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Workmen Compensation Insurance Policy

Premium Starts @ 1000

(Excluding Taxes)

Premium Starts @ 1000 excluding Taxes
Benefits
Covers Medical Expenditure & legal liability from accidents
Covers Occupational Diseases & unforeseeable Events
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Workmen Compensation Insurance Policy

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Quick Guide to Workmen Compensation Insurance Policy

Workmen Compensation Insurance Policy

Workmen compensation insurance is a commercial insurance plan that covers for the legal liabilities of an employer to provide compensation for death or disability of a workers while they were working. Workplace accidents, even with the highest precautions, are inevitable. Workmen compensation insurance will help the employer pay a compensation to the employee/worker and his/her family members in case of any accidental injury or death of the employee/worker.

Workmen/Workers Compensation Act in India

Workmen Compensation Act, 1923 covers for people working in factories, plantations, mines, construction sites, mechanically propelled vehicles, hazardous premises, and employees of the Indian Railways. This is an employee compensation act that mandates employers in all the mentioned segments to pay compensation to their employees or workmen for accidental injury or death. The act is created with an intent to strengthen workers and their families financially in case of an unfortunate event at the workplace.

Benefits of Group Workmen Compensation Insurance Policy

For employees

  • Covers for an employee’s hospitalization due to injuries suffered at the workplace
  • Covers for death, permanent or partial disablement at workplace
  • Serves as a financial cushion for the employee and their family in case of any adversity

For employers

  • Workmen compensation insurance provides coverage against occupational diseases So, if your workers are constantly subjected to hazardous substances or any other risk, this insurance policy can be a savior
  • A workmen compensation insurance will give you peace of mind that you’ve been able to support your employee and the organization, at large, in case any employee suffers from a work-related injury or death.
  • Cases filed with the Labour Court concerning accidental death or disability of workers get covered under this policy

Inclusions under Workmen Compensation Insurance Policy

Below are the benefits that Workmen/workers Compensation insurance policy covers:

  • Injuries caused due to accidents at workplace
  • Injuries and diseases caused or aggravated by conditions at workplace
  • Death
  • Disablement

Note: This is not an exhaustive list, details of all the inclusions will be part of your policy copy.

Exclusion under Workmen Compensation Insurance Policy

  • Minor injuries
  • Initial 3 days of disablement and if disablement is less than 28 days
  • Injuries caused due to war, nuclear attack or riots
  • Death or injury caused under the influence of alcohol or drugs
  • All diseases that are specified in part C of Workmen’s Compensation Act

Conditions Regarding Workmen Compensation Insurance

Under the Workmen compensation Act of the government, the compensation to be paid by the employer depends on below factors:

  • The age of the workman
  • The nature of his injury
  • The average monthly wage/salary paid to the worker

The minimum and the maximum compensation rate is fixed for death and disability, subject to revisions that happens for time to time in worker compensation. In case of the death of the workmen, the employer is required to pay the compensation to the family dependent family members of that worker. The Ministry of Labour & Employment in India has formed the ‘Social Security Division which is responsible for framing social security policies for the workmen. They also play an important role in ensuring implementation as well as enforcing the employee’s compensation act 1923, in India. Various state governments administer the act through their respective Workmen’s Compensation Commissioners.

How much does Workers’ Compensation Insurance Cost

The premium for your Workers Compensation Insurance is derived basis the risk of your business experiencing a claim from an injured employee and how much that claim might end up costing. Since this amount is based on the type of business you are engaged in, places like a manufacturing plant will have a higher rate than something like a grocery supply or retail store. There are many relevant factors that go into calculating workmen compensation premiums, such as:

  • The nature of your business’s operations
  • Total number of workers in your establishment
  • The specific type of work workers perform
  • The salary or wages of your employees
  • The location of your business operations
  • The safety standards that your business meets
  • The past claims made against a business by its employees

How to Find Suitable Employee/Labour Insurance Policy Online

There are a number of insurance companies that offer Employee Compensation Insurance/Labour insurance policy plans online and one may need guidance in selecting the most suitable policy. Worker compensation policy also requires jurisdiction that comes in the business area of the prospect. However, by taking the help of the available online insurance marketplace or a web aggregator, one can easily compare different plans and get the most suitable compensation plan. A reliable web marketplace asks certain questions to the prospect and shows the result based on their inputs. This is how you can find a suitable Workmen compensation policy for your business or enterprise.

