Safeguard Your Workforce

Workmens Compensation Policy

Ensure financial protection for your employees in case of workplace accidents. Support their well-being with ICICI Lombard’s Employee’s Compensation Insurance.

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What is Employee’s Compensation Insurance?

While every organization strives to maintain a safe workplace, accidents can still occur. Injuries—or in severe cases, fatalities—during employment require compensation under regulations such as the Employee’s Compensation Act, 1923 (formerly known as the Workmen’s Compensation Act, 1923).

Failing to provide compensation can lead to legal complications, harm employee trust, and affect your business reputation. Employee’s Compensation Insurance (commonly referred to as WC policy or WC insurance) provides financial support, covering both compensation and legal expenses. It also safeguards businesses from lawsuits, as employees generally waive the right to sue for workplace negligence when accepting the benefits.

ICICI Lombard’s Employee’s Compensation Insurance ensures financial protection for your employees and their families in case of workplace accidents. Beyond financial coverage, it highlights your commitment as an employer who values and cares for your workforce—a vital asset to any organization.

Why You Need an Employee’s Compensation Insurance Policy?

Having an Employee’s Compensation Policy (formerly known as Workmen Compensation Policy) is essential for several reasons:

Provides financial support to employees for work-related injuries, including medical expenses.
Enhances your brand image by prioritizing employee safety, positively influencing customers and investors.
Ensures compliance with legal and contractual obligations, preventing disputes.
Acts as a financial safety net, mitigating risks while supporting productivity and revenue growth.
Offers peace of mind for employers and financial security for employees in case of workplace accidents.

What is Covered Under Employee’s Compensation Insurance?

The policy covers the employer’s legal liability under:

Workmen Compensation Act, 1923 (as amended by the Employee’s Compensation (Amendment) Act, 2017) and subsequent amendments prior to the policy issuance.
Common law, up to the limit of indemnity agreed in the policy.
Fatal Accident Act, 1955.

The Employee’s Compensation Policy provides coverage for:

Accidental death occurring at the workplace.
Permanent total or partial disability sustained during working hours.
Temporary total disability incurred at the workplace.

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