Under the Employees’ Compensation Act, 1923, and its later amendments, taking an Employee Compensation Insurance Policy is an excellent way to let the employees know that you care for them. It can also help you fulfil the legal responsibility towards employees. Eligible employees will receive compensation in case of bodily injuries or death due to an accident at the job.
Moreover, for an extra premium amount, employers can choose add-on employee insurance benefits, including:
- Medical expenses
- Transportation costs
As with all insurance products, the insurer sets the premium amount based on the nature of work, type of employee, and the sum insured for which the employer opts