Work injury compensation insurance is a plan that provides legal coverage to the employers. . Such a policy is also helpful in satisfying the liabilities that are imposed upon them under the statute of workers’ compensation. The coverage is important for employers since it is useful for them to pay compensation in the event of a death or injury of their employees while they are at workplace. Although there is no doubt that it is an extremely crucial corporate insurance product, there are several employers who would rather not purchase it as there are several misconceptions surrounding them. Here are some of the top myths on work injury compensation insurance debunked.

Myth 1: Work injury compensation insurance is only meant for large organizations and not contractors all risk insurance singapore .

Although you may have a few workers you will require work injury compensation insurance. Yes, it is an optional coverage, but it is recommended that you buy this policy as you could be still held responsible for any type of injuries caused to your workers while they are at work

Myth 2: You feel that the working environment at your workplace is safe and your workers are not likely to get injured.

In reality, it is one of the most important responsibilities to provide a conducive and safe working environment to your workers since you are the employer. No matter how safe you feel the workplace is, accidents can still take place leading to injuries. Thus, it is definitely useful to purchase a work injury compensation insurance policy so that you are ready for any kind of eventualities. Though it may appear unlikely, it is always better to be safe than to be sorry later.

Myth 3: When most of your workers are not located in your office, you need not purchase a work injury compensation insurance coverage.

Though your staffs may be working for you from various other sites, you may still require purchasing a work injury compensation insurance plan. After all, there will not be any key impact due to the geographical location where they stay.

Myth 4: You part as an employer ceases since you have already given the compensation under your work injury compensation insurance.

Your most important role as the employer begins of after you paid the compensation through a work injury compensation insurance. It is essential for you as an employer to establish frequent connection with the injured employee so that you can monitor their recovery process continuously. When you do so, you will know when your injured employee will be able to resume his or her work. On several occasions, employees not only expect monitory benefits but also appreciate the human youth and sympathy that you extend towards them as their employer. Additionally, in case your employee sustains an injury due to alteration in their professional responsibilities; you may find a fresh job for that worker prior to their resuming work post recovery.

Myth 5: Your part-time workers do not fall within the scope of work injury compensation insurance

In reality, your employee’s status is not important of you plan to apply for a work injury compensation insurance policy. In fact, all employees who are a part of your payroll can be under the purview of this corporate insurance and that includes full-time as well as part-time workers.

Myth 6: You feel your workers are like your family members. Hence they will never sue you

While it is good to know that you regard your workers like the members of your family, you could be mistaken when you do not purchase this coverage thinking that they will never sue you. If you do not have work injury compensation insurance, you may have to make payments from your own pocket in case an injured worker sues you.

Claims for Work Injury Compensation can be made either by the Work Injury Compensation Act (WICA) or Common law. In both cases, a strategic procedure has been set in order to provide fast processing of the insurance claims so that the insured can be compensated at the earliest.

The procedure is as follows:

 

STEP 1: REPORTING – the accident must be reported to the employer immediately after it happens. Based on the information and the severity of the accident, the compensation will be determined. In case there is no real threat or injury to the insured, work injury compensation will not be given.

 

STEP 2: FILING A CLAIM – the employee or insured has the freedom to choose his claim from either the work injury compensation or common law. He must file a claim within one year from the accident.

 

STEP 3: MEDICAL ASSESSMENT – the insured has to undergo medical assessment in order to receive the compensation. The doctor has a list of guidelines and treatment that he needs to exercise in order to understand the seriousness of the injuries based on which the payable amount is calculated. Once the insured receives the medical report, the insured or claimant must promptly submit it to the hospital or treatment center along with the medical fees stipulated by the hospital. The fees are paid by the employer. Follow ups of appointment dates and undergoing treatment is mandatory for the claimant. The claimant cannot work if he is found to be unfit by the doctors who treat him. If there is a case of doubt, the claimant can seek the advice of the doctor.  The claimant cannot be forced to work when he is still in the recovery phase and advised by the medical experts to take time off from work. If the claimant is forced, he can request for assistance from the MOM (Ministry of Manpower). But the claimant has to be sincere in his appointments. If he continuously changes doctors or does not attend the medical assessment, the compensation can be suspended.

 

STEP 4: COMPENSATION AMOUNT – once the medical assessment is performed and the medical report is ready, the report is submitted to the Ministry of Manpower where a Notice of Assessment (NA) is issued to the insured, employer and the insurer. The amount of compensation is mentioned in the NA. If there are any conflicting opinions about the NA, a notice of objection can be raised within 14 days to the Commissioner of the Ministry of Manpower.

 

STEP 5: CLAIMS – if there is no objection, the amount of compensation can be claims within 21 days after the issue of the Notice of Assessment.

 

These clear guidelines help make the compensation procedure clean and mess-free. When such well-established procedures are in place, malpractices can be kept at bay.

A performance bond safeguards the interest of the owner of a project and ensures that the project finishes on time, irrespective of any unforeseen circumstance that may otherwise hinder the completion of the project. Following are some of the key benefits of performance bond:

Confidence: Performance bond Singapore lends credence to the ability of a contractor who is about to undertake a project, as stringent measures are taken to assess the financial and professional credentials of the contractor before the bond is issued. The whole prequalification process instills project owner’s confidence in the contractor as the project owner is assured about the ability of the contractor and enough proof that the contractor, in the past, has complied with the guidelines of the completed projects.

