Workmen Compensation Insurance Policy

Features & Benefits

Requirements
The start and growth of all small to big firms is based on their employees and the work that they deliver. Among the many factors that drive the functionality of your employees, their safety and security plays a major role. With mishaps being part and parcel of the workplace, it is only natural that the Employer assists the employee by compensation for the loss.

Benefits
An Employees Compensation Policy has been devised with a view to assist you in taking care of your employees if any unfortunate incident were to ever arise. Under the Employees Compensation Act, 1923 and its ensuing amendments along with the common law, this policy covers physical injury and death resulting from an accident due to and during the employment.

Scope of Cover
Adhering to what's prescribed in the Employees Compensation Act, this policy protects the insurer against their obligations as employers, for injuries caused to the employees at the workplace. With the payment of an extra premium, the coverage gets extended to surgical, medical and hospital expenditures, including transportation expenses to the hospital.

Insurable Wages
The insurable wages to be paid to the employees serve as the base of premium calculation, and must be stated for the chosen policy period.

Premium
The sum of the premium depends on factors like the kind of work, category of employee and the amount that has been insured.

Eligibility
Any employer, contractor or principal that appoints or involves employees as stated in the Employees Compensation Act, or shares an employer-employee relation is eligible to buy this policy.

Policy Inclusion
The insurance policy that we provide protects you against any obligations that you may have as an employer for the physical injury or death caused to your employee due to or during the employment.
However, on payment of an extra premium, you get to attain coverages like

Medical expenditures, including that of surgical and transportation to the hospital, occurring during the employment for those who are covered under the policy.
Obligations towards the employees of contractors

Policy Exclusion
The risks that may not be covered under the policy include
Incapacity or death of an employee arising from his/her purposeful self-injury or purposeful intensification of an accidental injury
Any mishap arising when the employee is under the influence or a drug or intoxicant of any kind
Obligation of the insured assumed under an agreement
Obligation to the employees of contractors of the insured (unless stated precisely)
Interest and/or penalty imposed on the Insured under any law or otherwise
War, terrorism and nuclear incidents