The Workmen Compensation Act 1923, places legal liability on employers for compensating employees in the event of bodily injuries/death due to accidents or occupational diseases during the course of employment. The scheme is set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labor.
The policy covers medical expenses due to injuries from accidents during employment, occupational diseases.
It can secure Indemnity to the employer against legal liability to all employees (whether or not coming within the definition of the term Workmen) under the W.C.Act 1923 and subsequent amendment to the said Act prior to the date of issue of the policy, the Fatal Accidents Act, 1855 and at Common Law
All manufacturing units with employees who fall under the purview of the Workmen's Compensation Insurance Act, 1923 have Employers' Liability exposures under the Act. All business organizations have Employers' Liability exposures under Common Law.
Typically premium is computed based on the nature of industry, number of employees to be covered and the add on covers required. Generally, the risks are higher in manufacturing and industrial businesses.
Direct Broker (General), IRDA License No 728 (Valid upto 25th August, 2023), Bluearmour Insurance Brokers Private Limited, CIN: U66000HR2019PTC084231