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Things to Consider When Purchasing Super Visa Insurance

If you are a parent or a grandparent of a Canadian citizen or permanent resident and you would like to visit your family in Canada, one way to do it is to receive a super visa. One of conditions for obtaining a super visa is the availability of medical insurance that is called super visa insurance. Applicants for this type of insurance should be Canadian citizens or permanent residents. Insurance is necessary to provide visitors with medical assistance in the emergency cases. There are many insurance companies that offer different policies, but are all of them provide a perfect solution for your needs? Some people, when buying super visa insurance, pay the most attention to rates. Yes, the price factor is undoubtedly important, but there are many other things you need to consider.

There are some basic requirements for super visa insurance:

  • it must be obtained in Canada;
  • its validity period must be at least 1 year;
  • the coverage must not less than $100 000.

Why Purchase Insurance in Canada?

There are basically two types of insurance. The one that is purchased in Canada is called Visitors to Canada, whereas insurance for Canada, bought in any other country, is called Travel Insurance. The latter can be cheaper, but it only acts as an addition to the basic state insurance of a country where the visa applicant resides. After leaving the homeland, an applicant may lose the right to obtain insurance in his/her home country, which leads to losing travel insurance as well.

Another important point: if an insurance event occurs you can call a Canadian insurance company and it provides an address of the closest clinic or hospital. When you get to such a medical institution it should already receive an application with your name so many formalities for filling out the papers will be solved easier for you.

Insurance Rates

Super visa insurance of 100,000 Canadian dollars is the minimum required amount of coverage. You can buy insurance for larger amounts: $150,000, $200,000, etc. In order to determine how much to invest in the purchase, you should carefully study the list of illnesses and diseases covered by insurance. It is better to pay more for coverage than in case of illness find out that it is not an insurance event and you will have to pay for medical care out of your pocket. The difference in the price of insurance plans with a coverage of $100 000 and $150 000 is not too big. Therefore, it makes sense to choose insurance with better coverage, providing yourself or your family with a full-fledged medical care. You can even get super visa insurance plans that include coverage of exacerbation of chronic diseases (in this case you need to look for an emergency medical insurance plan for pre-existing conditions).

As a rule, the price for insurance policy correlates with the age of an applicant. For instance, the cost of insurance coverage of $100 000 for 50 and 75-years-old applicants may differ by $ 1000.

You should also keep in mind that rates for super visa insurance may vary in different provinces. In Quebec, New Brunswick, Yukon, Northern Territories, and Nunavut prices may be higher as there are fewer insurance companies on the market. To get acquainted with the policy rates you can request super visa insurance quotes.

Deductible Fees

When purchasing insurance, many people do not pay enough attention to such an important aspect as deductible amount. This amount can vary from $0 to $1000. What does this mean? If a hospital charges for its services more than a deductable amount, then an insurance company pays only the difference between the amount in a bill and a deductable amount. If the cost of treatment is less than a deductable amount, then it is fully paid by a patient. For example, if medical travel insurance has $1000 as deductible amount, you have to pay all expenses up to $1000 for each new visit to a doctor. As a rule, insurance policies with higher deductible amounts are less expensive.

Some insurance companies offer deductibles per claim, while others – per period. What is the difference? In the first case, each time you visit a doctor, you pay a deductible amount from your pocket, and in the second case, you pay only the first time.

How Many Insurance Policies to Buy

If two members of your family enter Canada with super visa, then the insurance policies for them should be separate. What is it for? If a person decides to leave the country ahead of schedule without using insurance, a certain amount will be returned to this person. If the insurance is issued for two people and one of the parents applies for medical assistance in Canada, even in case of the early return home no refunds will be available. Besides, the travelers who have one insurance policy will have to return to the homeland together.

Cancellation and Renewal of Super Visa Insurance Policies

If a trip to Canada is canceled after you receive a super visa, you can cancel insurance or change its period. When entering Canada, super visa insurance must be valid. If the visa is denied, then the amount you paid for insurance may be returned without fees.

The super visa insurance policy is canceled in two cases:

  • when a person returns home;
  • when a person acquires provincial medical coverage.

After the early departure of a person from Canada and the cancellation of super visa travel insurance, a certain amount of money can be returned. To do this, you will need to provide a passport with the appropriate stamps and a ticket. A necessary condition for the return of the unused insurance cost is an absence of claims for the insurance events.

If you are going to renew insurance after the expiry of the insurance period, it must be done at least 48 hours beforehand and the important condition of renewal will be an absence of applications for medical assistance.

