Workman Compensation Insurance
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The Workmen/Employee Compensation Insurance provides for payment of compensation to Employer on behalf of its employees in case of accidental injury to at workplace arising out of and in the course of employment and resulting in death or disablement.
This is a mandatory payment to be done by the employer as per Workmen’s Compensation Act, 1923. Important for the business to have a coverage for these exigencies to avoid large outgo of Funds in case an unfortunate event happens.