A company’s primary responsibility is to provide a safe and healthy working environment. Regardless of the safeguards and preventive measures taken, industrial accidents are unavoidable. In the unfortunate event that an employee suffers a bodily injury (temporary or permanent) or dies while on the job, the employer is legally obligated to compensate the employee under the Employee’s Compensation Act 1923 and subsequent amendments, and the Fatal Accidents Act 1855. The employer is protected by this policy from this statutory liability. In the Indian context, with the advent of a global work environment and increased employee rights awareness, the policy protects employers from costly lawsuits and exorbitant compensation.
The Workmen’s Compensation policy pays legal compensation to employees or their dependents in the event of an injury or accident at work (including certain occupational diseases) that occurs during the course of employment and results in disability or death and hence it protects you from burning a hole in your pocket. Also, it motivates your employees for the fact that you have got them covered and any injuries that they will sustain in the workplace will be taken care by you.
The coverage covers an Employer’s statutory obligation for death or bodily injury caused to employees as a result of work-related incidents.
For the following purposes:
· Death
· Total disability for life
· Partial disability for life
Disablement for a while
Furthermore, legal charges and expenses spent as a result of our consent
Policy can be extended to include medical expenses for essential treatment.
The Workmen’s Compensation Insurance Tariff governs the workmen’s compensation insurance industry in India (W.C.Tariff). The Tariff distinguishes between two types of insurance:
Type A:
This policy provides indemnity to the Insured in the event that any employee in the Insured’s immediate service sustains bodily injury by accident or contracts disease arising out of and in the course of the Insured’s employment in the Business, and if the Insured is liable to pay compensation for such injury either under
The Workmen’s Compensation Act, 1923, and subsequent amendments of the said Act prior to the date of issue of the Policy, provided that the insurance grantee meets the requirements
The Fatal Accident Act, 1855 of At Common Law and, all costs and expenditures expended in fighting any claim for such compensation with the company’s permission.
Type B:
The Insured is covered by this policy against legal liability under the Fatal Accidents Act of 1855 and at common law. (This policy does not apply to employees who are considered “workmen” under the Workmen’s Compensation Act of 1923, as amended.) The Insured is covered by this policy against legal liability under the Fatal Accidents Act of 1855 and At Common Law.
The following are the major exclusions from the policy: –
War
Liability of the Insured to the employees of contractors (unless specifically declared and covered)
Any responsibility of the insured that arises as a result of an agreement but would not have arisen if the agreement had not existed.
To wind up- Workmen Compensation Insurance Policy is a very important policy to consider if your employees are working in an environment where the chances of accident are high. The policy acts as a safeguard for the employees and ensures that the employees feel at ease while working under
your umbrella and hence can provide their 100% without any worries of financial burden in forms of workplace injury.
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