In the contemporary workplace, work injury compensation insurance is a vital pillar of protection for both employees and employers. This insurance protects employees' financial and physical well-being and aids employers in maintaining a secure and effective workplace. Work injury compensation insurance is essential for ensuring employee welfare, company accountability, and general economic stability since it acts as a safety net for accidents and injuries sustained while working.
According to the Work Injury Compensation Act (WICA), it is compulsory for all employers in Singapore to provide this insurance for their employees. It covers local or foreign employees under a contract of service or contract of apprenticeship, regardless of salary, age, or nationality, as well as the employers themselves.
It is stated by the Ministry of Manpower (MOM) that work injury compensation insurance in Singapore needs to cover medical expenses, lost wages, temporary/permanent incapacity and death benefits. With these important factors in mind, let's now explore Singapore's top work injury compensation insurance.
1. Allianz Work Injury Compensation Insurance
Allianz’s WICA insurance is a basic policy that covers both employees and employers in the following ways.
For workers:
Lump sum compensation for death/permanent incapacity
Lump sum compensation for medical expenses resulting from death/permanent incapacity
Medical leave wages
For employers:
Potential lawsuits by workers who get injured while working.
2. Chubb Work Guard
Chubb provides protection for workers in these areas:
Medical expenses of up to $300,000
Outpatient leave of up to 30 days
Hospitalisation leave of up to 120 days
Medical expenses for non-occupational accidental death and permanent total disablement of up to $50,000
Total claim limit: up to $15,000,000
3. Liberty Work Injury Compensation Insurance
Liberty covers manual workers in these areas:
Death benefit of up to $225,000
Total permanent incapacity limit of up to $289,000
Medical expenses resulting from an accident of up to $45,000
Liberty offers a salary threshold of up to $2,600 for non-manual workers.
Total claim limit: up to $10,000,000
4. Singlife Work Injury Compensation Insurance
Singlife’s Work Injury Compensation Insurance (Maximum Core Cover) offers coverage in these aspects:
Medical leave wages
Medical expenses due to work-related accidents or illnesses
Lump sum compensation
Singlife also offers additional coverage benefits which includes up to 25 manual and non-manual employees in the light industry.
5. Tokio Marine Work Injury Compensation Insurance
Tokio Marine provides protection for all employees engaged under a contract of service or apprenticeship in terms of:
Medical expenses
Death or permanent incapacity
Medical leave wages
Total claim limit: $10,000,000
Securing top-tier work injury compensation insurance imparts financial safeguarding and peace of mind in cases of work-related accidents or injuries. It is essential for businesses to understand and assess the policies offered by the extensive spectrum of insurance providers in Singapore so that you can guarantee comprehensive coverage for your employees with an insurance policy that best suits your needs.
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