Workmen’s Compensation Insurance

What is Workmen’s Compensation?
The Workmen’s Compensation policy enables the employer to pay the compensation to the employees or for their family in case of death or bodily injury (permanent partial disablement / permanent total disablement / temporary disablement) caused due to injury and accident at workplace (including certain occupational disease) arising out of and in the course of employment.
Workmen’s Compensation Insurance policy covers the legal liability of the employers under the Workmen’s Compensation Act 1923 and Fatal Accident Act 1855. Despite the preventive measures and safety precautions taken, accidents at your workplace are inevitable. This policy provides coverage for medical expenditure, occupational disease, compressed air disease and terrorism.
Policy covers Accidental death, Permanent total or Partial Disability and Temporary total disability. Add on cover can be opted which include Medical Extension, Compressed Air Disease, Occupational Disease, Terrorism and Sub Contractor Coverage.

Why Buy Workmen’s Compensation Insurance ?

The Workmen’s Compensation policy provides payment for legal compensation to Employees or their dependants in case of injury and accident of the employees at workplace (including certain occupational disease) arising out of and in the course of employment and resulting in disablement or death.

  • Addon covers are provided in Workmen Compensation policy.
  • Occupational Disease.
  • Compressed Air Disease.
  • Contractor / Sub Contractor Coverage.
  • Terrorism Cover.
  • PAN India Location Coverage.
  • Medical Expenses (Per Employee Limit).
  • Cashless for Medical Expenses.

Who Should Have Workmen’s Compensation Insurance ?

Policy is required by all manufacturing/trading/servicing setups for all floor workers and office staff as well. Most of the contractors’/Sub contractors stands benefited by this policy. Policy can be taken by Individual/Public or Private companies/ Partnership firms or by any of business/Trading entity operating in the Country.
Workmen Compensation is a statutory liability as prescribed under Employee Compensation Act which provides for amount of compensation as below:

Nature of Claim Amount of Claim
Accidental Death (50% * Wages * Age Factor) OR INR 1,20,000/- Whichever is higher.
Permanent Total Disability Permanent Total Disability (60% * Wages * Age Factor) OR INR 1,20,000/- Whichever is higher.
Permanent Partial Disability Based on % Disability / Loss of earning capacity prescribed by medical practitioner * Wages * Age Factor.
Temporary Total Disability Temporary Total Disability 25% * Wages * No. of days of absence/Disability / 15.
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Office A-14, Privia Business Center, Next to PCMC RTO office, Moshi, Pune-412105.