Workmen Compensation Insurance

  • What is Workmen Compensation Insurance?

Workmen’s Compensation Insurance (which is also known as Workers’ compensation insurance or Employees Compensation Insurance) is a type of insurance policy that is there to provide coverage for your business’s employees who are injured or become disabled as a result of their jobs.

Even if you take all kinds of preventive measures, workplace accidents can unfortunately occur, and having this insurance will provide your employees with compensation without leaving your business at a financial loss.

For example, if you own a construction business, and on a worksite, something falls from a higher level and onto one of your construction workers, causing them to break their leg. If you don’t have workers’ compensation insurance, they can sue and claim compensation from you for their medical expenses. This can end up costing your business significantly.

Workmen’s compensation insurance is set out under the Workmen’s Compensation Insurance Act, 1923 and is there to protect you financially while still providing your employees with help in such situations. 

  • How important is a Workmen’s Compensation Insurance?
  • The fatal accidental incidental rate per
    1,000 workers was 0.63% in 2014
  • Industrial accidents caused 6,368 deaths
    in India from 2014 to 2017.
  • In India, there were over 8,000 workplace-
    related accidents between 2014 to 2017.
  • What does a Workmen Compensation Insurance cover?

When you get a Worker Compensation Insurance, you and your employees will be protected in case of…

NOTE: Please refer to your policy wordings for detailed information about coverage, exclusions, and conditions.

  • What’s covered in Vehicle Insurance.

Accidental Injury

If your employees suffer any bodily injury due to an accident that occurred during the course of their employment.

Occupational Illness and Diseases

Sometimes, workplaces can expose employees to some chemicals or allergens that can be harmful to them and cause illness. This policy will help cover any medical treatments if they get sick.

Disability Cover

Workplace injuries may sometimes result in temporary or permanent disabilities (like loss of sight or limbs) and this insurance can help pay their medical bills and replace some of their lost wages.

Death Benefits

In the unfortunate case that an employee loses their life in a work-related accident, it covers for any funeral costs and provides death benefits to their beneficiaries.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Accidental Injury

If your employees suffer any bodily injury due to an accident that occurred during the course of their employment.

Occupational Illness and Diseases

Sometimes, workplaces can expose employees to some chemicals or allergens that can be harmful to them and cause illness. This policy will help cover any medical treatments if they get sick.

Disability Cover

Workplace injuries may sometimes result in temporary or permanent disabilities (like loss of sight or limbs) and this insurance can help pay their medical bills and replace some of their lost wages.

Death Benefits

In the unfortunate case that an employee loses their life in a work-related accident, it covers for any funeral costs and provides death benefits to their beneficiaries.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.
  • Advantages of Workmen Compensation Insurance Policy

If any of your employees are injured during the course of their work, they can file a lawsuit against you (their employer) in a civil court for damages for this injury. Such lawsuits, and any medical costs can end up costing your business a lot. But, a Workmen’s Compensation Insurance your employees can get the help to recover from any such work-related injury or illness, while it also protects your business against financial losses.

  • corporate_health_insuranceCreated with Sketch. This insurance will protect your
    employees in case of any injury or
    illness that is a result of their job, and
    help them back to work.
  • Protect your own business by
    reducing the risk of financial loss
    against financial losses in case one of
    your employees injured.
  • Having a worker’s compensation will
    limit your business’s exposure to
    lawsuits, as it covers your employees'
    work-related injuries.
  • It also helps protect your business by
    keeping it in line with The Workmen's
    Compensation Act, 1923.
  • You will also get additional protection
    from being sued, as once a claim is
    settled, employees can’t file any
    additional claims for that incident.