Workmen’s Compensation Insurance
It is mandatory on the part of every company to provide a safe, clean, hygienic, and healthy working environment to its employees and workers. In addition, the company is also expected to ensure all possible safeguards are in place to prevent any kind of bodily injuries to the employees and workers.
However, at times, unfortunate tragedies can occur arising out of and during the course of employment. This can result in the employee or worker’s death; or suffering a bodily injury, which could be temporary or permanent.
The policy covers statutory liability of an Employer under Employees Compensation Act 1923 for death or bodily injuries suffered by employees due to accidents arising out of and in the course of employment.
What’s covered
The insurance policy covers:
- Death
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Additionally, legal costs and expenses incurred with the consent of insurance company
- Policy can also be extended to include medical expenditure for necessary treatment
What’s not covered
The insurance policy does not cover:
- Injury caused by accident or disease directly attributed to war invasion or such like perils.
- Liability that is attached to any agreement, which would not have been attached in the absence of that agreement.
- Liability towards the contractor’s employees.
- Medical expenses like hospitalization expenses incurred by the employee.
- Occupational disease mentioned in Part ‘C’ of Schedule III of Workmen’s Compensation Act, 1923.