Trusted Tips and Resources

Trusted Tips & Resources

Aurora Workplace Solutions Explain How To Protect Your Business From Workplace Accidents

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

WILL AN ACCIDENT LEAVE YOUR BUSINESS DISABLED?

What if you had an accident and couldn’t work for a while?

Your disability insurance would provide income instead of your salary until you were on your feet again, but what about those business bills? Unfortunately, none of us can predict a sudden illness or injury. It’s wise to consider how your absence would impact your business and ensure you’re prepared for unforeseen circumstances.

There is an answer!

Protect your business with Business Overhead Benefits from a Chambers of Commerce Group Insurance Plan®. Designed for self-employed business owners who generate all of their firm’s sales and revenues and are involved in the business's day-to-day operations, BOE covers your business’ fixed expenses if you’re away for an extended period due to disability. BOE must be purchased in conjunction with Long Term Disability benefits.

Available in blocks of $100, coverage is available from $500 to $2,000 monthly. The benefit will pay eligible business expenses after a 30-day waiting period for up to 18 months while you are disabled. Eligible business expenses are the actual, usual and customary expenses incurred by you, the owner, in the operation of your business. For partnerships, your assumed portion of such expenses is covered.

Eligible business expenses include:

  • Rent, electricity, telephone
  • Business taxes and licenses
  • Property taxes for the place of business
  • Leasing and amortization costs of equipment, including automobiles
  • Interest, including the interest portion of mortgage payments, unpaid bills or lines of credit
  • Amortization or periodic repayment of capital, including mortgages

In Addition:
  • Salaries of personnel who do not generate income and whose services are essential during your disability
  • Professional services of an outside accountant
  • Professional dues and professional liability insurance
  • Office cleaning
  • Postage and office supplies

You can purchase Business Overhead Expense coverage in conjunction with Chambers Plan Long-Term Disability benefits. Together, they provide the coverage business owners need at an affordable price.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in your employees' health and well-being. 3,000 small businesses like yours join the Plan every year. 


Aurora Workplace Solutions designs and creates custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The EI Premium Reduction Program

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms.  In this latest Wiegers Group Benefits expert tip, they explain how the EI Premium Reduction Program benefits employers and employees with group short-term disability insurance. Wiegers Financial & Benefits is a Trusted Saskatoon Insurance and Group Benefits expert.

 

EI PREMIUM REDUCTION PROGRAM BENEFITS 


WHAT IS THE EI PREMIUM REDUCTION PROGRAM?

The Employment Insurance (EI) Premium Reduction Program is a government incentive that allows employers to pay EI premiums at a reduced rate if their employees are covered by group Short-Term Disability insurance.  The Program intends to reduce the EI premiums of both the employer and the employees (though, for administrative reasons, legislation reduces only the employer’s premiums).  Consequently, the Program requires that the employer return a portion of the savings to all the employees for whom the reduced rate applies.  Some of the more popular means of doing this include providing employees with a cash rebate (taxable income), paying for new or enhanced employee benefits, or hosting a staff party – each of which typically has a direct and positive impact on employee morale.  Only written mutual agreements that identify how the employees will benefit from the reduction will be accepted.

Your company qualifies for the EI premium reduction if it:

  • Provides at least 15 weeks of benefits for Short Term Disability
  • Matches or exceeds the level of benefits provided under EI
  • Pays benefits to employees within eight days of illness or injury (the elimination period cannot exceed 7 consecutive days)
  • Is accessible to employees within three months of hiring
  • Covers employees on a 24-hour-a-day basis

HOW MUCH CAN YOUR COMPANY SAVE?

Maximum insurable earnings in 2021 are $56,300.  An employee who earns this much (or more) will pay EI premiums of $889.54 (calculated at 1.58%). For this calculation, we have used a reduced employer multiplier of 1.166.  Note that reduced rates change annually on January 1st and are prorated throughout the year.  If you apply effective January 1st, your rate will be slightly lower than if you apply at a later month in the year.

Employer regular premium =                                          $889.54 x 1.4 = $1,245.36

Employer reduced premium =                                        $889.54 x 1.166 = $1,037.20

Amount of total premium reduction =                              A – B =  $208.16

Employee’s portion of reduction =                                 C x 5/12 = $ 86.73

Employer’s portion of reduction =                                  C x 7/12 = $121.43


Assuming the above numbers, an employer can save as much as $121.43 annually in EI premiums per employee and can return $86.73 in some form to the employee and/or his or her colleagues.  The financial incentives for utilizing the program are clear.


WHAT MUST I DO TO PARTICIPATE IN THE PROGRAM?

To participate in the Program, you must register by submitting an initial application form, which is available on Service Canada’s website at www.servicecanada.gc.ca.  If you already participate in the Program, you needn’t reapply; your entitlement will continue until you change or cancel your approved plan.

Debra L. Wiegers, GBA, CLU, Ch.F.C.
Managing Principal, Benefits Division  

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefits, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 

Developing Your Basement With Trusted Saskatoon Contractors K & S Contracting - Part 2 of 2

K & S Contracting specializes in foundation repair for homeowners across Saskatchewan. In addition, they also offer general contracting services to Saskatoon and the surrounding area. In their latest Trusted Saskatoon tip, K & S Contracting, Trusted Saskatoon General Contractors, and foundation specialists, they continue last month's blog on Developing your Basement. This is Part 2.

