Business Expense Disability Insurance

As a pharmacy owner, if you suffer a disabling injury or illness, long term disability insurance will help protect your income. But what about the ongoing expenses associated with running your pharmacy? Costs such as rent or mortgage payments, utilities, taxes, and salaries can create an enormous burden. That’s where business expense disability insurance can help. It pays for ongoing business expenses, so you can be sure you still have a business to return to when you have recovered.

What is business expense disability insurance?

Business expense disability insurance is a valuable companion to your long term disability insurance. It provides a benefit to help cover the business expenses of operating a pharmacy for up to 12 months if illness or injury prevents you from working.  

Why should I choose business expense disability insurance from the Ontario Pharmacists Association?

Business expense disability insurance from the Ontario Pharmacists Association is a group plan, so you can rest assured that you are getting competitive rates on your premiums. 

When you choose OPA insurance, you are getting a program developed by pharmacists, for pharmacists. Our program is managed and underwritten by reputable insurers, and administered and overseen by the Ontario Pharmacists Association, so you receive personalized service from us. If you have questions about your coverage or if you ever need to make a claim, we’re here to help.

What are the benefits of Business Expense Disability insurance?

This content is only available to Association members. Please log in to access this content.

Learn about becoming a member

or Sign In

How does business expense disability insurance protect me?

The business expense disability coverage offered through OPA covers expenses such as:

  • electricity, heat, water, phone, and postage
  • non-pharmacist employees’ salaries and benefits
  • depreciation of owned business equipment and premises
  • rent or mortgage interest and property taxes
  • property and liability insurance premiums
  • accounting services and membership fees for professional associations
  • other fixed expenses that are normal and customary in the operation of your business or profession.

If you have specific questions about coverage, please contact Insurance.

Who is eligible for this insurance?

The Ontario Pharmacists Association’s business expense disability insurance coverage is available to members who meet the following criteria:

  • under age 65, and
  • work a minimum of 20 hours a week on a regular full-time basis, and
  • are pharmacy/business owners or partners. 

Additional medical evidence (arranged by OPA) may be required based on your age and the amount of insurance you apply for.

Who manages the business expense disability insurance program?

The Ontario Pharmacists Association’s business expense disability insurance program is managed by Crain & Schooley Financial, one of Ontario’s largest insurance brokerage and risk management firms. Crain & Schooley has been in the business since 1954 and has been providing service to OPA and its members since 1985.

Who underwrites the business expense disability program?

The Ontario Pharmacists Association’s business expense disability program is underwritten by Manufacturers Life Insurance Company.

Who administers the program?

The program is administered by the Ontario Pharmacists Association's insurance department, which provides personal customer service dedicated to meeting your needs.

Who oversees the program?

The program is overseen by the Ontario Pharmacists Association's insurance committee.

Who do I contact for more information or forms?

For more information or forms, contact:

Ontario Pharmacists Association
Phone: 416-441-0788, 1-877-341-0788 option 2
Fax: 416-441-0474
Email: Insurance

How can I obtain a quote?

To obtain a quote, please contact:

Ontario Pharmacists Association
Phone: 416-441-0788 option 2
Toll free: 877-341-0788
Fax: 416-441-0474
Email: Insurance

How do I apply for OPA business expense disability insurance?

Download the application for insurance, and complete the form:

  • Section 1: Complete in full 
  • Section 2: Complete 2.2, 2.3, and 2.8
  • Sections 3, 4, and 5: Complete in full
  • Section 7: Complete if applying for amount in excess of $1,500
  • Section 8: Sign and return
  • Section 9: To be retained by the proposed insured

Mail the original copy of your completed application to:

Insurance Department
Ontario Pharmacists Association
155 University Avenue, Suite 600
Toronto, ON  M5H 3B7

Faxed, scanned, or photocopied applications will not be accepted. 

Do not send premium payments with your application. An invoice will be mailed with your coverage documents.

Within four weeks of receipt of all required information, OPA will be notified of the underwriting decision. The Association will mail the certificate of insurance, details of the coverage, and an invoice for the initial premium once the certificate is received from the insurer.

When does coverage take effect?

Coverage takes effect on the first day of the month following approval of your application and is fully underwritten. 

What forms of payment do you accept?

You may pay premiums by cheque or money order, payable to the Ontario Pharmacists' Association. 

How is a claim made? 

In the event that you need to make a claim, please contact us for the necessary forms. 

Ontario Pharmacists Association
Phone: 416-441-0788 option 2 
Toll free: 877-341-0788
Fax: 416-441-0474
Email: Insurance

All business expense disability or death claims should be mailed to: 

Manulife Financial
Affinity Claims Department
PO Box 4213 Station A
Toronto, ON M5W 5M3

Application form

Download

Beneficiary change 

This content is only available to Association members. Please log in to access this content.

Learn about becoming a member

or Sign In

Bulletins

This content is only available to Association members. Please log in to access this content.

Learn about becoming a member

or Sign In

Back to top