Business Overhead Expense Insurance covers business expenses that continue when your business revenue slows or stops because you are disabled due to illness or accident. Coverage is available from $500 to $8,000 in monthly benefits, in increments of $100.

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Benefit payments are limited to actual expenses incurred. Some eligible business expenses include:

• Rent or mortgage interest
• Utilities ( Hydro, heat and water)
• Depreciation
• Employee salaries

Elimination Period is the number of days during which no benefits are payable. After satisfying the elimination period, monthly benefit will be payable to you.

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Extra features at no additional cost:

• Waiver of Premium – If your total disability continues for three consecutive months, your coverage may continue at no charge to you while you are receiving monthly benefit payments.
• Recurrence of Disability – If you return to work but suffer a subsequent period of total disability resulting from the same illness or accident within three months, the second period of disability will be considered a continuation of the first. Benefits will resume and you will not have to complete another Elimination Period.
• Death Benefit – If you die while receiving benefits, your beneficiary or estate will receive an amount equal to the eligible expenses incurred in the three months following your death.

Your insurance does not cover:

1. Any period of disability, including throughout the elimination period, during which you are not under continuing medical treatment, supervision and following the appropriate treatment considered satisfactory to Manulife;
2. Any period of disability while you are outside Canada for a period of more than six months;
3. Any loss or disability resulting from intentionally self-inflicted injuries
4. Any injuries sustained or disease contracted as a direct result of service in the armed forces of any country;
5. Disabilities due to bodily injury resulting directly or indirectly from declared or undeclared war or any act of war, insurrection, or participation in a riot or civil commotion;
6. Pregnancy (excluding complications thereof);
7. Any loss or disability resulting directly or indirectly and wholly or partially from committing or attempting to commit an assault or criminal offence;
8. Disability as a result of alcoholism, drug addiction, substance abuse, or other addiction, unless you are participating in a therapeutic program, recognized as such by Manulife, and are under continuous medical supervision by a specialist in this field; and/or
9. Disability as a result of a mental or nervous condition, unless you are under the care of a clinical psychologist or psychiatrist;
10. Any period of disability while you are on a maternity leave as required by law, or during a leave of absence;
11. Any period of disability during incarceration in a prison or mental institution by authority of a criminal court;
12. Any loss or disability resulting from the operation of any kind of aircraft for profit or reward.

If you must hold a government permit or license to perform your regular duties, you will not be considered totally disabled solely because such permit or license has been withdrawn or not renewed.

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Limitation in Benefits. Any benefit amount payable will be reduced by the amount of any expense included therein which you are entitled to recover from another source.

Determining your eligibility

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Eligibility for application is granted to a Canadian resident under age 65, who is:

1. A member of the engineering regulators that license the country’s 300,000 members of the profession (including members in training); also, an engineering student who is registered in an engineering program accredited by the Canadian Engineering Accreditation Board;
2. A member of the Ontario Society of Professional Engineers or Genium360;
3. A member of the Association of Professional Geoscientists of Ontario, Geoscientists Nova Scotia or the Ordre des géologues du Québec;
4. A member of one of the participating provincial associations of professional technicians and technologists;
5. A member of the Manitoba Association of Architects, the Architects’ Association of New Brunswick, the Nova Scotia Association of Architects or the Architects Association of Prince Edward Island;
6. A full-time employee of Engineers Canada or one of the engineering regulators that license the country’s 300,000 members of the profession or one of the participating organizations or of Youth Science Canada; or
7. A limited licensee or a provincial licensee.