One of the major responsibilities of any company is to provide a safe and healthy environment for its employees. If an employee suffers a bodily injury or death during their employment, the company is legally liable to pay compensation under the Employee Compensation Act 1923. That’s where the workmen’s Compensation insurance policy comes into the picture.
What is Workmen’s Compensation Insurance?
It is a type of insurance policy to provide coverage for your business employees who are injured, have a work-related illness or even die during the course of employment. Having this insurance will provide employees with compensation without leaving your business at a financial loss. For example, if you own a construction business and are on a worksite, if something falls onto one of the employees from a higher level, causing a fracture in their leg. If you don’t have workman’s compensation insurance, they can sue your business and claim compensation from you for medical expenses. This can end up costing your business as well as your reputation significantly.
How is International worker’s compensation different from the Standard?
Here is the overview of what standard workmen’s compensation insurance covers and what isn’t covered.
Key features of Standard workmen insurance policy
- Accidental Injury
- Death benefits
- Occupational Illness and Diseases
- Disability Cover
- Medical Coverage
Exclusions
- Any injury by accident or disease directly attributable to war, the act of a foreign enemy, civil war, rebellion, military or usurped power.
- The Insured’s liability to contractors’ employees is not covered unless it is specifically declared in the policy.
- Any employee who is not a workman with the meaning of laws.
- Any legal responsibility or debt that the Insured person or organization has because of an agreement, but which would not have happened if the agreement had not been made.
- Illness due to the food brought from the home or prepared by the employee.
- Injuries incurred under the influence of alcohol or any other drugs.
While relatively similar to standard workmen’s compensation insurance, some unique offerings that international employees possess are:-
- The war and terrorism compensation is included.
- It also covers endemic diseases, which are found in specific regions that domestic standard policies don’t cover.
Who Should Apply to International Workmen Compensation Insurance?
Any company that employs workers who are in the country of origin or traveling internationally for work will need international workers’ compensation coverage.
- When an employee is located overseas for more than 3 months can apply for an international compensation policy.
- Permanent shifting to a foreign country.
- If the company sends an employee for the execution of a particular project for a short period of time.
How to Claim Workmen Compensation Insurance?
- The injured or ill employee must file a claim about the accident to the manager or employer.
- The employer must collect the information about the accident as per the requirement of the insurance company.
- The employee has to submit the required documents to the insurance company.
- Then, the insurance company takes the necessary actions to either reject or
accept the claim. If your business doesn’t cover the workmen’s compensation
policy, then you have to cover all your employee’s costs out of pocket.
How can SecureNow Help?
With SecureNow deep product knowledge and cost-effective insurance, we provide an efficient service in distributing commercial insurance to small and medium enterprises. We have served over 30,000 clients and the number continues to grow rapidly. You can check out a wide range of insurance types and policy coverage online. Get in touch for instant quotations.
