Workmen Compensation Policy

Generally, different insurance companies have specific coverage limits and eligibility criteria for any claims issued against Workmen Compensation policy. Let’s explore the different features of Covrzy’s Workmen Compensation Policy:

• Comprehensive coverage: Covrzy offers a comprehensive WC policy which provides coverage for legal liability and any medical expenses incurred by the injured employees, death benefits, and loss of income due to disability, ensuring financial protection for the employees and their beneficiaries as well as the employers.

• 24*7 claims support: With a 24*7 claims support under discretion of certified insurance advisors, Covrzy ensures fast settlement of your claims by guiding you at every step from initiating claims, submitting evidence and documents, verification process, and settlement of claims. This resolves any errors and helps in quick processing.

• Affordable premium: Covrzy provides personalized coverage aligning with your business requirements considering the number of employees, risk potential as well as the nature of business operations and curates an affordable premium plan for WC policy.

• Digital policy management: With a complete digital experience, Covrzy wants to simplify your business insurance experience and make it hassle-free without any paperwork. With a streamlined dashboard and user-friendly interface, we want to simplify business insurance for you with claims initiation and policy management.

• Coverage for occupational diseases: Alongside coverage for medical expenses, the policy also provides coverage for occupational diseases such as silicosis, asbestosis, etc. which is caused by recurrent exposure to harmful chemicals or allergens.

• Coverage for injured employee’s medical expenses: When employees are injured or infected with a disease during employment duties, the WC policy provides coverage for the required medical expenses for treatment and expenses incurred on medical surgeries in case of hospitalization for more than 24 hours.

• Accidental cover for employees: When the employees are having a physical injury while working onsite due to an unprecedented accident, the policy provides cover for the accidental injury.

• Coverage for disability: Accidents at the workplace can cause temporary or permanent disability of the employees, such as loss of sight or temporary dysfunction of the arm or legs. WC policy provides coverage for the required medical expenses as well as the loss of income as the injured employee is unfit to earn a livelihood. The coverage limit varies based on the severity of disability, such as total or partial temporary disability and total or partial permanent disability.

• Death benefits: When an employee loses life while performing job duties, the WC policy provides coverage to support the medical expenses incurred for the treatment. The policy also provides a lump sum compensatory amount for the dependents of the employees.

• Coverage for occupational diseases: In several cases, employees may have recurrent exposure to harmful chemicals or allergens which can induce temporary or life-long damage to certain organs of the body. The policy provides medical coverage for such occupational diseases in the case of illness.

Workmen Compensation insurance provides compensation for employees injured onsite. However, there are some conditions when the policy does not provide required coverage.

• War, riots or invasion: When any employee is injured on the working site as a result of war, invasion, military or rebel activities, nuclear weapon materials, radioactive contamination via nuclear fuel or nuclear waste, the WC policy does not provide any coverage to support the injured employees.

• Accidents beyond commercial premises: In the event of any accidents causing injury to employees in any commercial premises which are not enlisted in the policy schedule, there will be no coverage for medical expenses or income loss of injured employees.

• Self-injury or deliberate negligence: The WC policy does not provide any coverage for cases when the employee is injured or unfit for employment due to self-harm or sheer negligence to perform risky tasks when already injured due to external factors.

• Initial days of disability: The policy does not offer any compensation for the first 3 days of total disablement in the event the employee experiences disablement for a period of less than 28 days.

• Non-business injuries: For any injuries caused to the employee outside the company premises or beyond the scope of employment duties, the policy will not provide any coverage for injury or loss of life.

• Drug or Alcohol consumption: When the employee is not severely injured and was working under the influence of drugs or alcohol, the WC policy does not provide any coverage for medical expenses or income loss.

WC Policy is an integral policy for businesses as mandated by the government, securing not just the employees from unforeseen events with a safety net, but also supports the employers with financial security and lawsuits. Businesses can purchase Workmen Compensation Policy online as well as online by selecting best quotes from insurers.

Once the policy is activated, the workers are insured for any accidents leading to injury, illness, disability or death. When such an event occurs, the injured employee must immediately report to the employer. This gives the employer the push to begin the claims process, and intimate the insurer about such an accident and the extent of injury. Further, the employer should proceed with relevant documentation which includes injured employee’s records on attendance, employment history, accident report, and all the bills disclosing the medical expenses. The insurer may verify the documents to begin the claims process for WC policy, and appoint an investigator to review the claims and verify the following:

• The cause of the accident and the extent of damage.

• The medical records of the employee and the status of treatment.

• The employment history, employer’s report and other relevant documents.

After verifying the documents and reviewing the condition of the injured employee, the insurer takes the call to approve the claim and divulge the coverage limit which aligns with the policy and the extent of accident. The exact amount of compensation is determined adhering to the Workmen’s Compensation Rules, 1924[1], based on the conditions of injured employees from illness, permanent disability, temporary disability or loss of life.

Covrzy’s WC Policy benefits the businesses with financial protection against any legal and medical liability. With a customer-centric approach, Covrzy focuses on simplifying business insurance and provides you with tailored coverage that aligns with the specific requirements of business. With our Workmen Compensation Policy, you can experience a seamless claims process with:

• Expert Consultation: With IRDAI certified advisors, we want to simplify business insurance for you and resolve all your queries on insurance products aligning with different facets of your business.

• Customized policies: The WC policy by Covrzy is curated to understand the unique requirements of your business and the regular factors such as the size of the company, number of workers, risk potential, and nature of business operations. The policy aligns with your business requirements at an affordable premium.

• 24*7 claims support: From initiating the claims, submission of evidence and documentation, to verification and settlement, Covrzy’s team provides you guidance throughout to have a streamlined claims process.

• User-friendly process: Alongside a seamless claims process, Covrzy has a user-friendly interface to help you easily calculate the premium cost personalized according to your business requirements and buy Workmen Compensation Policy online as well.

For buying Workmen Compensation Policy online or offline, it is important to consider certain factors when finalizing the premium price. Typically, the risk potential of the business and record of prior claims issued by injured employees are important factors. The premium price can also be influenced by the type of business. For example, a factory or manufacturing unit with large equipment and inventory will have a higher premium given the higher chances of injury to the employees. The common factors that shape the premium price for WC policy are:

• The nature of work and operations of the company.

• The number of workers or employees supporting the business.

• Risk potential of the business.

• The remuneration or monthly compensation of the employees.

• Location of the company premises.

• History of claims raised by employees.

• Safety guidelines specific to businesses.