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Workers' Compensation Insurance
What Is It?
Workers' Compensation Insurance provides coverage for employees who suffer work-related injuries or illnesses. It typically covers medical expenses, rehabilitation costs, and a portion of lost wages.
Key Features
- Medical expenses coverage for work-related injuries
- Rehabilitation costs
- Replacement of lost wages
- Death benefits for dependents
- Legal protection for employers against lawsuits
Common Exclusions
- •Self-inflicted injuries
- •Injuries resulting from intoxication
- •Injuries sustained during commuting (in some countries)
- •Pre-existing conditions
Where Is It Mandatory?
- •Singapore (WICA)
- •Vietnam (Social Insurance)
- •Malaysia (SOCSO)
- •Thailand (Workmen's Compensation Fund)
Typical Cost
0.1% to 10% of payroll, depending on industry risk level
Related Insurance Types
Need More Help?
Speak with a broker who specializes in workers' compensation insurance.
Request Broker Referral