Printable View
Hi All, I am working as a building contractor. Recently, I have got a big contract for a hotel. Looking for a cheap quote for Workman Compensation Insurance. I have checked price comparing sites like policybazaar and insurancepandit etc., but none of the above have any search facility for WC Insurance. Pls advice.
Workman Compensation Insurance is still a tariff policy, means rates are fixed for all the insurance company. So you can choose the insurer, who is providing best services to you.
Just curious, what is this insurance all about?Quote:
Originally Posted by Expert
Source - wikipedia.orgQuote:
Workers compensation is a form of insurance that provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
Liability of an employer for employment injury (including death) of any of his employees who is a ‘workman’ as defined under Workmen Compensation Act. Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. Employer can cover Employees who do not qualify as "Workmen" under separate table
Risk covered -
- Indemnity to insured against his liability as an ‘employer’ to accidental injuries (including fatal) sustained by the ‘workman’ whilst at work.
- On extra premium-medical, surgical, and hospital expenses including the cost of transport to hospital for accidental employment injuries
- Liability in respect of diseases mentioned in Part C / schedule III of WC Act, on additional premium; which arise out of and in the course of employment
The Policy pay -
- Where employment injury results in death, then we pay 40% of the monthly wages of the deceased multiplied by the relevant factor or Rs. 20,000/- which ever is more.
- Permanent Total Disablement 50% of the monthly wages of the injured disabled (PTD) workman multiplied by relevant factor or Rs. 24,000/- which ever is more.
Permanent Partial Disablement
a) For an injury specified in Part II of disablement (PPD) schedule.The percentage of loss of earning capacity caused applied to the compensation payable for permanent total disablement
b) For an injury not specified in schedule - the percentage of permanent loss of earning capacity as assessed by qualified Medical Practitioners applied to the compensation payable for permanent total disablement.
Where more than one injury caused by same accident it shall be aggregate but in any case not to exceed the amount payable for permanent total disablement
Temporary disablement -
A half monthly payment equivalent to 25 % (total or partial) of monthly wages of the workman to be paid in accordance with the provisions of Sub section (2) of the WC Act.
- Actual medical expenses incurred in connection with on-duty accident ranging from Rs.80/- to 2400/- per case as per the option given at the inception of the policy by the insured and extra premium paid.
- Legal costs and expenses incurred with the Company's consent.
Exclusions -
- Any injury which does not result in fatality or partial disablement for period exceeding 3 days
- First 3 days of disablement where the total disablement is less than 28 days
- For any non-fatal injury caused by any accident which is directly attributable to
a) Influence of drinks or drugs.
b) Willful disobedience of an order for securing safety of the workman.
c) Willful removal or disregard of safety guard device.- War group and nuclear group of perils
- Liability to employees of contractors of the insured (unless specifically declared)
- Employee who is not a "workman" as per WC act.
Liability of insured assumed under an agreement
1- For occupational diseases mentioned in part "C" of schedule III of WC Act , unless cover is extended on extra premium.
2- Increase due to any change in statute provisions after policy had incepted.
Under more than one statute / one forum for the same injury