Workmen Compensation

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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.

Features Of Workmen Compensation Insurance

Policy exclusions

The policy exclusions are:

  1. Attempted suicide or deliberate self-inflicted injuries
  2. Injuries suffered outside of work
  3. Agreed compensation payable to employees as per an agreement
  4. 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.