Workman Compensation Insurance


Have you ever thought what could be the consequences if an employee meets with an accident at work. You could be sued by the employee’s dependents or you’ll be paying for the hospitalization expenses for the time your employee is hospitalized.


But now, you need not to worry Workmen Compensation has come to rescue you from the legal liability arising out of injury, disability or death that occurs out of or during the course of the employment.


It covers your statutory liability which comes under-


1. Workmen Compensation Act 1923

2. Fatal Accidents Act 1855

3. Common Law


Key Features of this cover includes-


1. Death

2. Permanent Total Disablement

3. Permanent Partial Disablement

4. Temporary Total Disablement

5. Legal costs incurred, if any


In order to get covered; you need to share following details with us:


1. Nature of Work/ Occupation/ Work Description

2. Number of Employees (bifurcated as per the risk- Office Staff, Labor and Factory Workers, Field Staff)

3. Average Monthly Salary

4. Policy Period (Minimum- 1month, Maximum- 12months)

5. Risk Location


Main Exclusions:


1. Any injury that does not cause fatality or disablement for a period exceeding 3 days.

2. The first 3 days of disablement where the disablement is less than 28 days.

3. Any injury or disease directly attributable to war, invasion, rebellion etc.

4. The Insured’s liability to employees of contractors to the Insured

5. Any liability of the Insured which attaches by virtue of an agreement but which would not have attached in the absence of such agreement


Case Study:


Mr. Sumit works at a construction site. While working, a brick fall on his head and he died at the moment. In this case, the employer has to compensate the worker’s family as he is liable to pay the compensation amount under WC Act.


However, he has already purchased the WC policy, the compensation would be paid from the policy coverage.


Though it is impossible to curb the emotional impact of the dependents, but the insurance will help to minimize the financial burden of the family.


FAQs


1. How many workers can be covered under the policy?

Answer: Minimum- 1 worker

Maximum- There is no bar.


2. Is this coverage applicable to all over India?

Answer: Yes, one can avail the Pan India coverage


3. Who can buy the workmen compensation policy?

Answer: Anyone who can establish employer and employee relationship between them.


4. Can multiple sites get covered in the policy?

Answer: Yes, one can cover the multiple risk location in the policy by sharing full detailed address at the time of policy placement.


5. What should be done if I need to make changes in my existing policy?

Answer: We can endorse the desired changes in the existing policy as per the requirement.

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