Claim process under Workmen Compensation Insurance Policy

The steps for filing the claims under workmen compensation for employees are as follows:

  • Informing the supervisor and then the employer, immediately, about the death or disablement of the worker
  • The employer has to collect all the information about the incident and the employee as per the requirement of the insurance company
  • The employer has to submit all the necessary documents to SecureNow and the insurance company
  • The insurance company then takes necessary actions to either approves or reject the claim

Documents Required for Workmen Compensation Insurance Policy

Below are the documents required to file for a claim under the workmen compensation insurance policy:

  • Duly filled and signed claim form
  • Original medical bills, diagnostic reports and compensation records
  • Medical certificate for disablement at workplace
  • Death certificate, investigation report, post-mortem report in case of accidental death at workplace

Frequently Asked Questions

Workers and employees are under constant risk of suffering from employment-related hazards during their service. Often laborers have the highest probability of injuries or death on the work site. So, this makes the organization liable to look after the financial security of the workers and their family in case of an unfortunate case of workplace death or disability. Hence, the workmen compensation. This compensation protects the worker and their family lawfully and also helps the organization meet their legal liabilities in case of any adversity.
Under the Workmen Compensation Act,1923 people working in factories, plantations, mines, construction sites, mechanically propelled vehicles, and hazardous premises are considered as workmen. This Act is also extended towards railway employees and IT workers.
As per the Ministry of Labour and Employment and the Workmen’s Compensation Act, all the employees who suffer partial or total disability or die because of an accident while at their workplace are eligible for compensation.
Yes, the Workmen Compensation Act, 1923 started to be also known as the Employee Compensation Act.
Yes, Workmen Compensation Act is mandatory in India and provides a compulsory form of insurance that provides replacements for wages and medical benefits to workers/employees during their course of employment against accidental injuries or death at the workplace.
Here are some of the reasons why all employers should buy a worker’s compensation:
  • Workers compensation insurance can protect your business from lawsuits related to employees' injuries and resulting financial losses
  • Many workmen compensation policies will cover temporary and contract workers
  • By having workers compensation policy in place, you are protecting both yourself and your employees
  • If the worker is unable to work due to an injury, then this workmen compensation policy will provide the insured with a monthly income until the worker returns to work
  • Workman Compensation insurance also covers death benefits if an employee dies while on the job.
  • Fines and penalties for not having employee compensation under the employee compensation Act can be very expensive, so it is better to purchase this insurance policy.
  • As per workmen compensation act, any organisation or enterprise having more than 20 employees must mandatorily have employee’s compensation. This mandate by the Employees' State Insurance Act, 1948 ensures that employees and workers are covered under this insurance benefits from their employers.
    To register for WC Policy, an applicant must follow the instructions provided below:
  • You must first visit the official website of your respective state Labour Department.
  • On the website’s homepage, you need to locate the online registration and renewal options and select that option.
  • A pop-up will appear with all the instructions on the Labour Act management page. You must read and understand all the instructions carefully.
  • Then you proceed to click on “New Registration” to register on the website.
  • You will be provided the option to enter your desired user id and your desired password. After successfully creating a user ID and password, you must enter the same on the homepage.
  • Enter credentials and click the login button.
  • Next, on the form, you must input all your personal and requested information. Then, upload the required files and click the submit button. button.
  • Pay the charges as applicable and save the acknowledgement number/receipt.
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