DEVELOPING YOUR BASEMENT - PART 2

Many basements are little more than a place to collect cobwebs and store stuff. However, fixing a full-height basement can increase the usable living space in your home at a lower cost than adding on. Basements can be turned into any one of several living areas: bedrooms, rec room, or office space. 


Changing a concrete dungeon into an inviting living area can be a challenge, and not every basement is a good candidate for finishing. And this time, we are going to review the key considerations for conversion including lighting, ventilation, and dressing up those window wells.  Although you can do some of the work yourself, hiring K & S Contracting can save money and headaches. 



WHERE IS THE LIGHT? 

Basements that walk out usually have an abundance of light; however, when the only light is from small, ground-level windows, the basements can be dark and uninviting. The first step is to clear away shrubbery from existing window wells to make the most of what natural light there is available. If the basement is served by a steel bulkhead, a door with glass lights can be installed at the bottom of the steps and the bulkhead doors left open when the weather is nice. 

The options listed above, don’t always do the trick, so lighting needs to be added to the ceiling. Depending on the area you have to work with, you will have different options. Some of them include track lighting, recessed lighting or “can” lights can be added as spot or flood lamps. These lights allow you to add a dimmer switch which gives you more lighting flexibility. 


VENTILATION ISSUES

If you only go down to the basement occasionally, musty, damp air may be something that you can tolerate. But once the basement becomes a true living space, some form of ventilation is crucial in controlling air quality. Using reverse fans work, in winter they draw in fresh dry air from outdoors, and in summer moist air can be pumped out of the house. If the home already has a forced air heating system then the basement can become another area. 


HOW TO DRESS UP THE WINDOW WELL

It’s hard to enjoy the view out of a basement window if all you see is a when all you see is corrugated steel. Changing that dreary scenery may be easier than you think. You can add a view of the seashore, mountains, woodlands, desert or golf course with Scenic Window Wells’ WELL liner. These are weather-resistant polystyrene liner that slips into a standard window well. The window well liners will allow you to imagine you are on vacation to the ocean or on the golf course. 

There’s a lot to think about when you convert your basement into a bright, welcoming living area, when trying to make the decision to develop your basement, we recommend you call Steve and ask him to provide you with your options and costs. Once the work is done, you won’t be sorry about the decision. 

Developing Your Basement With Trusted Saskatoon Contractors K & S Contracting - Part 1 of 2

K & S Contracting specializes in foundation repair for homeowners across Saskatchewan. In addition, they also offer general contracting services to Saskatoon and the surrounding area. In their latest Trusted Saskatoon tip, K & S Contracting, Trusted Saskatoon General Contractors, and foundation specialists, discuss what you should consider when developing your basement. This will be a 2 part article.

DEVELOPING YOUR BASEMENT - PART 1

Many basements are little more than a place to collect cobwebs and store stuff. However, fixing a full-height basement can increase the usable living space in your home at a lower cost than adding on. Basements can be turned into any one of several living areas: bedrooms, rec room, or office space. 


Changing a concrete dungeon into an inviting living area can be a challenge, and not every basement is great for finishing. Some of the things you need to think about are building codes, moisture, low-hanging drain lines, ductwork and wiring, and your walls and floors. Although you can do some of the work yourself, it will save you time, money and headaches, if you contact K & S Contracting to help you with the project.



MEETING BUILDING CODES 

Building codes vary, but generally, a basement must be 7 feet tall. Codes can permit lower obstructions if you have structural beams that can’t be moved. Connect with a local home inspector while you are in the planning stages and they can help you determine what you need to be within the National Building Codes. Once you determined what your basement will be used for, you must make sure it includes doors and windows for emergency escape.
 

MOISTURE

If your home has a history of flooding, you need to fix that problem before developing the basement. 2 inches of rain falling on a 2,000 sq ft home produces approximately 2,600 gallons of water.  Repairing cracks in the foundation, making sure that gutters are clear of clogs and sloping the ground away from the house can solve some of these flooding problems.  


LOW-HANGING UTILITY LINES

When you are building a new home, the basement ceiling height and utilities can be planned accordingly. However, when renovating an older area, water lines, air ducts, bathroom and kitchen drains etc are generally smack in the middle of where the renovations are happening. There are a few choices. Move them, box them in or leave them as is. If you decide to tuck water and drain lines out of sight, don’t block access to water shutoffs and drain clean-outs. 


FINISHED WALLS AND FLOORS 

Hiding concrete or block behind new walls is the easy part. Building walls that won’t encourage mold and mildew, or be damaged by condensation, is a lot harder. Because concrete in contact with the ground is always cool, it can become a condensing surface for water vapour in the warm air escaping from a finished basement. The result? Damp building materials, mildew and, eventually, rot. Air will be musty, finished surfaces ruined. 

When it comes to flooring, just about any material will work — tile, carpet, vinyl or laminate. Few contractors recommend traditional hardwood flooring because the moisture in the concrete can cause the wood to swell and buckle. 

When trying to make the decision to develop your basement, we recommend you call Steve and ask him to provide you with your options and costs. Check out Developing Your Basement – Part 2 in next month’s blog and Steve will talk about lighting, windows and ventilation. 

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