- Many people suffer an illness or injury that prevents them from working.
During working years, about half of all Canadians will suffer a disability that lasts for more than three months. For a business, an especially troubling statistic is that the majority of these disabilities last for an average of almost three years.
Some of the more common disabilities involve accidents resulting in serious injuries, psychological illnesses, stroke, heart disease and musculoskeletal conditions such as back problems.
- All it takes is one disability to threaten your company’s financial health.
That’s why it is so important to ensure that your business will continue successfully even if an owner or key person suffers a disability and cannot work. From a personal standpoint, can your family survive if you are not earning an income?
There are many different ways to tailor your disability coverage. That would include type of coverage including accident or illness, definition of job replacement (own occupation, or regular occupation) waiting period until your benefits begin and the length of term that you will receive the benefits.
It is also important to review the coverage that you may have at work. Company benefit plans are often inadequate to meet the needs of your individual circumstances.