What happens if one of your employees contract Covid-19?
Insurances exist to protect your company from any unexpected accidents and occurrences, but sometimes, there are events that no one is prepared for.
That's right - the Covid-19 pandemic.
Business goes on, but you can't neglect your employees' safety. Work Injury Compensation insurance, also known as WICA insurance, protects your employees if they are afflicted by injuries or illnesses while working. It is one of the most common insurances purchased by SMEs and other businesses. After all, it's affordable and it safeguards your company's most valuable asset - your employees!
But does it cover for Covid-19 infections?
Fortunately, the answer is yes! As long as the Covid-19 infection came about as a result of the affected employee's employment, WICA insurance policies may cover the following costs:
Medical expenses
Lost wages while on medical leave
Lump-sum compensation for death or total permanent disability
WICA insurance is compulsory in Singapore for employees who are involved with manual work as well as employees whose salaries are below $2,100 a month. If your other employees have yet to be covered, make sure you take the steps to do so! It's best to insure all your employees as even a single WICA claim can put an employer down for tens of thousands of dollars.
WICA coverage is extremely affordable:
Non-Manual Worker: Starts from $5/month, per worker
Manual Worker: Starts from $15/month, per worker
Most WICA insurance come with a standard amount of coverage: a $10 million annual limit, and a $45,000 sub-limit for medical expenses.
The benefits far outweigh the risks! If you're interested to find out more, drop us a call or an email, and we can share more details with you, specific to your industry.
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