Employee compensation is made to insure the employer against their liability towards the workers in case of injury at workplace
Despite all preventive measures, accidents can occur at the workplace. The Employee Compensation Act, 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment. We have designed the Reliance Employee Compensation Insurance Policy to assist employers during such events. Any employer, as a principal or contractor, can take this policy to cover the liability towards employees/dependents under the statute and common law
Workmen / Employee Compensation policy covers these liabilities of the employer as prescribed the Workmen Compensation Act. Coverages:
- Comprehensive coverage of all statutory requirements of employers
- Covers death, permanent total and partial disability, and temporary disability of employees when at work
- Optional cover for medical, surgical and hospital expenses, on payment of extra premium
ABC is a manufacturing firm in Pune, which makes cycle parts. The firm has been expanding ever since 2010 and has grown employee base from 10 to 50
This year a worker aged 35 ended injuring himself and due to which led to a case of partial disability
The company had to pay him compensation worth 400000 which if it was covered would have borne by the insurer
After above incidence they have bought EC policy and transfer their risk to insurer.
Now they along with 20 new employees have finally taken Employee Compensation Insurance Policy cover after this incident.
Finally, the company continues to grow steadily and unpredictable expenses like the one above have been covered