Bryson Blog

Child Studying Away From Home? Help Them Study Smart.

Do you have a child studying abroad or out-of-province? Protect your child from unexpected medical costs with Travel Insurance.

Congratulations on your child's continued education. Taking the leap to study out-of-province is a big one and we want to make sure you feel good knowing your child's health coverage is not a worry for you or them.

Outside of your province of resident, your health care coverage may fall short. Our Ontario health plan may only cover a small portion of the total medical bills incurred outside of Ontario. For very reasonable rates your can look at your child with Student Travel Insurance.
College

If left unprotected, these out-of-pocket expenses can add up. But with Student Travel Insurance, your child can be covered from unexpected medical expenses in a foreign country or out-of-province at a very reasonable rate.

Our team can help you better understand coverage and rates. Take a moment to connect with us by emailing our team at info@brysoninsurance.ca or call us at 1-800-661-5196

As an aside, if your child is covered under your group health plan, remember to check the policy to see if it covers medical costs for out-of-province studies. If not, contact Bryson Insurance today to learn more about Student Travel Insurance.

While provincial health insurance does move with your child throughout Canada, you may want to take a moment to see how supplemental coverage will give you and your child the peace-of-mind you both deserve.

Child graduating from university in OntarioWill the Ontario Health Insurance Plan (OHIP) cover unexpected medical expenses that occur out-of-province?

Things like physician visits or hospital charges in the event of an unforeseen sickness is generally covered. But things like dental emergencies, medical transportation back to Ontario, ambulance services, and some prescription drugs may require supplemental coverage.

What is covered by supplemental health coverage is available for Ontario students traveling out-of-province?

There are numerous coverage options available with supplemental health insurance for your child studying out-of-province. We took a moment to highlight some of the more important benefits and ones often overlooked by families sending their children abroad. Many with this coverage today are specifically comforted by some of the travel benefits (bringing your child home or bringing a family member out to be with your child).

Here are some of the coverage benefits.:

  • Hospitalization covers hospital room and board charges.
  • Medical Services covers the cost of treatment by physician or surgeon
  • Diagnostic Services covers the cost of x-rays and other diagnostic testing
  • Out-patient Treatment covers the cost of out-patient emergency room charges
  • Prescription Drugs covers the cost of prescription drugs and medication prescribed in an emergency situation
  • Ambulance Travel covers the cost to use an ambulance and be transported back home to Ontario
  • Family to Bedside brings a family member to your child's bedside
  • Accidental Dental covers the cost of repair to teeth and relief from pain
  • And more... for a full list connect with us today.

We strongly recommend talking with one of our licensed professionals to see how this peace-of-mind policy would impact you and your family. Email our team at info@brysoninsurance.ca, or call us at 1-800-661-5196

How much does that claim really cost?

Linda Colgan Trucking Insurance Commercial Broker sitting for a profile picture in front of a gray screen in Whitby Ontario with Bryson Insurance brokersIt is surprising how many transportation and fleet companies look at their insurance loss run and identify the figure with the total cost of a loss. This method of cost evaluation is inaccurate on such a magnificent scale. Somewhat parallel to the iceberg theory only 20% is visible. The remaining 80% is quite relevant but goes unnoticed and therefore easily overlooked or overshadowed. Loss frequency thwarts the opportunity to remain competitive. Losses cost far beyond deductibles and increased insurance rates hikes.

True Cost of a Loss

A loss is a number. In many cases it’s a very significant number and can be considered a lightning rod where all factors contributing to the replacement or repair of the vehicle (and the driver) is calculated. There are tangible and intangible factors to ruminate in order to effectively determine the final cost of a loss. Tangible is likely the easiest number to identify. The intangible, such as loss of a customer, is much more challenging to assess. For example, out of service costs, costs to reroute loads, loss of production, inability to commit to deadline (loss of customer) equates to loss of revenue in addition to the time that staff is obligated to sift through the claims process until it’s finalized.

If losses are frequent this promotes opportunity for competitors to hone in on a customer base by offering service (freight will get there intact and on schedule) or more appealing rates. Claims frequency will have an adverse effect on insurance premiums then coupled with the amounts paid out on deductibles and out of pocket expenses this elevates the cost to operate, rendering a distinct disadvantage to remain price competitive.

In order to pay for the losses its takes sheer profit to cover the financial expectation of the loss. Many times on a shoestring budget this equates to borrowing money. Unexpected fees for borrowed money also form part of the claims costs. It is easy to determine how much revenue must be generated in order to pay for a loss. Imagine at a 5% profit margin with a true cost loss of $20,000 and an average income of $100,000 a year, it will take FOUR years to become profitable. Overwhelming to think of but the reality is so evident.

A Risk Management Mindset

Safety and compliance is a mindset that must be adopted. Safety and compliance is not an income generating position however without having a culture within a company (or even as an owner operator) the amount of money that can be lost certainly dictates it cannot be overlooked. It’s a position that may not generate income but certainly contributes to mitigating losses and keeping money in the company.

Linda Colgan has been an Insurance Broker in the transportation industry since 1986 and is Senior Account Executive with Bryson & Associates Insurance Brokers Ltd. Feel free to email Linda at lcolgan@brysoninsurance.ca

This article first appeared in the Ontario Trucking News.

Bryson Bulletin: Mandatory Data Breach Notifications

Wondering: Are we ready for mandatory data breach notifications?Website Hacked Sign Causing Key Data Stolen Requiring Data Breach Notification

While many of the measures introduced by the Digital Privacy Act have been in force since the bill was first enacted, the government has held off on imposing mandatory data breach reporting until the proper regulations were implemented.

Such regulations could be in place as early as this fall, and organizations will want to know what is expected of them in order to remain compliant and avoid costly fines.

Compliance Bulletin - Mandatory Data Breach Notifications:

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Cyber Risk Exposure Scorecard

Please reach out to your personal Bryson Insurance representative with questions.

Wondering if we can help you with your business insurance needs? Give our office a call at 1-800-661-5196 or email us at info@brysoninsurance.ca

 

Work Related Heat-Illness Guide and Prevention Program

 

Industries where staff deal with hot summer conditions (incl. construction, manufacturing, landscaping, and more) can be significantly impacted if that heat leads to people getting sick and needing time off the job site.

One of our goals as your insurance partner is to support your efforts in creating a safer and healthier workplace. The summer is heating up and with that comes an increase in heat-related illnesses. We have compiled the "Heat Illness Guide and Prevention Program" to help companies with staff that work in hot conditions.

Heat-related illnesses cause lower focus and concentration which leads people to function below a normal level of safety. This can lead to mistakes and other job site issues. Being more aware of heat-related illnesses, what causes them, and how to prevent heat-related illnesses from occurring can help reduce overall operating risks.

We hope this report saves you time and provides good insight too.

Click here to download the PDF of the heat illness guide and prevention program.

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