Employee Compensation Insurance is compulsory insurance required by all businesses as per the statute of Employee Compensation Act, 1923. It is form of employer’s liability insurance policy which compensates employees / workers and their relatives for death, injury or illness arising out of and in the course of the employment.
The Employee Compensation policy offers coverage to all the employees of an organisation against the risks listed below.
b) Permanent Total Disablement.
c) Permanent Partial Disablement.
d) Temporary Total Disablement
e) Legal expenses and cost incurred with the company’s consent.
1. All Organisations with directly employ workers or employees.
2. Contractors can cover their workmen or employees under the Principal’s policy or by taking a policy themselves.