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    Understanding Workmen Compensation Policy – A Complete Guide

    Lakisha DavisBy Lakisha DavisOctober 1, 2024
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    Understanding Workmen Compensation Policy – A Complete Guide
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    Workmen Compensation Act covers unforeseen legal liabilities of an employer that may arise from the employee’s end. It basically covers the legal liability of an employer under the Workmen Compensation Act of 1923, the Indian Fatal Accident Act of 1855, and Common Law if an employee gets injured or gets disabled as a result of the job. Workmen Compensation Policy offers financial compensation to the employee in the event of work-related injuries, accidents, or demise during employment/work.

    Reasons to Buy Workmen’s Compensation Insurance

    • It protects businesses from lawsuits that can arise related to mishaps with employees.
    • Also, it will include temporary and contract employees.
    • Both employer and employee get protection.
    • In case any injury to an employee occurs, a monthly wage will be provided until the worker returns to work.
    • In case of fatal injury on the job, this insurance also covers death benefits.
    • It is better to purchase the policy, as fines and penalties are quite higher if a compensation policy is not taken.

    Documents Required

    For all types of claimsPermanent disablement claimsTemporary disablementFor fatal claims
    Duly filled and signed claim form.Disablement-related medical certificateMedical certificate related to disablementFinal investigation report
    Medical billsMemorandum of agreement as per Workmen Compensation Act between insured and workmen who are injuredMedical billsDeath certificate
    Compensation record  Post-mortem report copy
       Statement by witnesses
       Form A is to be filled by the insured as per the Workmen Compensation Act.

    Inclusions

    • Any injury incurred due to an accident during the course of employment
    • Any injury incurred due to a disease or the provoked conditions of the employment
    • Partial / Total or permanent disability
    • Temporary disability or death
    • Legal expenses incurred with the consent of the company

    Exclusions

    • Non-Fatal Injuries
    • The first 3 days of disability are not covered, where total disbursement is less than 28 days.
    • Accidents or Injuries occur under alcohol or drugs.
    • Injuries that do not cause partial disablement for more than 3 days.
    • Liabilities related to employees of contractors.
    • The employees who are not considered workers as per the Workmen Compensation Act, 1923.
    • Work-related diseases

    Amount payable

    Nature of Claim      Amount of Claim
    Accidental Death(50%*Age Factor*Wages) or INR 1,20,000, whichever is higher
    Permanent Total Disability(60%*Age Factor*Wages) Permanent Total Disability or INR 1,20,000 whichever is higher
    Permanent partial DisabilityLoss of Earning Capacity prescribed by a medical practitioner or based on %disability*age factor*wages
    Temporary total Disability25%* No. of days of absence or disability*wages/15

    *Central Government notification prescribed that the maximum amount of wages considered for compensation is INR 15000 per month.

    Conclusion

    “To conclude, the effectiveness of any worker’s compensation policy depends on its ability to provide timely support to injured workers while promoting a sense of safety and accountability in the workplace.”

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    Lakisha Davis

      Lakisha Davis is a tech enthusiast with a passion for innovation and digital transformation. With her extensive knowledge in software development and a keen interest in emerging tech trends, Lakisha strives to make technology accessible and understandable to everyone.

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