Financial security: A performance bond ensures that the project owner doesn’t incur any loss during the course of the project, if the contractor defaults, or pays any additional cost for the completion of the project. If the contractor fails to comply with the terms and conditions of the project or declares bankruptcy before the completion of the project, the owner becomes entitled to make a claim and that’s when the surety company steps in. The surety company then verifies the legitimacy of the claim and takes a decision based on the findings. If the claim has substantial merit, then the surety company ensures that the owner is not impacted financially as a result of the default.

Guarantees completion of a project: A performance bond is meant to protect the interest of a project owner and it ensures the completion of a project even if an undesirable situation crops up. If a contractor fails to adhere to the terms and conditions specified in the contract, the surety company steps in to ensure that the project finishes as planned. Upon receipt of a valid claim, the surety company would either provide financial funding for the completion of the project or would hire a new contractor to complete the pending work.

Apart from that, performance bond Singapore entails other associated benefits as well. If the contractor exceeds the deadline of the project or violates budgetary constraints specified in the contract, the project owner can make a claim. In short, it provides all necessary protections to project owners and they should ideally ask contractors to obtain performance bonds before entering into a contract so that their project is not affected by a situation that can be avoided if preventive measures are taken.

Many people get baffled as far as the topic of car insurance is concerned. Moreover, there are so many myths that surround the subject of vehicle insurance, aggravating the situation further. These misconceptions about the vehicle insurance can be easily busted when you do dome sort of a research. When you are aware of the facts, you are in a much better position to select the right car policy and ensure that you enjoy the most profitable rate.

Take a look at some of the top myths that are associated with car insurance and the fact behind them.

Myth 1: All car insurers rate in the same manner.

Here is a myth that makes many people believe that in their unique scenarios like an accident, being a new driver or a ticket will not let them get a more profitable premium eaten anywhere else. In reality, all car insurers follow their own unique system to rate coverage. Each insurer then goes on to give a distinct rate according to a host of factors, which determine the premium rates. So, if you shop around before making the final decision, it will be a wise decision.

Myth 2: You are entitled to purchase a car insurance policy irrespective of the type of car you are driving

This is not true at all. Irrespective of whether you are driving a car that belongs to your friend or a rental vehicle, your coverage may not always follow you in the capacity of a driver. Insurance is linked with the driver but with the car. So, if you are driving a friend’s car, it is their insurance, which will take a priority for paying a claim. As far as the rental cars are concerned coverage for that can be added to your car insurance policies. However, if you do not add it, you will not get any cover for a damage caused to your rental vehicle.

Myth 3: You need not pay for an increase in the event of accident forgiveness

If you want to avoid an increase in insurance for that first accident of yours, accident forgiveness is a great option. However, you need to bear in mind that the feature has got its own set of limitations. All insurers have certain situations that are out of their forgiveness program. If you intend to change your insurer, the previous forgiveness does not move with you. Your new car insurer can even charge you for fault insurance, which is on the record.

Myth 4: It is not possible for the new drivers to bring down their rates

While there is no doubt that a new driver may end up paying higher rates that does not signify that the insured cannot do anything about it. Insurers may offer some discounts to the new drivers so that they can avail lower premium rates such as discounts on courses for driver education and discount for the good students.

Allegiance can take care of all your queries on insurance related services and levy bonds.

The Work Injury Compensation Act or WICA is a quick and efficient means that allows an employee to claim compensation for work related injuries or diseases without the need of legal procedures.

The First Step

In the case of an accident at work resulting in an injury or a disease, inform your employer as soon as possible. You can also report the incident to the Ministry of Manpower to avoid possible disputes. In fact, every employer has the liability to report to MOM if an accident at work has caused an employee to be hospitalized for 24 hours or to take medical leave for more than three days. The original Medical Certificate is to be given to the employer to claim medical leave wages. Your employer has the obligation, under WICA, to pay the medical bills incurred by the injury or the disease. Even if the employer is waiting for the insurance claim, he is required to pay the medical leave wages by the next payday. Hence, any failure in this matter can be reported to the MOM.

RTW Treatments

According to the changes in the Work Injury Compensation Act effective from 1 January 2016, treatments that are directed toward an employee’s quicker return to work are incorporated under the term medical expenses. Return to Work or RTW activities that can claim WICA compensation include case management, evaluation of functional capacity and assessment of worksite in view of the proper rehabilitation of injured workers.

Serious Injuries

In the case of an injury resulting in a permanent incapacity, you can claim the compensation amount set out by WICA by submitting the relevant claim form within one year, counting from the day of the accident. A waiting period of 3 to 6 months may be required for the doctor to assess the degree of permanent incapacity and submit his report. If you fail to make the required medical appointments, your claim may be suspended.

If you are the holder of a Work Permit, your employer has to provide you with accommodation and food during the recovery period.

The compensation amount is calculated based on the medical report sent by your hospital and MOM issues a notice of assessment or NOA to you, your employer and your employer’s insurer. An objection can be filed within 14 days and if not, the amount will be paid to you by the insurer.

In the case of the death of an employee, his family or dependents may claim the compensation sum. Even if the employer is no longer in business, he will have to pay the claim if it is eligible.