About the Policy
Employee compensation insurance is essential for companies to ensure the safety and well-being of their employees. Accidents at work can result in injuries or even fatalities, necessitating compensation as mandated by laws such as the Employee’s Compensation Act 1923. This insurance helps businesses manage financial obligations related to workplace accidents, covering compensation and legal costs.
It also provides legal protection, as employees typically waive the right to sue for negligence upon accepting benefits. ICICI Lombard’s Employee’s Compensation Insurance ensures financial security for both employers and employees, promoting a caring and responsible work environment.
Employee compensation insurance is vital for providing financial protection against workplace accidents and legal liabilities. It demonstrates a commitment to employee welfare and enhances the business’s reputation.
Employee compensation insurance covers legal liabilities under the Workmen Compensation Act 1923, including accidental death, permanent total or partial disability, and temporary total disability during work hours. It also covers legal costs under common law and the Fatal Accident Act 1955.
Key Benefits
Check out the key benefits offered by an employee compensation policy in India.
- Financial support for work-related injuries
- Compliance with legal requirements
- Protection against lawsuits
Who needs employee compensation insurance?
All businesses engaging employees, whether full-time, part-time, or casual, need employee compensation insurance to comply with legal requirements and protect against financial risks associated with workplace accidents.
Why is employee compensation insurance important?
It provides financial support for employees injured at work, covers medical expenses, and protects employers from legal liabilities. It also enhances the company's reputation by showing a commitment to employee welfare.
How does employee compensation insurance work?
In case of a workplace accident, the policy covers the employer's legal liability for compensation to the injured employee. It also includes legal costs for defending claims, ensuring financial protection for both parties.