Super visa medical insurance is valid throughout Canada, so you can safely move from one province to another. In this case, you need to inform your insurance company about the change of address. If a person changes location within the same province, then the new address is reported only in case of insurance event.

finance info

6 Primary Business Insurance Policies Every Newbie Food Entrepreneur Should Consider

food business insurance
After years of mastering your culinary prowess and learning how to bring your passion into a profitable venture, you finally open your first food business – a hippie dog cafe. With hundreds of coffee aficionados and animal lovers flocking to try a latte with some side of cuddles, what could possibly go wrong?

Everything is well – until one customer claims to be bitten by a rowdy Shih Tzu. On table number 14, another customer claims to be suffering from a severe peanut allergy caused by a mismatched order. And during the commotion, one employee suddenly slips and injures his back while mopping the slippery kitchen floor.

Who is held accountable? You, of course. No matter how healthy and tasty your products are, or how safe your work environment is, accidents are inevitable. Apart from compensating for the medical costs of the injured people, you may also face lawsuits against your establishment and risk your profits and assets. That being the case, buying a business insurance is a top priority, especially if you’re in the food industry.

Insurance seems like a waste of money until you finally need it. So don’t wait until you have your first product on the grocery store shelf or on the table of your first customer to purchase an insurance policy. Ahead are 6 of the insurance policies you may need for your food business.

1. General Liability Insurance

If a visitor suffers injury while at your place of business and sues you for the damages, a standard liability insurance may cover you. The policy is issued to business to protect them against liability claims for bodily injuries and property damage arising out of the business operations within the premises. Even minor accidents like slipping to the wet floor can be a heck of a financial loss when you think of the medical expenses topped with legal costs.

Getting a liability insurance ensures you won’t have to bear the full cost. The cost is generally in line with the risk of the industry. Therefore, we can assume that a restaurant that is open to the public will have a higher risk than a jam retailer that receive only a few onsite patrons.

2. Product Liability Insurance

When you think of its health repercussions, food businesses tend to be riskier than other enterprises. A slight hint of a flaw in your product, like faulty packaging, contaminants, and small foreign objects, may lead to a severe illness to consumers. With this, all food production enterprises are required to purchase a product liability insurance, whether it’s a huge bread distributor or a small pastry shop.

As its name implies, this policy covers claims of bodily injury or illness and/or property damage arising from eating or using your products. Product Liability Insurance should be purchased before you introduce your products to the public.

3. Property Insurance

Is your food business situated in a flood-prone area? If it is, then purchasing a property insurance is a must.

The policy protects your building and equipment against damage due to vandalism, fire, and flood as well as unfortunate incidents like theft. Other possible mishaps like windstorms, hail, and explosion may need additional coverage, but purchasing a standard property insurance is a great starting point. The coverage is based on the actual cost of replacing (or repairing) buildings and equipment.

4. Commercial Auto Insurance

Do you use vehicles for your business? Delivery vehicles, like motorcycles and trucks, are business assets that should be insured as well.

Commercial auto insurance is quite similar to what you may already have on your personal cars. It includes property coverage for your vehicle, liability coverage for the damage to other people, their vehicles, or properties, and coverage for the injuries of your driver and other passengers in your vehicle.

5. Workers’ Compensation

Buying workers’ compensation insurance is necessary as soon as you hire your first employee. The policy covers medical and rehabilitation costs, as well as lost wages, in the event your worker/s get injured on the job.

Workers’ compensation insurance works both ways for employees and for you, as an employer. Firstly, it compensates for the medical benefits and wages of the injured worker. Secondly, it protects you as the business owner against lawsuits to be filed against you in the event the employee dies or get permanently disabled. This may sound harsh but in exchange for the given medical benefits, the employee (and/or his family) must agree not to sue the employer for the incident.

6. Business Interruption Insurance

Let’s go back to our previous example – your cafe. Doggos and other frills aside, it is the quality of your coffee that keeps your business running. The coffee beans you use for your base are supplied by one source. If that particular supplier fails to deliver, you’re doomed. Well, not really. In this kind of scenario, business interruption insurance takes effect.

Business Interruption Insurance, as its name suggests, compensates for a company’s financial loss during an interrupted business operation. The policy also caters to companies that require a physical location to do business when the operations are suddenly paused due to a catastrophic event.

Author Bio:

Carmina Natividad is one of the enthusiastic writers for Insurance Adviser, one of the largest and most credible General Insurance businesses in Australia and New Zealand, providing high quality risk management advice for business owners.

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