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Workmen Compensation Insurance Policy
Workmen’s Compensation Insurance (which is also Worker’s Compensation insurance or Employees Compensation Insurance) is a type of insurance policy that is there to provide coverage for your business’s employee who are injured or become disabled as a result of their job
Even if you take all kinds of preventive measures, workplace accidents can unfortunately occur, and h aving 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 worker’s compensation insurance, they can sue and claim compensation from you for their medical expenses. This can end up costing your business signifcantly.
Workmen’s compensation insurance is set out under the workmen’s compensation insurance act, 1923 and is there to protect you financially while providing your employees with help in such situations.
If any of your employees are injured during the course of their work, they can file a lawsuit against your (Their e mployer) 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 recovver from any such work related injury or illness, while it also protects your business against financial losses.
What does a Workmen Compensation Insurance cover?
When you get a Worker Compensation Insurance, you and your employees will be protected in ccase of…
NOTE : Plelase refer to your policy wordings for dtailed information about coverage, exclusions and condition.
Accidental Injury
If your employees suffer any bodily injury due to an accident that occured during the course of their employment
Occupational Illness and Dseases
Sometimes, workplaces can expose employees to some chemical or allergens that canbe harmful to them and cause illness. This policy will help cover any medical treatment if the get sick.
Disability Cover
Workplace injuries may sometimes result in temporary or permanent disabillities (like loss of sight or Limbs) and this insurance can help pay their medical bills and replace some of their lost wages
Death Benefit
In the u nfortunate case that an employee loses their life in a work-related accident, it covers for any funeral costs and provides death benefit 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
What is excluded in a workmen Compensation?
There are some situations whee a workmen compensation insurance won’t cover your business and its employees, such as:
It will not cover any employees of contractors ( unless they are seprately declared and covered)
It will not cover an employee who is not considered “a workman” according to the law
Any liabilities assumed under an agreement
If an injury doesn’t result in disablement for more than 3 days. or in the worst case, a fatality
The first 3 days of total disablement in cases where it lasts less then 28 days
It will not cover any non-fatal injurues that where caused by an accident that was due to being under the influence of alcohol or drugs
Any non-fatal injuries caused by an accident that was due to the employee willfully disabeyed or disregarded the safety rules and regulations
It will not cover non-fatal injuries caused by an accident due to some safety or guard device was willfully removal or disregarded
Injuries that were caused by an accident that was a result of perils like war, invasion, or an insurrection