Workmen Compensation is a type of insurance policy which provides compensation to the injured employees on behalf of the employer taking the policy. The employer can purchase the workmen compensation policy for his employees to cover them in case of any accident resulting in injury at the workplace or during employment. The policy coverage can be extended on an All-India basis or multi states. The premium would change depending on the place of coverage. If the customer mentions only a single state or place, then the premium would be less when compared to customer opting for an All-India basis policy.
Workmen Compensation policy covers the following: –
The workmen compensation policy can also be extended to cover the medical expenses incurred by the employees due to an accident resulting in injury at the workplace or during the course of employment. The medical expenses would be covered up to a certain limit as specified in the policy schedule. The medical expenses can also be covered for actuals under the workmen compensation policy.
The multi state coverage under the workmen compensation policy provides coverage to the workmen working in any of the states mentioned in the policy document. The employees can keep travelling from one state to another state as a part of their work and may be injured at the workplace or during employment leading to death or Disability which would be covered under the workmen compensation policy.
The compensation payable under the workmen compensation policy would be as per the workmen compensation act, 1923. It is mandatory for every firm with more than 20 employees to take the workmen compensation policy as per the Workmen’s compensation Act. The policy would also help the insured customer to fight the legal battle and the charges incurred for the same would be paid by the insurance company.
Workmen Compensation policy for multi-state would cover the occupational diseases and compressed air disease. Occupational disease is a kind of illness which would develop over a period of time due to continuous exposure to the work place environment causing the illness. Occupational illness is covered under the workmen compensation act and the same is payable under the workmen compensation policy. Compressed air disease is a kind of illness that would develop when the external pressure is higher or lower than the internal pressure. The compressed air disease would develop in case of divers engaged in deep sea activity where the pressure would be lower leading to formation of water bubbles in the blood stream. The multi state workmen compensation coverage would cover all the above-mentioned conditions on payment of additional premium. The premium would depend on the location to be covered. More number of locations would mean more premium to be payable under the policy