Benefits of Workers Compensation Insurance Policy in India

Workers in India are entitled to a safe working environment as per the law. Employers can be held legally liable if an employee suffers from any workplace related injury.

Workplace-related accidents and injuries are a common occurrence and such injuries leave the family of employees in an extremely vulnerable position since the injured worker faces a loss of earnings.

Hence, there was a need to protect workers who suffer from injuries during the course of their duty. A Workers Compensation Insurance Policy compensates the employee or his family for any workplace related injury.

This article explores the benefits of Workmen’s Compensation Insurance Policy in detail.

What is Workmen Compensation Insurance?

Workmen Compensation Insurance Policy is a type of legal liability insurance policy which reimburses the employers for any form of disability suffered by the employees during the course of their employment.

What are the advantages of a Workmen’s Compensation Insurance Policy?

The benefits of a Workmen’s Compensation Insurance Policy are as follows:

Indemnity against the legal liability of the employer: Employers can be held legally liable for any form of workplace related accidental disability or death faced by the employee. The employer needs to provide compensation to the employees’ family in such a case. A WC Insurance Policy will take care of the legal liability of the employer to provide financial compensation to the employee.

Financial help to employees’ family: The compensation received from the Workmen’s Compensation Insurance Policy can be of great help as the family of the employee who has died or suffered from permanent disability will surely face loss of income.

The employees will receive different compensation amounts depending on whether he has suffered from Accidental Death, Permanent Total Disability, Permanent Partial Disability or Temporary (Total or Partial) Disability.

You can read our detailed blogpost to understand the calculation of Compensation Amounts under Workmen’s Compensation Insurance Policy in detail.

Compensation for Medical Expenses: Employers can opt for Medical Extension Add-On cover which will reimburse the medical expenses that need to be covered in case the employee needs to be hospitalised for any injury suffered in the course of his/her duty.

Coverage for Occupational Diseases: The Occupational Diseases Add-On Cover under a Workmen’s Compensation Insurance Policy provides coverage even for Occupational Diseases contracted by the employees in the course of their employment.

This Add-On Cover is particularly useful in case the employees are exposed to hazardous substances during their work.

Which Insurance Companies offer Workmen’s Compensation Insurance Policy in India?

How does a Workmen’s Compensation Insurance Policy help employees?

A Workmen’s Compensation Insurance Policy helps the injured or deceased employees by providing financial compensation to the employee’s family. The compensation amount received from a WC Policy is extremely essential as to sustain the family as the worker normally faces a loss of earning capacity after suffering from a disability due to an accident at the workplace.

Who should purchase a Workers Compensation Insurance Policy?

Any company which is involved in a manufacturing business or the construction business where the workers are operating in a risky environment should purchase a Workmen’s Compensation Insurance Policy.

Also, even service businesses such as an IT Firm which has a lot of employees should also buy a Workmen’s Compensation Insurance Policy for employees.

Get a Free Workmen’s Compensation Insurance Quote

A Workers Compensation Insurance Policy is an important aspect of employment and a mutually win-win solution for both the employer and employee. It helps the employer in complying with the statutory liability of providing compensation to the employee in case the employee meets with a workplace related accident/injury while the compensation provided by the Workmen’s Compensation Insurance Policy helps the employees family sustain itself when it faces a loss of earnings due to death or disability of the Workman.

Qian Insurance Broking is an experienced Workmen’s Compensation Insurance Broker and can assist you with competitive Workmen’s Compensation Insurance Quote. You can purchase a WC Insurance Policy from Qian in less than 15 minutes.

If you wish to purchase a Workmen’s Compensation Insurance Policy, email us at 022-22044989 or call us on 9820619760. We would be glad to assist you.

1. What is a Workmen’s Compensation Insurance Policy?
2. A Workmen’s Compensation Insurance Policy is known as Workers Compensation Policy (WC Policy) or Employee Compensation Policy.
3. What is the need for a Workmen’s Compensation Insurance Policy?
4. What is the Workmen Compensation Act 1923?
5. What are the Coverages under a Workmen’s Compensation Insurance Policy?
6. What are the Add-On Covers under a Workmens Compensation Insurance Policy?
7. What is the compensation amount payable under a Workmen’s Compensation Insurance Policy?
8. What are Fatal and Non-Fatal accidents under Workmen Compensation?
9. What is the Cost of a Workmen’s Compensation Policy?
10. Can a Claim be filed under both the WC Act and Common Law?
11. What are the Exclusions under a Workmen’s Compensation Policy?
12. How to make a Claim under a Workmens Compensation Policy?
13. Purchase a Workmen’s Compensation Policy with Qian!
14. FAQS
15. Testimonials