Key Features:
- Covers Medical Expenses: Pays for hospitalization and treatment of injured workers.
- Wage Replacement: Provides partial wage replacement for employees unable to work due to injury.
- Legal Liability Coverage: Protects employers from lawsuits or claims made by injured workers or their families.
- Disability Benefits: Compensation for partial or total permanent/temporary disability.
- Death Benefits: Lump sum compensation to dependents in case of worker’s death due to workplace accident.
Why It’s Important:
- Legal Requirement: Mandatory under the Workmen Compensation Act, 1923 in India (for certain categories of businesses and workers).
- Financial Protection: Shields employers from unpredictable financial burdens.
- Employee Trust: Builds a safe and secure working environment.
Who Needs It?
- Factories
- Construction companies
- Manufacturing units
- Transport businesses
- Contractors
- Any business employing laborers, workers, or staff exposed to physical work hazards
What’s Usually Covered:
Covered:
- Injuries during working hours
- Occupational diseases
- Death due to work accident
- Temporary/total disability
Not Covered:
- Self-inflicted injuries
- Injuries outside work scope
- Under influence of drugs/alcohol
- Violation of safety protocols
Example:
If a construction worker falls from a scaffold and breaks his leg:
- The insurance pays for his hospital bills
- Covers part of his salary during recovery
- Provides a legal shield for the employer
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