Unfortunately, when an injury occurs in the workplace it can be both challenging and stressful for everyone who’s involved. This is why it’s important to have WCB Coverage in place.
What’s Covered
A WCB policy is a type of no-fault insurance. When you have WBC Coverage that are certain things that are covered. These things include:
- Medical and support services for returning to work are a part of this coverage. It ensures that anyone who’s injured on the job has access to the type of medical services they need so they can return to work safely. This includes coverage for chiropractors, physiotherapists, and counseling.
- Protection from the loss of income. This means that in the event you get injured while at work you’ll still receive 90% of your net earnings or income.
- Lawsuit protection for both employers and their employees is also covered. It’s important to note here that if you’re incorporated your directors are required to carry optional personal coverage so that they’re protected in the event that a lawsuit is brought against them. With personal coverage, you’ll have access to the same benefits and services that are available via workers’ compensation insurance.
Who’s Covered
Understanding what’s covered is important but you also need to know who’s covered by WCB Coverage. Those who are covered include:
- Workers who are employed by your business unless you’re in an industry that’s exempt from this requirement (e.g. independent contractors, federal employees, railroad employees, longshoremen).
- As an employer, business owner, director of a corporation, or someone who’s in a partnership you’ll be covered. This means you’ll be able to avail yourself of the policy’s benefits and services in the event that you need to do so.
- Contractors and subcontractors who you hire who aren’t already covered by such a policy would be covered by yours.
The Bottom Line
Before you get upset by the fact that your Canadian business is required to have WBC Coverage you should consider the alternative: What would happen if one of your employees got injured while they’re at work? Would your business be able to pay for their medical bills, any monetary benefits the courts deem you’re responsible for paying them, and the cost of their rehabilitation? Now think about what might happen if more than one person was to get injured at the same time. With this insurance in place, you’ll be protected from their claims both in and out of court.
