Employees Compensation Policy
For most businesses with employees, it’s a legal requirement to have employee insurance cover in place and failure to do so can lead to penalties. The Employees Compensation Insurance policy enables you to fulfill that same legal responsibility towards employees under the Employees’ Compensation Act, 1923, its later amendments, and also under common law. According to the policy, employees are eligible to receive compensation in the event of bodily injury or death due to an accident while at work.
Moreover, with Liberty Videocon, add-on employee insurance benefits such as hospitalization and medical expenses, transportation costs, etc. can be availed upon payment of extra premiums. The premium amount is determined by the type of employee, nature of work and sum insured.
The exclusions of the policy include War and Terrorism, any injury or loss due to consumption of liquor or drugs, and self-harming activities among others.