days a week. It also does not cover for illness. Statistics do show that at younger ages from 20-40 more accidents do occur, however most of them do not occur on the job. From age 40 plus we are less accident prone and do get more serious illnesses such as heart attacks, cancer and stroke.

Here are two ways to protect yourself for illness cover. One is personal disability insurance that covers accident and illness 24 hours 7 days a week and pays out based on income. The other is critical illness insurance which covers serious illnesses and pays a lump sum payment. The lump sum is not dependent on income.

For all the self-employed who are now paying into WSIB, a second level of protection is still required to protect your income, your family and your business.

For more information on personal disability coverage or critical illness insurance, contact us.