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Workmen Compensation Policy
Workmen Compensation Insurance is a policy designed to provide financial assistance to employees who suffer work-related injuries or illnesses. This insurance is mandatory for employers in India and covers the costs of medical treatment, disability, or death benefits that may arise due to an occupational hazard.
Workman Compensation Act in India
The Workmen's Compensation Act, 1923, is a social security legislation that mandates employers to provide compensation to employees for any work-related injury or illness. The act ensures that employers fulfil their legal and social obligations towards their workers and provides a safety net for employees who may be at risk of workplace accidents or hazards.
Benefits of Workmen Compensation Policy
Financial assistance for medical expenses incurred due to work-related injury or illness
Compensation for permanent or temporary disability caused by an occupational hazard
Death benefits to the dependents of the employee in case of fatal injury
Rehabilitation benefits to help the employee recover from the injury and get back to work
Legal liability coverage for employers against claims made by their employees
Protection against lawsuits filed by the employee or their family members in case of injury or death
Inclusions in Workmen Compensation Insurance Policy
Accidents that occur during the course of employment
Occupational diseases or illnesses that arise due to exposure to harmful substances or work environment
Death or disability caused by occupational hazards
Reimbursement of legal expenses incurred with the company’s consent
Medical can be covered per employee and aggregate limit
Contractual employees can be covered by declaration and taking an extension
Exclusion from Workmen Compensation Insurance Policy
Injuries or illnesses that occur outside the course of employment
Self-inflicted injuries or suicide
Injuries or illnesses caused by the employee's wilful misconduct or negligence
Injuries or illnesses caused by intoxication or under the influence of drugs
Injuries or illnesses caused by terrorism, natural calamities or acts of war
The insured’s liability to the employees of the contractors to the insured
Any employee who cannot be designated as a workman under the common law
Any liability to the insured under an agreement, which would not have been applicable otherwise to the agreement
Cost of Workmen Compensation Insurance Policy
The cost of Workmen Compensation Insurance varies depending on factors such as the size of the business, the nature of the work, and the number of employees. The premium is typically calculated as a percentage of the total payroll of the employees covered under the policy.
Pre-condition to buy Workmen Compensation Insurance Policy
The employer should be registered under the applicable laws in India
The employer should provide a safe working environment and comply with the occupational safety and health standards
The employer should maintain accurate and up-to-date records of their employees, including their wages and working hours
Claim and document required
To file a claim under Workmen Compensation Insurance, the following documents are typically required:
- Filled claim form.
- Medical certificate stating the nature and extent of the injury or illness.
- FIR or police report, if applicable.
- Post-mortem report, if applicable.
- Any other document as required by the insurance company.
