No matter how robust a company’s safety best practices, workplace accidents happen. Whether it is bodily harm from a fall or an illness due to a toxic chemical leakage, employee on-the-job injuries are costly to all involved. Work injury compensation insurance protects both employees and employers in these situations. Here’s what you need to know about this critical insurance.
The Work Injury Compensation Act (WICA) allows employees make claims for work-related injuries or diseases without having to file a civil suit under common law. However, employers remain liable for claims under both WICA and common law from all employees.
Under the WICA 2019, it is mandatory for employers to maintain work injury compensation insurance for:
Work injury compensation insurance benefits includes:
Employers obtain work injury compensation insurance policies from insurers, who can help to minimise exposure and optimise premium expenditures. Premium costs can vary widely based on a number of factors:
No part of this article may be reproduced in any written, electronic, recording, or printed form without written permission of Chubb.
Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
Contact us to find out how we can help you get covered against potential risks