A company may be liabile to compensate the employees (or their dependents in the event of fatal accidents) in the event of personal injury caused to them by accidents arising out of and in the course of their employment. Karur Vysya Bank in association with Bajaj Allianz General Insurance brings Workmen's Compensation Policy to cover such risks.
The policy gives an employer any of the following two forms of cover:
- Indemnity against the Employers legal liability to his Employees under the Indian Workmen's Compensation Act 1923, and subsequent Amendments of the said Act prior to the date of issue of the policy, under the Indian Fatal Accidents Act, 1855, and at common Law.
- Indemnity against the Employers legal liability to his Employees under the Indian Fatal Accidents Act, 1855 and at common law.
This insurance does not cover any interest and/or penalty which may be imposed on all insured or an insured on account of failure to comply with the requirements of the said Workmen's Compensation Act, 1923 as amended.