Get Optimal SME terms in UAE
Workers Compensation, also referred to as Workers Comp, is a type of insurance designed to provide wage replacement and medical benefits to employees who face any injuries while on the job during working hours. By purchasing Workers’ Compensation Insurance, a company can easily cover the costs of medical care, lost wages, and other benefits for injured workers.
This policy also provides coverage in case the injury results in a partial, temporary, or permanent disability. Primarily designed for blue-collar workers, these plans are available for white collar jobs as well.
It must be noted that the Labour Law/Compensation Workmen's Ordinance allows you to defend yourself, as the employer, against any claim brought by the employee in addition to basic coverage. Chapter 8 of Federal Law No. 1980 governs compensation in the United Arab Emirates (UAE).
Workers Compensation provides coverage to workers against workplace injuries, illnesses, and even death. It covers any occupational illness or accident that occurs while you're working and leaves you with medical bills and a loss of pay as well.
Worker's Compensation Insurance is required in a majority of the free zones in the UAE. Companies operating in all industries are eligible for a workmen compensation policy. Some of them are given below -
Workers compensation is a crucial insurance plan for any employer and their employees. Here are some reasons why employers should get workers compensation -
To understand Workers’ Compensation better, one must be familiar with the common risks associated with these plans. Mentioned below are some common risk scenarios for the same -
When it comes to Workers’ Compensation, certain inclusions are generally present in most policies -
When considering Workers’ Compensation Insurance, there are certain major exclusions that employers must be aware of -
Workers Compensation Insurance costs, among the most important factors to consider before getting a plan, vary as per the type of business, the number of employees, and other factors. Generally, businesses with more employees and higher-risk activities will pay more for their Workers’ Compensation Coverage than those with fewer and lower-risk activities.
For small businesses, Workers’ Compensation Insurance costs can range from a few hundred to several thousand Emirati dirhams annually. For larger businesses, Workers’ Compensation Insurance may cost tens of thousands of Emirati dirhams or more, again depending on the company's size and activities.
It is advisable for businesses to compare the cost of different Workers’ Compensation Insurance policies before making a decision. With different companies offering different coverage levels, it's necessary to check each one carefully and select the one that best meets your needs.
When selecting a Workers’ Comp Insurance company, make sure to review their customer service ratings, financial stability ratings, and the quality of their coverage - this can ensure that you get the best coverage at an affordable price.
We, at Policybazaar UAE, understand the importance of insurance plans that specifically cater to your requirements. With our world-class, cost-effective risk management strategies and solutions through insurance, you can have peace of mind and have your focus on fulfilling your goals.