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If an employee is suffering from a temporary or permanent injury, or dies during the course of his/her employment, the employer is legally liable to pay compensation to the employee, under the Employee’s Compensation Act 1923 & subsequent amendments of the said Act, The Fatal Accidents Act 1855, and at Common Law. Employee Compensation Insurance provides protection to the employer against this statutory liability. It helps businesses to avoid the real cost of an employee’s medical expenses and lost wages following a workplace injury or illness.
What Is The Scope Of Your Employee Compensation Insurance Coverage?
The policy covers the statutory liability of an Employer for death or bodily injuries caused to employees due to accidents during the course of employment.
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Additionally, legal costs & expenses incurred with our consent
- Policy can also be extended to include medical expenses for necessary treatment
Add-Ons On Your Insurance
There are many expenses that are normally not covered under a standard comprehensive plan but can be included within the scope of the policy by paying extra premium.
Can be covered as an extension if they are specifically declared under the policy
There are 4 options to choose from to cover your hospitalization expenses under the policy.
- With Per Employee and Aggregate Limit
- With Per Employee Limit
- With Aggregate Limit
- Actual Expenses Incurred
Any compensation for diseases mentioned in Part ‘C’ of Schedule III of the Workmen’s Compensation Act, 1923, which arise out of and in the course of employment.
What Is Excluded From The Coverage?
The Employee Compensation Insurance provides broader coverage but there are certain exclusions under the policy. Let’s take a look at the exclusions.
- The Insured’s liability to contractors’ employees (unless specifically declared and covered)
- Any liability of the Insured which attaches by virtue of an agreement but which would not have attached in the absence of such agreement