Workmen's Compensation Policy
One of the key responsibilities of a company is to provide a safe and healthy working environment. In an unfortunate event of an Employee suffering a bodily injury (temporary or permanent), or death during the course of employment ,Employer is legally liable to pay compensation to the Employee under the Employee’s Compensation Act 1923 and subsequent amendments of the said Act, The Fatal Accidents Act 1855, and at Common Law. The policy provides protection to the employer against this statutory liability. In Indian context with the advent of global work environment and increased employee right awareness which can translate into costly law suits and exorbitant compensation the policy provides protection to the employers. The Workmen's Compensation Insurance Policy provides for legal liability coverage for compensation to your employees for bodily injury or death caused due to accidents / occupational diseases arising out of and in course of employment. The workmen's compensation insurance is the primary method by which an employer can demonstrate the ability to satisfy 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.
This product is addressed to:
- All manufacturing units with employees who fall under the purview of the Workmen's Compensation Insurance Act, 1923 have Employers' Liability exposures under the Act.
- All business organisations have Employers' Liability exposures under Common Law and such organisations form the target market for this class of business.