Workmen / Employee Compensation Policy
The WC policy offers the legal liability coverage to the employer in respect of compensation paid to employees for bodily injury or death caused due to accidents, occupational ailments arising out of and during the course of employment. As per the guidelines laid by Workmen Compensation Act 1923 and its subsequent amendments, employers have to give compensation to their employees &/or to their families in case of Job-related injuries that may result in death & disability. The compensation amount depends upon the nature of the injury, age and earning of the claimant. The amount of claim is determined by WC Commissioner after the claim is lodged by the employee under the WC act.
Coverage
This policy operates strictly as per the provisions laid down by WC Act 1923 & subsequent amendments thereof, Fatal Accidents Act 1855 &subsequent amendments thereof and Common Law. It covers any legalliability towards employees against any accident during and in the course of employment due.
>> Death.
>> Permanent total disablement.
>> Permanent partial disability.
>> Temporary disability.
>> Legal costs incurred at actual.
>> Medical Expenses Extension for injuries - (Add-on cover).
MAJOR EXCLUSIONS
>> Injuries from War, Invasion, Act of foreign enemy, Hostilities, Civil War etc.
>> Intentional Self Injury.
>> Injury directly or indirectly caused by Nuclear Weapons or materials.
>> Claims arising due to drug abuse or influence of alcohol.
>> Inadequate safety measures.
What is workers compensation and how does it work in India?
Workman's Compensation insurance policy is in accordance with the Workmen's Compensation Act passed in India. The policy covers the financial liability of an organization if its employees or workers face any bodily injury during the course of employment.
A public liability policy will cover property damage and personal injury caused by your own staff and employees, but it will not cover property damage or personal injury that they suffer Personal injury to your staff can be covered by worker’s compensation and income protection insurance.
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Employee Compensation FAQ:
