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Workmen Compensation Insurance Policy

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(Excluding Taxes)

Premium Starts @ 1000 excluding Taxes
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Workmen Compensation Insurance Policy

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Table of Contents

  • > SecureNow Assistance
  • > Quick Guide to Workmen Compensation Insurance Policy
  • > Frequently Asked Questions
  • > Insuropedia

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Quick Guide to Workmen Compensation Insurance Policy

What is Workmen Compensation Insurance?

Workmen Compensation Insurance, commonly known as Workers Compensation, provides coverage for employees' work-related injuries and illnesses. This safeguards their well-being and financial security during such incidents.

The policy aims to financially support employees by covering medical expenses, lost wages, and associated costs. In numerous countries, Workmen Compensation Insurance is a legal obligation. Employers must provide coverage to their employees, ensuring their protection.

The policy applies to injuries or illnesses that occur while performing job-related activities. This type of insurance provides a safety-net for employees and protects employers from lawsuits.

The Workmen Compensation Insurance scheme aids injured employees in obtaining essential care and support. It assists their recovery and return to work.

Workmen / Workers Compensation Act in India

The Workers Compensation Act 1923, also called the Workmen Compensation Act India, safeguards workers' interests. The Workmen Compensation Act in India establishes legal measures for workplace injuries and illnesses. It ensures worker protection and compensation.

The Act establishes guidelines for employers to ensure a secure work environment. It also mandates compensating workers who sustain injuries or disabilities while employed through employee insurance. This legislation safeguards both employees and their employers. The Workmen Compensation Act rules detail how to file a claim and the entitled compensation amount for workers.

The WC Policy Rules offer guidelines for Act implementation and clarify rights of employers and employees alike. The Act applies to all employees, whether they are working on a full-time, part-time, or temporary basis. The Workers Compensation Act's main goal is aiding injured or disabled workers with financial assistance. It ensures timely medical care and support for recovery and return to work.

Who should purchase Worker's Compensation Insurance?

Any business that employs workers should consider purchasing Worker's Compensation Insurance. This insurance provides financial assistance to employees who suffer from injuries or illnesses related to their work. It helps to cover medical expenses, lost wages, rehabilitation, and other related costs.

Typically, the law mandates Workers' Compensation Insurance, and failing to provide it can subject the employer to significant penalties. Even businesses operating in low-risk industries should consider purchasing this insurance as accidents can happen anytime.

Its not uncommon for businesses in low-risk industries to have Worker's Compensation Insurance claims. Businesses offering this insurance ensure employees get the care and support needed to recover and resume work. This fosters a positive work culture, attracts, and retains top talent, and minimizes legal liabilities for the business.

What does a Workmen Compensation Insurance cover?

Workmen Compensation Insurance, also known as Worker's Compensation Insurance, provides coverage to employees. It covers those who suffer from work-related injuries or illnesses. The policy typically covers medical expenses, lost wages, and rehabilitation costs associated with the injury or illness.

Workmen Compensation Insurance coverage may encompass vocational rehabilitation and disability benefits. It might offer death benefits to the employee's family for work-related bodily injury or illness-related employee demise.

The policy also covers legal liabilities, such as legal fees and court costs associated with a lawsuit. The Workmen Compensation Policy Coverage applies to injuries or illnesses during job-related activities. This includes incidents that happen off-site.

Its important to note that the coverage may vary depending on the workmens compensation and the state laws. Its essential to consult with an insurance agent to determine the right WC policy coverage for the business.

What does Workmen Compensation not cover?

While Workmen Compensation Insurance provides coverage for work-related injuries and illnesses, there are some exclusions to the coverage. Usually, Workmen's Compensation Policy doesn't cover injuries outside work. This includes injuries during an employee's commute to work.

Likewise, the policy typically doesn't cover injuries resulting from drug or alcohol use. Excluded activities might involve voluntary actions, like joining an office sports team or doing volunteer work off-site.

Furthermore, the policy might exclude self-inflicted injuries, injuries resulting from criminal acts or misconduct. It could also exclude injuries incurred while violating company policy. Consult an insurance broker or agent to ensure policy exclusions are clear, protecting both business and employees effectively.

Advantages of Workmen Compensation Insurance Policy

Some advantages of a Workmen Compensation Insurance Policy benefits are:

  •  Financial aid for employees with work-related injuries or illnesses covers medical expenses, lost wages, and rehabilitation costs.
  •  Legal liability protection for employers.
  •  Promotes a positive work culture by showing commitment to the safety and well-being of employees.
  •  Provides financial stability for the business and the employee.
  •  Facilitates the attraction and retention of highly skilled professionals.
  •  Can reduce the risk of lawsuits and associated legal costs.
  •  May include retraining, disability, and family benefits for work-related injury or illness leading to an employee's death.
  •  Covers injuries or illnesses during job-related activities, even off-site incidents.
  •  Businesses can customize it to suit their and employees' specific needs.
  •  Requirement by law in many states, and non-compliance can result in hefty fines and legal liabilities.

