LOL, what? You don't "activate" a BOWP, it is activated if IRCC issues it to you. So, no, you don't need travel insurance.
As for OHIP renewal, that can be a PITA. You should bring a letter from your employer and/or a couple of recent paystubs with you, they'll want to make sure you're still employed.
"Lol" I thought you had to activate it at the border, like other visas? The checklist for the BOWP specifically specifies travel insurance, hence why I ask "LOL"