Workmen Compensation
Insurance
at just ₹4,000 per year* for your business
*T&Cs apply
Small Business, Big Workforce
Protect One, Protect All
Every day, 3 workers tragically lose their lives in Indian factories. From 2017 to 2020, India reported an average of 1,109 deaths and over 4,000 injuries in registered factories annually. Shockingly, the construction sector alone witnesses up to 38 fatal accidents daily across the country.
*India Spend
What is a Workmen Compensation Insurance?
Workmen compensation policy offers compensation to employees who suffer injuries or disabilities due to workplace accidents. Additionally, it provides death benefits to the families of employees who have lost their lives while on the job.
The Workman’s Compensation (WC) Act of 1923 and the Fatal Accidents Act of 1855 mandate that employers must provide compensation to employees for work-related injuries, disabilities or death. Therefore, it is mandatory for any manufacturing unit, factory, warehouse, trading company, or service establishment to obtain this policy.
What is covered?
- Death: This includes an amount equal to 50% of the deceased workman’s wages, multiplied by the relevant factor#, or a minimum of ₹1,20,000, whichever is higher.
- Permanent Total Disability: In case of permanent total disability, the compensation is 60% of the deceased workman’s wages, multiplied by the relevant factor#, or a minimum of ₹1,20,000, whichever is higher.
- Permanent Partial Disability: The compensation is determined based on the percentage of loss of earning capacity resulting from the accident, as stated in the WC Act or the percentage assessed by a qualified medical practitioner.
- Temporary Total Disability: In the event of temporary total disability, a half-monthly payment equivalent to 25% of the workman’s monthly wages is provided.
What is covered?
*Scheduled II of Workmen’s Compensation Act 1923 defines the list of working sectors where the policy is mandatory.
We’ve forged partnerships with India’s foremost insurers and the world’s largest AA-rated reinsurers to bring important products to companies like yours.
The Power of Workmen Compensation Insurance
Cement plant tragedy: An oxygen cylinder explosion at a cement plant led to the tragic loss of 3 contract workers’ lives, while 2 other workers suffered severe injuries. Fortunately, having a Workers’ Compensation policy in place enabled the cement manufacturer to provide compensation to the families of the deceased and to those who sustained severe injuries.
Fire at plastic granule unit : Nine workers suffered serious burns in a fire accident while working on the production of plastic granules at a manufacturing unit. The incident occurred at night, resulting in over 50% burns for these employees. The company’s Workmen Compensation policy came to their aid by compensating the injured workers and covering their medical treatment expenses.
Workmen Compensation Insurance
Why Invest in a Workmen Compensation Insurance?
Mandatory by Law
The Workmen’s Compensation Act of 1923 necessitates a specialised insurance policy for frontline workers to ensure fair compensation in the event of work-related injuries. Not maintaining Workmen Compensation policy may invite fines and penalties against the company.
Risk Mitigation
This policy serves as a critical shield for businesses by mitigating the risk of substantial compensation payments and potential legal actions.
A shield for high-risk exposure companies
It is particularly valuable for organisations with employees exposed to elevated health and safety hazards, making it essential for manufacturing, mining, construction companies, and transport undertakings, factories, plantations and similar establishments with over 20 workers.
What is not covered?
- Accidents occurring at a location other than the place of employment.
- Self-inflicted injuries or the deliberate worsening of an accidental injury.
- Injuries caused by accidents or diseases are directly attributable to war, invasion, and similar events.
- Health issues or accidents that occur when the employee was under the influence of alcohol or drugs.
Claims Roadmap
1. Employee Reports Injury
2. Employer Submits Details
3. Commission Review
4. Claim Submitted to Insurer
1. Employee Reports Injury
2. Employer Submits Details
3. Commission Review
4. Claim Submitted to Insurer
Why Onsurity
Custom Solution
We create plans that fit your needs after assessing your risk exposure.
Personal Touch
We combine digital ease with personalised service.
Great Risk Management
We’re backed by experts who understand unforeseen risks.
Custom Solution
We create plans that fit your needs.
Personal Touch
We combine digital ease with personalised service.
Great Risk Management
We’re backed by experts who understand risks.