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Despite all preventive measures, accidents can occur at the workplace. The Employee Compensation Act, 1923 provides for the payment of compensation by the employer to its employees (or for their family in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment. We have designed this policy to assist employers during such events.
Any employer, as a principal or contractor, can take this policy to cover the liability towards employees/dependents under the statute and common law.
Employee compensation is covered under the following laws:
If you suffer damages caused due to any of the following reasons, we've got you covered!
Contractual Employees: Can be covered as an extension if they are specifically declared under the policy
Medical Expenses: It can be covered with Per Employee and Aggregate Limit
Click here to read the policy wordings for more details.
*T&C apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording carefully before concluding a sale. The details mentioned above are for Employes Compensation Insurance Policy.UIN- IRDAN103CP0015V01201920.
Under the Act the employee/workers are compensated in case of personal injury caused due to an accident arising out of and in the course of employment.
Employee Compensation Act 1923 states If personal Injury is caused to an employee by accident arising out of and in the course of his employment, his employer shall be liable to pay compensation as per this act.
This act provides compensation to families for loss occasioned by the death of a person caused by actionable wrong. WHEREAS no action or suit is maintainable in any Court against a person who, by his wrongful act, neglect or default, may have caused the death of another person.
The employee can claim compensation in the civil court for damages in respect of injury against its employer in any court of law.
This policy is bought by Employer for covering his/her employees against any personal injury caused due to accident arising out of and in course of employment.
All types of commercial establishments can opt for Employee Compensation Insurance Policy.
Highly labour-intensive work such as construction, transportation & logistics will contain high amount of risks whereas consulting firms and I.T. companies that do not involve too much manual labour may also opt for Employee Compensation Insurance Policy. This would also help them to comply with contractual and legal requirements.
Employee compensation policy offers various policy of protection to an employer such as it covers statutory liability of an employer for the death or bodily injuries sustained by workmen arising out of and in course of employment as per workmen compensation act 1923.
Fatal Accident: Any injury or an accident leading to death of the worker during the course of employment.
Non Fatal Accidents: Any injury or accident resulting in partial or permanent physical disablement such as loss of hearing, limb or sight.
Employee compensation is specifically designed to cover injuries that arise from either employee or employer negligence.
Contractual Employees: Can be covered as an extension if they are specifically declared under the policy.
Medical Expenses: It can be covered with Per Employee and Aggregate Limit.
Employee compensation is made to insure the employer against their liability towards the workers in case of injury at workplace.
Despite all preventive measures, accidents can occur at the workplace. The Employee Compensation Act, 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment. We have designed the Reliance Employee Compensation Insurance Policy to assist employers during such events. Any employer, as a principal or contractor, can take this policy to cover the liability towards employees/dependents under the statute and common law.
Workmen / Employee Compensation policy covers these liabilities of the employer as prescribed the Workmen Compensation Act. Coverages:
ABC is a manufacturing firm in Pune, which makes cycle parts. The firm has been expanding ever since 2010 and has grown employee base from 10 to 50.
This year a worker aged 35 ended injuring himself and due to which led to a case of partial disability.
The company had to pay him compensation worth ₹400000 which if it was covered would have borne by the insurer.
After above incidence they have bought EC policy and transfer their risk to insurer.
Now they along with 20 new employees have finally taken Employee Compensation Insurance Policy cover after this incident.
Finally, the company continues to grow steadily and unpredictable expenses like the one above have been covered.
There are multiple factors which play an important role in computation of premium which are employer’s.
Yes! The premium will change because of claim history, no of workers, location, nature of occupation, length of the project.