How much does a Workmen Compensation Insurance cost?

The cost of Workmen Compensation Insurance Premiums varies depending on several factors. The premium calculation considers industry type and employee count. It also factors in the business's state and work risk level.

High-risk industries, such as construction, often incur higher premiums. This is in contrast to low-risk sectors, like administrative services, because of various risk factors.

A higher frequency of claims can raise insurance costs as insurers perceive businesses with such histories as riskier. The size of the business and the payroll may also affect the premium. A business's claims history affects the premium; insurers may see more claims as higher risk, leading to increased costs.

Workmen Compensation Insurance is a crucial investment for ensuring employee safety, well-being, and maintaining business stability.

Types of businesses that need Workmen Compensation

Workmen Compensation Insurance, or labour insurance, is crucial for businesses with employees, safeguarding against work-related injuries or illnesses. Here are some types of businesses that may need Workmen Compensation Insurance:

  •  High-risk industries - Construction needs Workmen Compensation Insurance for elevated risks of work-related injuries and illnesses, ensuring employee protection and compliance
  •  Small businesses - Small businesses benefit from Workmen Compensation, safeguarding against injuries or illnesses for both employees and owners.
  •  Businesses in states where it is mandatory - Mandated by states, Workmen Compensation ensures business compliance with local regulations.
  •  Businesses with a history of workplace injuries - Workplace injuries may prompt Workmen Compensation Insurance for legal and financial protection.
  •  Businesses that value employee safety - Prioritize employee well-being with Workmen Compensation Insurance, demonstrating commitment to safety.

Workers Compensation Policy: Add-ons

A Workers' Compensation Policy offers insurance coverage for employees experiencing work-related injuries or illnesses. Alongside standard coverage, businesses can choose add-ons for extra employee protection and coverage enhancements.

A common addition is employer's liability insurance, covering legal responsibility if employees file lawsuits for work-related injuries or illnesses. Another add-on is job-related accident insurance. It covers workers like independent contractors who aren't under workers' compensation.

Some policies may also include coverage for medical expenses, rehabilitation expenses, and lost wages. Evaluate business and employee needs. Collaborate with a trusted insurer to choose suitable add-ons for the Worker's Compensation Policy.

Conditions Regarding Worker Compensation

Workers' Compensation Insurance is an essential coverage that provides benefits to employees who suffer work-related injuries or illnesses. However, employees must meet specific conditions to be eligible for compensation.

Injury/illness during work and within job duties scope are requirements for compensation entitlement. The employer must have workers' compensation insurance coverage at the time of the incident. The employer must have workers' compensation insurance coverage at the time of the incident.

Failure to comply with any of these conditions may result in a denial of benefits. Both employers and employees must understand these conditions to facilitate a smooth and successful workman compensation insurance claims process.

How to choose the right Workmen Compensation policy?

Selecting the right Workmen Compensation policy is vital to safeguard employees and reduce legal and financial liabilities. One way to start the process is by researching and comparing different workers' compensation policies online.

When seeking WC policy coverage, prioritize policies that widely address work-related injuries or illnesses. This should include medical costs, lost wages, and rehabilitation expenses.

Also, assess insurer reputation, industry experience, and track record in managing workers' compensation claims when choosing. Evaluate business and employee needs to choose a WC policy that aligns with specific requirements.

Things to remember before getting a workman compensation.

Before acquiring workmen compensation policy, businesses must consider key factors to ensure informed decisions about employee coverage. Here are some key considerations:

  •  Assess the business and employee needs to decide the right coverage amount and WC insurance policy type.
  •  Research and compare different insurance providers and policies to find the best fit for the business.
  •  Check the reputation and experience of the insurance provider and their track record in handling workers' compensation claims.
  •  UUnderstand the terms and conditions of the policy, including coverage limits, exclusions, and deductibles.
  •  Consult a reliable insurance provider and seek guidance from an agent or broker for an informed decision.
  •  Ensure compliance with state regulations and laws related to workers' compensation insurance.

What is the claim process for Workman Compensation Insurance?

An employee starts the Workman Compensation claim process by reporting work-related injury or illness to the employer. The employer then notifies the insurance provider and begins the claim process.

The insurance provider examines the claim, checking its validity and assessing the severity of the injury or illness. An employee starts the Workman Compensation claim process by reporting work-related injury or illness to the employer. The insurance provider may also work with the employees to facilitate their return to work.

