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What are the Types of Workers Compensation Insurance Policies

Posted on 08 Jul 2021

Types of Workmen’s Compensation Insurance Policies

If employees suffer any work-related injuries, a workmen’s compensation insurance policy provides them the required financial support. Employers, particularly in the manufacturing, construction, IT, and transportation business, should buy workmen’s compensation insurance to provide social security to their employees and protect their interests.

Having said that, there are different types of disabilities and expenses which can be covered under workmen’s compensation insurance policy offered by insurers, and it’s essential to know about them to understand the policy/product in better way. Let’s find out.

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Disabilities covered under Workmen’s compensation Policy

  • Temporary Total Disability: As name suggests, it covers the compensation for the employees who are temporarily unable to work due to an injury. However, the injured employee can return to work in full capacity after some time.

  • Permanent Total Disability: This covers the compensation structure as prescribed under Employee’s compensation Act, 1923 and cost of medical treatment for injury or illness suffered by employee who can’t return to work due to the disability caused by the injury, thus hampering their source of income.

  • Permanent Partial Disability: It benefits employees who get back to work but aren’t able to work in the same capacity as before.

  • Death: This covers the compensation structure as prescribed under Employee’s compensation Act, 1923 to the employees who unfortunately died due to occupational hazard.

Medical Expenses

This cover, if taken pays for the cost of medical treatment for injury or illness caused to an employee during work. It generally covers:

  • Appointment fees of doctors

  • Costs of medication

  • Cost of surgery and recovery equipment

Summing it Up

Before buying any of the workmen’s compensation insurance policy, it’s essential to read the terms and conditions as the coverage is different for all. It’s equally important to compare quotes and choose the one that best fits one’s requirements.

  • Workmen’s Compensation Insurance Policy
  • Product Code: 4010
  • Product UIN: IRDAN115CP0017V01201920

This contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). customersupport@iciclombard.com. www.icicilombard.com. (Workman Compensation, 4010 , IRDAN115CP0017V01201920)