Workmen’s Compensation
Workmen’s Compensation
Workmen’s Compensation insurance is the primary method by which an employer can demonstrate the ability to satisfy the obligations imposed by the worker’s compensation statutes. Liability to employees under Indian Fatal Accident Act 1855 and at Common Law are also covered under the policy.
Advantages of Workmen Compensation/ Employees Compensation Insurance
Comprehensive Cover
Our workers compensation/ employees compensation policy covers legal liability under the Workmen Compensation/ Employees Compensation Act (WCA) of 1923 with subsequent amendments, Fatal Accident Act, 1855 and common law. Our comprehensive plan provides cover for medical expenditure, occupational and compressed air disease as well.
Universally Accepted
Our worker compensation/ employees compensation policy meets your contractual requirements. It is also recognized by customers, suppliers, regulatory authorities, external agencies and international companies. In terms of risk locations, pan India coverage is applicable under our workers comp insurance/ employees compensation plan.
Covers Unforeseeable Events
Our workmen compensation/ employees compensation policy provides coverage against unforeseeable events such as disabilities due to workplace injuries, occupational ailments in course of employment, medical treatment for the injuries, lost wages, lawsuits (defence costs), terrorism and accidental death.
Industry Specific
We provide industry specific coverage as the cover and risks vary considerably by industry. Generally the risks are highest in manufacturing and industrial businesses. We make sure the insured properly understands the risk and occupation classification before buying the insurance.
FAQ
General Question
In case of an accident at the work site, employer should immediately inform the insurer about the incident and also intimate the local labour authority of the area. Next step is to submit the required documents such as claim form, medical reports, compensation records to the insurer.
All kind of industries need workmen compensation/ employees compensation insurance for their workers & employees but reasons to buy could be different for every industry. Industries which involve high labour intensive work such as construction, mining, transportation & logistics, needs the most as risk of an accident or mishappening during the work is high. Then there are industries such as IT, human resource consulting buys the WC policy to comply with contractual and legal requirements.
Workmen compensation/ Employees compensation policy offers various layer of protection to an employer such as it covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen/ employee arising out of and in course of employment as per Workmen Compensation/ Employees Compensation Act 1923. Also, an employer can claim the premium paid for the worker compensation policy as a tax deduction.