The claim process may involve various steps, such as documentation, medical evaluations, and communication between the employee, employer, and insurance provider.

For a smooth claim process, both employer and employee must cooperate and provide accurate information throughout.

Required Documents for WC Insurance Policy

When requesting a workmen insurance policy online, you might need the following documents:

  •  Business registration documents, such as a certificate of incorporation and business license
  •  Employee details, including name, age, job title, and salary
  •  Payroll records or financial statements to determine the appropriate coverage amount
  •  Safety and risk assessment reports, if available
  •  Details of any previous workers' compensation claims
  •  Any relevant medical reports or records related to previous workplace injuries or illnesses
  •  The insurance provider might also require other supporting documents.

Common Workmen Compensation terms simplified for you

Here are some common terms related to employee compensation insurance, simplified for better understanding:

  •  Premium - The amount paid by the employer to the insurance provider to cover the cost of the policy.
  •  Policy limit - The maximum amount that the insurance provider will pay for a claim.
  •  Employer's liability - Employer's duty: safe work environment, compensate for work-related injuries or illnesses.
  •  Disability benefit - Payment given if injury/illness causes temporary/permanent disability preventing work.
  •  Rehabilitation benefit - Employers provide compensation to cover medical treatment and necessary services for the employee's recovery from injuries or illness.
  •  Settlement - An agreement between the insurance provider and the employee to resolve a claim.
  •  Claim - A request for compensation made by an employee for a work-related injury or illness.

How to Calculate Workmen Compensation Insurance Premium?

You can calculate the Workmen Compensation Insurance Premium using a workers' compensation premium calculator or a workmen compensation policy premium calculator.

  •  Determine the payroll amount - Calculate the total amount paid to all employees during the policy period.
  •  Determine the category rate - The insurer determines the rate based on the type of work performed by employees
  •  Calculate the base premium - Multiply the payroll amount by the category rate
  •  Adjust the base premium - Done based on the employer's experience rating, safety record, and applicable discounts or surcharges.
  •  Add fees and taxes - The premium may include additional fees and taxes.
  •  Calculate the final premium - The employer pays the final premium as the total amount for Workmen Compensation Insurance.

Frequently Asked Questions

The Workmen Compensation (WC) policy, a cornerstone of workplace security, financially compensates employees affected by work-related incidents. This emphasizes their protection and well-being in the organization.
Workmen compensation acts as a vital safety net. It guarantees financial protection for employees facing injuries, disabilities, or fatal incidents because of work-related situations. This accentuates their physical well-being and overall security within the work environment.
The Workmen's Compensation Act of 1923 mandates employers to compensate workers for injuries or disabilities incurred on the job. Similarly, if work-related incidents cause death, the employer grants compensation in unfortunate circumstances. This law ensures their financial protection.
Workmen's compensation typically extends across various countries and states, providing benefits to employees impacted by work-related injuries or illnesses.
No, these acts differ significantly. The Employee Compensation Act is a newer law replacing the Workmen's Compensation Act and covering more employees.
The Workmen Compensation Act is a must for Indian employers with workmen employees. Not following it can lead to legal penalties. Non-compliance can lead to legal consequences.
A worker compensation policy safeguards employers from financial liability and compensates employees for work-related injuries, disabilities, or death. It ensures swift medical care and supports the recovery and resumption of work activities. WC policy directly addresses work-related injuries, ensuring employee protection and legal compliance, unlike general insurance.
There is no minimum number of employees for workmen compensation coverage in India. Even one workman employee qualifies for coverage.
Employers can obtain workmen's compensation by registering with the state labour department or an authorized insurance provider.
The Workmen's Compensation Act requires employers to provide benefits for work-related injuries or illnesses. This ensures employees' financial well-being and security during unfortunate incidents.
Permanent total disablement occurs when an employee is fully and permanently disabled because if work-related injuries or illnesses. This prevents them from earning a livelihood.
Employee endures lasting loss or impairment of specific body functions. This results from work-related injuries or illnesses.
Temporary disablement happens when an employee can't work temporarily because of work-related injuries or illnesses. They might get benefits compensating lost wages during this time.
An active Workmen's compensation policy might provide coverage for legal obligations. These arise when employers neglect duties or breach work injury regulations.
The Workmen's Compensation policy is voluntary insurance. In contrast, Employees' State Insurance Corporation (ESIC) is mandatory, offering social security benefits. ESIC ensures employee benefits for work-related injuries or illnesses.
Yes, the Employee's Compensation Act, 1923, mandates employers in India to possess workmen’s compensation insurance.
Workmen's compensation insurance commonly covers work-related injuries or illnesses for employees. This includes temporary or permanent disability, medical expenses, and lost wages.

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