Disability insurance is complicated, to say that least. It is something that most people know they need, but don’t fully understand it. This is understandable, as the industry is choked full of hidden meanings and hard to pronounce lingo. However, what you need to know is that all employers in the country of Canada are required to provide employees with workers’ compensation insurance.
What Is Workers Compensation Insurance?
Workers’ compensation is a type of insurance that provides employees coverage in the event that they are injured or hurt on the job and unable to work. Being unable to work means that you will be unable to earn and receive a paycheck. This is exactly where workers’ comp comes in handy. In addition to this, your employer is not allowed to deduct this from your paycheck or earnings.
How Do You Get Short-Term Disability Insurance?
Chances are that your employer will not offer this type of insurance coverage. It is possible that they might, but it is highly likely that they won’t. The ones that do offer the coverage to employees usually only do so because they receive a huge federal tax deduction for doing so. If your employer does offer this company it’ll work in one of two structures. First, it might be self-funded or self-administered, meaning that your employer will provide the fund for this benefit themselves.
The second option will be insurance provided, meaning that your employer will work with a licensed insurance company to cover the fees and payouts in the event that you’re injured or fall sick. If your employer doesn’t offer this insurance, you can still acquire it. In fact, it might an extra monthly expense, but if you are in a high-risk bracket, it’ll be well worth it. You should be able to find this type of coverage through any third-party provider like ProfessionalsCoverage.
Why Insurance If Offered?
At the end of the day, companies offer workers’ compensation insurance because it is required by law. A business cannot legally operate if they do not offer their employees workers compensation. However, they also have the option of offering short-term and long-term disability insurance as well. You learned above that this is something that most employees don’t offer. There are some that will, and the ones that usually do, do so because it gives them access to federal grants and tax relive.
What Constitutes For Disability?
If you are injured on the job, you’ll need to know that you’re going to be able to collect it. In order to do this, you’ll have to immediately report the injury to your employer and then file a workers’ comp claim for the injury. Keep in mind that workers’ comp includes necessary medical care for treatment of and recovery from the injury or illness. As far as an injury or illness goes, this can be anything from mental to physical. It doesn’t necessarily mean that you have to fall down on the job and break your leg, which would put you out of work. It could also mean that you are in bed with severe depression and unable to get out.
Types of Disability Insurance we offer
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Other Disability Insurance Resources that you can read
- Are Canadian Disability Insurance Premiums Tax-Deductible?
- Will My Long-Term Disability Income Be Taxable?
- Dealing With Elimination Periods For Short And Long-Term Disability Insurance
- Pregnancy And Disability Insurance
- Who Pays For Disability Insurance?
- Why Employers Offer Disability Insurance
- Maternity Leave And Disability Insurance Benefits
- How Long Do Long-Term Disability Benefits Pay?
- How Much Does Long-Term Disability Insurance Cost?
- Is Disability Insurance Worth It?
- How Much Disability Insurance Should I Get?
- What Does Disability Insurance Cover?
- What To Look For In Disability Insurance?
- Do I Need Disability Insurance After I Retire?
- Does Disability Insurance Cover Pre-Existing Conditions?
- How Does Disability Insurance Work?
- How Long Does Long Term Disability Insurance Pay?
- Is Wage Loss Insurance The Same As Short Term Disability?
- When Does Long Term Disability Insurance Start?
- Can You Buy Your Own Short Term Disability Insurance?
- Can You Get Disability Insurance If You Are Unemployed?
- Can I Buy My Own Short-Term Disability Insurance?
- Can You Get Individual Short Term Disability Insurance?
- Are Credit Cardholders Insured By Disability Insurance Plans?
