Workmen Compensation
What is Workmen's Compensation?
Workmen Compensation Insurance (WCI) is designed to protect employers against legal liabilities arising from accidents or injuries to employees during the course of their employment. It ensures financial support and medical aid to the workers and shields businesses from unforeseen liabilities.
Key Features Of Workmen Compensation
Following are Key Features
- Legal Compliance
- Coverage for Workplace Injuries
- Compensation for Diseases
- Disability Benefits
- Legal Expenses
- Add-on Benefits
Who Should Buy a Workmen's Compensation
This policy is essential for:
- Manufacturing units
- Construction companies
- Logistic and warehousing businesses
- Contractors and sub-contractors
- Any organization employing workers, especially in hazardous environments
Benefits
Benefits Cover
- Financial protection against employee injury claims
- Ensures legal compliance and avoids penalties
- Boosts employee confidence and morale
- Helps manage business continuity
- Reduces out-of-pocket expenses for employers in case of accidents
What do you mean by workmen's compensation?
Workmen’s Compensation Insurance covers an employer’s liability by providing coverage for accidents, injuries, or fatalities suffered by the employees while doing their work. This insurance plan covers workers against death or disability caused by workplace injuries or illness.
Documents Required
- Employer’s registration details
- Nature of business and risk exposure
- Number of workers and their wage details
- Past claim history (if any)
- Address proof and ID of business entity
Premium Calculation Factors
- Nature of Work: Risk involved in the type of occupation
- Number of Employees: More workers mean higher exposure
- Wages Paid: Compensation is calculated on wages
- Past Claim History: Influences underwriting and risk assessment
- Add-On Covers Selected: Medical extension and legal cover affect premium
