If you operate your own business, Office Overhead Insurance gives you a simple, budget-friendly way to ensure that your day-to-day business and operating expenses are covered in the event that a serious accident or illness prevents you from working. The monthly benefit can be used towards obligations like utilities, rent and salaries, and helping to ensure your doors stay open while you are recovering. 

Benefits payable

The plan will provide reimbursement for incurred expenses such as rent, salaries, utilities, leased or rented equipment and other expenses which are normal and customary in the operation of your practice. The plan does not cover any remuneration payable to yourself or to your partners or to any person who replaces you to perform your duties for the purpose of generating income for your practice. The cost of any new purchases of equipment or supplies will be excluded as well. In the event of joint occupancy or partnership, only your share of the office overhead expenses will be used in determining the amount of benefit payable. Benefits will be payable for up to 12 months.

 

Definition of disability

Total disability

You will be considered Totally Disabled if, as a result of injury or sickness, you are severely limited in the performance of the normal activities pertaining to your occupation.

Partial disability

If you have recovered sufficiently to return to your practice on a part-time basis, benefits will be payable for up to 6 months, rather than 12 months, at 50% of the benefits paid in the last month of Total Disability.

Limitations and exclusions

The insured member must be under the care of a qualified physician to receive any disability benefits. We do not cover disabilities resulting from:

  • a self-inflicted injury
  • involvement in a criminal offense
  • insurrection
  • war
  • pregnancy, including childbirth

Please refer to your contract for a complete list of risks not covered by this plan.

Coverage is limited to a maximum of 6 months for foreign travel or residence outside of Canada or the U.S., unless an extension is approved in writing by the Company.

  • Must be a resident of Canada
  • Must be between age 18 and 60 inclusive to apply
  • Must be an active association member
  • Available to partners and sole practitioners who meet the eligibility requirements

Rates

Monthly premium per $100 of monthly benefit – Male
Age¹ 14-day waiting period 30-day waiting period
Under 40 $0.75 $0.65
40 – 44 $0.85 $0.75
45 – 49 $1.10 $0.90
50 – 54 $1.45 $1.20
55 – 59 $2.00 $1.65
60 – 642 $2.65 $2.15
65 Coverage terminates Coverage terminates

Coverage available from $500 to $5,000.

Note: Rates are subject to change without notice.

1 Age means the attained age at the Policy Anniversary date (March 1st). Premiums increase with age.

2 Rates for those 61 and over are for renewals only.

Monthly premium per $100 of monthly benefit – Female
Age¹ 14-day waiting period 30-day waiting period
Under 40 $1.00 $0.90
40 – 44 $1.25 $1.15
45 – 49 $1.45 $1.35
50 – 54 $1.60 $1.45
55 – 59 $1.90 $1.55
60 – 642 $2.30 $1.75
65 Coverage terminates Coverage terminates

Coverage available from $500 to $5,000.

Note: Rates are subject to change without notice.

1 Age means the attained age at the Policy Anniversary date (March 1st). Premiums increase with age.

2 Rates for those 61 and over are for renewals only.

Take action

Downloads

Still have questions?

Call a Licensed Insurance Advisor at 1-800-668-0195
(Monday – Friday 8am – 8pm ET)

or e-mail us at am_info@manulife.com

Ready to apply for Office Overhead Insurance?

It's easy and quick to apply for Office Overhead Insurance. Simply download and print the PDF application below, fill it out, and mail it to the address found on the application. We'll contact you when your application is processed.

Our 30-day guarantee

Your satisfaction is our number one priority. Once you receive your insurance policy, examine it carefully. If you are not completely satisfied, contact us within 30 days and we will cancel your coverage and refund your premium in full, no questions asked.1