Why is work injury compensation insurance necessary in Singapore?
There are a few reasons why you would need to take up a work injury compensation insurance plan here in Singapore. Under the Workers Injury Compensation Act, if you are an employer you are required to provide protection if you qualify the following factors:
You must have work injury compensation insurance for both local and foreign employees. Failure to provide adequate insurance is an offence carrying a fine of up to $10,000 or jail of up to 12 months, or both.
For other employees, you have the flexibility to decide whether to buy insurance for them. However, if those employees make a valid claim, you will have to compensate them regardless of whether they are insured. For clarification, send us your details through our online form. Our team will be happy to walk you through the process.
Worker’s compensation insurance covers accidents arising out of and in the course of employment.
Unless there is evidence to prove otherwise, an accident in the course of employment is regarded as arising out of employment.
Even if your teams do not fall into either one of these categories, as an employer, you are still responsible for any legal claims that are made due to an injury or illness that is sustained by any of your employees while at work. To ensure that your business and your employees are protected in Singapore, work injury compensation insurance plans are one of the necessary policies to have.
If employees are covered by the Work Injury Compensation Act (WICA), they can claim for the following types of insurance benefits:
When you are buying or reviewing your company’s work injury compensation insurance coverage, it is crucial that you do the following:
By taking out Work Injury Compensation Insurance cover, you are ensuring protection for your employees in the event of:
If you would like to discuss this further, reach out to our Business Insurance team today.
Insuring your employees is easy with our top-notch brokerage services and extensive network of insurers. Contact our specialist team to secure a consultation slot today. Working with our team ensures only the best you can get in work injury compensation plans. You can focus on the business knowing that our team is ready to service your needs at any point in time.
Do you need some help getting Workers Injury Compensation Insurance in Singapore? Call us today on +65 6439 8026 or leave your details below and we will get your sorted out.