A workmen’s compensation policy financially protects organizations when workers are injured or die during their employment.
As per the statutes of the Workmen’s Compensation Act, 1923, organizations are financially responsible for compensating injured workers. To handle this financial responsibility, we design a workmen’s compensation policy.
Let’s explore the important features of workmen compensation that make the policy unique in the coverage it offers.
Policy exclusions
The policy exclusions are:
- Attempted suicide or deliberate self-inflicted injuries
- Injuries suffered outside of work
- Agreed compensation payable to employees as per an agreement
- Injuries suffered under the influence of intoxicants
Policy extensions
Some common extensions include coverage for contractual employees, medical costs, and professional diseases.
Benefits of worker insurance for employer and employee
The workers compensation policy or employee compensation insurance benefits both the employer and the employee in the form of financial liability & compensation for any contingencies suffered at the workplace.
Important clauses of workmen compensation policy
Indemnity clause
The policy will only pay the actual costs incurred by the employer in litigation, penalties, and court awards.
Average clause
The insurance company changes the coverage amount to match the updated number of employees, following certain terms and conditions.
Contribution clause
If you have more than one insurance policy, the companies will split the claim amount depending on how much coverage each policy offers. The financial impact of not placing this insurance correctly can be severe.
Different industries can have their reason to buy this policy. Industries with a lot of manual labor, like construction, mining, transportation, and logistics, need this insurance the most. The chance of accidents or mishaps during work is higher in these industries.
How SecureNow can help you with this policy?
SecureNow is an insurance broker that has tied up with leading general insurance companies. With us, you can compare online insurance quotes.
Our website provides thoroughly researched workmen compensation quotes along with their coverage details. You can compare and buy workers compensation policy online with minimal hassles and receive the risk cover note instantly.
About The Author
Rahul Kumar
MBA Finance
With a wealth of experience in the insurance industry, Rahul is a seasoned writer specializing in articles related to workmen compensation policies (WC policies) for SecureNow. With 12 years of experience in the field, he has acquired in-depth knowledge and expertise in workmen compensation insurance, understanding its complexities and nuances. Their insightful articles provide valuable insights into the importance of WC policies for businesses and employees alike, offering practical advice and guidance on navigating the intricacies of insurance coverage. Trust him to deliver informative and engaging content, backed by years of experience and a passion for educating readers about insurance-related topics.
