This page provides information to Canadians about the types of small business
insurance plans. |
When a company chooses a small business insurance plan for its employees
the employer can choose one plan for the entire group, or choose different
plans according to the needs of each individual. Some companies pay a
portion of the premiums so that if an individual chooses a more expensive
plan, the individual’s monthly cost (or pay deduction) will also
be more.
 Who
to include
An employer may choose to cover all of its employees or all of the employees
and their families. Employers can also include regular suppliers or contractors
if they choose. Each individual should be given the option of refusing
to be included in the insurance plan. An individual may not want the coverage,
especially if they are already covered by an existing plan.
Once the list of members to be covered is established, a more complete
list should be made that includes the birthdate, sex and social insurance
number of each individual.
Choice of plans
If you are a single woman with no children, your needs may vary considerably
compared to that of a forty-something man with a wife and two kids. Also
an individual who wears glasses would be more interested in a plan with
good vision coverage than one who does not.
Plans that are available include:
- Dental (basic or enhanced)
- Drug coverage (basic or enhanced)
- Combination dental and drug coverage, (basic or enhanced)
Stand-Alones include:
- Extended health care
- Hospital
- Hospital cash
Add-ons include:
- Extended health care
- Hospital
- Hospital cash
- Vision
- Travel
- accidental death and dismemberment
Other types of insurance for businesses
Business owners should also consider property and liability insurance.
Property insurance protects the assets owned by your business from destruction
or damage (includes the building and the equipment). Liability insurance
protects your company from any lawsuits resulting from negligence that
may cause injury to a customer or employee. It also protects your company
from someone who is harmed as a result of using your service or product.
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