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GIC – General Insurance Products

Employee Compensation Insurance

Cover for an employer's liability to compensate employees for injury or death at work, as per the law.

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How we help

Under the Employees' Compensation Act, 1923, an employer can be liable to pay compensation if an employee is injured, disabled or killed in an accident arising out of and in the course of employment, or contracts a listed occupational disease.

An employee compensation policy covers that liability, so a claim does not fall on the business directly. Premium is based on the number of employees, their wages and the nature of the work.

We help you declare employees and wages accurately, because the premium is checked against payroll records and an understatement can affect a claim.

What it covers

  • Compensation for work-related injury or death
  • Covers the employer's legal liability
  • Terms as per the policy and applicable law

Coverage, exclusions, and claim conditions depend on the policy and insurer.

Before you decide

Points to check

  1. 01The categories of employees covered, including contract workers where applicable
  2. 02Wages declared, which the premium and claims depend on
  3. 03Whether legal costs and medical expenses are included
  4. 04The risk of the work, which affects the premium
  5. 05How and when to report an accident to the insurer

Common questions

What people ask us about Employee Compensation Insurance

Who needs this cover?

Employers who may be liable under the Employees' Compensation Act. Whether a particular business is covered by the Act depends on its workers and the nature of their work, so we check your position.

Does it cover contract workers?

It can, if they are declared and the policy provides for them. We check how your workers are engaged.

Is this the same as group health or personal accident cover?

No. This covers the employer's legal liability for work-related injury or death. Group health and personal accident policies provide separate benefits and are not a substitute.

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Shree Sai Insurance is the practice of Amit Dhirajlal Waghela, an AMFI-registered mutual fund distributor (ARN-166386), not a SEBI-registered investment adviser. The firm earns commission from asset management companies on the schemes it distributes, does not charge a fee for distribution, and does not guarantee returns. Insurance is offered separately from the mutual fund distribution business. Mutual fund investments are subject to market risks. Read all scheme related documents carefully.