The Workmen Compensation Policy allows employers or contractors to provide compensation to workers and their families in case of death or bodily injury (permanent partial disablement / permanent total disablement / temporary disablement) resulting from workplace accidents. WC policy covers injuries and accidents that occur during the course of employment.Read more
Get right expert advice
Hassle free policy
Quick & Hassle free
The Workmen Compensation Act, 1923 is an employee compensation act that makes it mandatory for employers to pay employees for any work-related injury or disability. The act was created to help protect workers from the financial burden of work-related injuries and disabilities. The policy provides coverage to employees who get injured or disabled due to a work-related accident in places like factories, construction sites, mines, plantations, etc.
Here are some of the reasons why all employers should buy a workmen comp. insurance cover:
The policy provides coverage for the following:
Here are the add-ons provided under WC Policy:
The workers compensation insurance policy does not provide coverage for the following conditions:
The compensation to be paid by the employer depends on the age of the workman, the nature of his injury and the average monthly salary or wages paid to him. However, the minimum and maximum compensation rates are fixed for death and disability, subject to timely revisions. In case of the death of the workmen, the employer is supposed to pay compensation to the dependents of that workman.
The Ministry of Labour & Employment in India has formed the ‘Social Security Division. It is responsible for framing social security policies for the workmen and ensuring their implementation as well as enforcing the workmen compensation Act in India. However, the various state governments administer the act through Workmen’s Compensation Commissioners.Read More
Refer to the table below to learn about the amount payable under employee compensation:
|Nature of Claim||Amount of Claim|
|Accidental Death||(50% * Age Factor * Wages) OR Rs 1,20,000 Whichever is higher|
|Permanent Total Disability||(60% * Age Factor * Wages) Permanent Total Disability Or Rs 1,20,000 Whichever is higher|
|Permanent Partial Disability||Loss of earning capacity prescribed by a medical practitioner/Based on % disability * Age Factor * Wages|
|Temporary total disability||25% * No. of days of absence/disability * Wages / 15|
Various insurance companies offer Employee Compensation Insurance/labour insurance policy plans online and one may get confused in selecting the most suitable policy. Moreover, worker compensation insurance also needs jurisdiction that comes in the business area of the prospect.
However, if one takes the help of an insurance web aggregator to compare different keyman insurance plans, he/she can get the most suitable option. A reliable web aggregator asks certain questions to the prospect and shows the result based on these them. This is how you can find a suitable WC policy for your business.
Follow the steps below to raise a claim under WC Insurance Policy:
For all kinds of claims:
Our certified business insurance experts are just a call away.
Your call has been scheduled successfully.