Workmen Compensation Insurance
The workmen's compensation insurance is the primary method by which an employer can demonstrate the ability to meet the obligations imposed by the worker's compensation statutes. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labour. The policy covers statutory liability of an employer for death or bodily injuries caused to employees due to accidents arising out of and during the course of employment.
What does Workmen Compensation Insurance cover?
The Workmen Compensation covers:
- Bodily injury caused by accident during the course and scope of employment.
- Bodily injury caused by disease or aggravated by the conditions of the employment.
- Death or temporary disablement
- Permanent total or partial disablement
- Legal costs and expenses incurred with the company's consent
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Why do you need Workmen Compensation Insurance?
- To pay all sums for which the insured is legally liable to pay the employees with respect to personal injury by accident or diseases arising out of and during the course of the employment
- Insured's liability arising either under common law or under the laws set out in the schedule Workmen's Compensation Act 1923.
- Costs or expenses incurred by the insured with the consent of the company to defend any claims are paid in addition.