Features & Benefits
Requirements: Every successful business depends on its employees. They are precious assets of the company and their hard work enables you to move forward and grow your business. An accident in the workplace may injure your employees or even causing death. When this happens, it is only natural for you to assist your employees in any way you can and compensate them for their loss. Our “Employees’ Compensation Policy” is made to help you face just this.
Benefits: The Employees’ Compensation policy covers your legal liability as an employer under the Employees’ Compensation Act, 1923 and its subsequent amendments and also under common law. Employees’ Compensation Policy provides coverage for compensation to employees for bodily injury or death caused due to accidents arising out of and in the course of employment. In case of an unfortunate event, this policy will help you take care of your employees.
Scope of cover: The policy indemnifies the Insured i.e. the employer against his liability as an “employer” for accidental injuries (including fatal) sustained by the employees whilst at work. Any employer, whether as a principal or contractor, engaging ‘employees’ as defined in the Employees’ Compensation Act or sharing an employer – employee relationship, can purchase this cover. On payment of extra premium, medical, surgical, and hospital expenses including the cost of transport to hospital for accidental employment injuries are also covered.
Insurable wages: Insurable wages is the basis of premium computation. These are the wages payable to the employees and are to be declared for the policy period chosen.
Premium: The amount of the premium paid is mainly dependent on the nature of work, type of employee and the amount insured.
Please read the
policy wordings for more information.
*Terms & Conditions apply.