Workmen Compensation

A Workmen Compensation insurance policy is a commercial insurance policy that covers the legal liability of an employer to provide compensation to its workmen in case of their death or accident. Also known as employee compensation insurance or labour insurance, this insurance enables an employer to demonstrate his ability to meet the obligations imposed by the Workmen Compensation Act. It enables the employer to pay the compensation payable under the Workmen Compensation Act of India, which is monitored by the Ministry of Labour & Employment. In other words, a workmen compensation policy covers the statutory liability of an employer for the death, disability and bodily injuries of his employees caused by accidents arising out of and during the course of their employment.