Workmen Compensation Insurance

The workmen's compensation insurance is the primary method by which an employer can demonstrate the ability to meet the obligations imposed by the worker's compensation statutes. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labour. The policy covers statutory liability of an employer for death or bodily injuries caused to employees due to accidents arising out of and during the course of employment.

Why do you need Workmen Compensation Insurance?

  • To pay all sums for which the insured is legally liable to pay the employees with respect to personal injury by accident or diseases arising out of and during the course of the employment
  • Insured's liability arising either under common law or under the laws set out in the schedule Workmen's Compensation Act 1923.
  • Costs or expenses incurred by the insured with the consent of the company to defend any claims are paid in addition.

What does Workmen Compensation Insurance cover?

The Workmen Compensation covers:

  • Bodily injury caused by accident during the course and scope of employment.
  • Bodily injury caused by disease or aggravated by the conditions of the employment.
  • Death or temporary disablement
  • Permanent total or partial disablement
  • Legal costs and expenses incurred with the company's consent

Add-on Covers

Contractor employees by charging additional premium can get coverage for:

  • Tariff rate on total contract amount, if the contract is for labour only
  • If the contract is for labour and materials, labour value will be decided as per merits, subject to a minimum of 75% of the contract amount.

Exclusions

The common exclusions of most of the workmen compensation insurance policies are:

  • Non-fatal injuries
  • The initial 3 days of disablement and the total disablement is lesser than 28 days.
  • All the injuries that do not cause partial disablement for more than 3 days.
  • Injuries caused due to war, nuclear, or riot.
  • Injuries caused to the internal removal of the security device or due to the carelessness of the security device.
  • Accident or injury caused under the influence of alcohol or drug.
  • Liabilities faced for the employees of contractors.
  • All the liabilities assumed in an agreement.
  • The employees who are not considered as workmen as per ‘Workmen’s Compensation Act’.
  • All the diseases that are specified in part ‘C’ of ‘Workmen’s Compensation Act’.
  • Any changes made in the statute of the provisions after the commencement of the policy.

Compare and Find the Best Workmen Compensation Insurance Online

There are various insurance companies that offer ‘Workmen Compensation Insurance' plans online and one may get confused in selecting the most suitable policy. Moreover, the workmen 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 for comparing different workmen compensation insurance plans, he/she can get the best and most suitable option. A reliable web aggregator asks certain questions to the prospect and shows the result based on these them. In this way, one can find the best workmen compensation plan for his/her business.

Claim Process for Workmen Compensation Insurance Plan

The steps to file the claim for workmen compensation insurance are:

  • The employer must immediately be informed about the death or disablement of the employee.
  • If the accident happens in the manufacturing plant, then intimate immediately to the factory inspector.
  • The employer must gather all the information and documents as per the requirements of the insurance provider.
  • Then the employer should deposit all these documents to the insurance provider.
  • The insurer denies or approves the claim and informs the employee about the same.

Required Documents

  • For all types of claims:
    • Duly filled and signed claim form.
    • Medical bills.
    • Compensation records.
  • For permanent disablement claims:
    • Medical certificate related to disablement.
    • Memorandum of agreement according to the Workmen Compensation Act between the insured (employer) and workmen who is injured.
  • For temporary disablement:
    • Medical bills.
    • Medical certificate related to the disablement.
  • In case of fatal claims:
    • Death certificate.
    • Final investigation report.
    • A copy of the postmortem report.
    • The statement given by witnesses, if any.
    • Form A given by Workmen Compensation Act filled by the insured.

Why PolicyBazaar?

We at PolicyBazaar can help you find the best policies to protect your business. We understand workers' compensation requirements in the jurisdiction(s) applicable to your business. Our experienced agents will counsel you in ways to implement safety controls that can help lower your insurance premiums. Get new quotes, start comparing and buy now!

What does Workmen Compensation cover?

Ans:

A Workmen Compensation plan covers:

1. Bodily injury caused due to an accident in the course and scope of your employment

2. Bodily injury caused or worsen by the conditions of the employment

3. Death or temporary disability

4. Permanent or temporary disability

5. Legal costs or expenses incurred with the company’s approval

Who is accountable for providing the advantages under the Workman Compensation Act?

Ans:

The employer is 100% responsible for providing all the benefits underwritten in the policy, within 30 days from the date when the claim is made. In certain circumstances, the employer directly settles the claims or sometimes by providing insurance to its employees.

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