Worker’s Compensation Insurance
CCW Global is able to assist businesses in Hong Kong and China with obtaining high-quality workers compensation insurance protection.
In many localities, including Hong Kong, worker’s compensation insurance is a compulsory purchase for businesses mandated by government regulations. This is often done to ensure that ordinary employees are provided with basic protections in the event of a workplace accident which deprives them of their ability to work for any period of time.
In many cases, where a worker’s compensation insurance policy is required by local regulations, the insurance must cover all employees – no matter whether the employee is part-time, full-time, domestic or commercial. Simply put, if a company pays an individual to perform a job then they will usually need to purchase basic worker’s compensation coverage.
Workers Compensation Insurance Coverage
Under a Worker’s Compensation Insurance policy, an employer is protected against their liability to employees in the event that workers suffer from a workplace accident.
Whether an employee slips and falls on an exposed wire or cable, or if the employee suffers burns while making a fresh pot of coffee for the office, accidents suffered by workers during the normal course of their employment are covered under Worker’s Compensation Insurance plans from CCW Global.
In Hong Kong and China CCW Global is able to arrange worker’s compensation insurance coverage which will provide protection of up to HK$100,000,000 for any single claim. This coverage will then be used by the worker to pay for hospital, healthcare, and rehabilitation expenses following a work-place accident, and can be a vital income stream during the time when the staff member is unable to perform their duties.
Worker’s Compensation Insurance Premiums
The premium for a worker’s compensation insurance policy will be calculated based on a number of factors:
- The industry in which the business operates
- The total number and age of workers employed by the company
- The salaries of each worker
- The job duties of each worker
This information will be used by an insurance company’s underwriting team to calculate the total cost of coverage for the policy.
Worker’s Compensation Insurance Concerns
In some cases it can be difficult for businesses to purchase Worker’s Compensation Insurance. This can be due to the company’s industry, the location of the business’ premises, or even the average age of the organization’s employees.
If a company ticks any of the non-standard boxes for Worker’s Compensation coverage then they may be denied protection from an insurance company, or they may be quoted a Worker’s Compensation insurance premium which is above 30 percent of the standard market rates for such coverage.
In these cases, it is often possible to obtain the required insurance protection through a government provided alternative like the Employees’ Compensation Insurance Residual Scheme Bureau in Hong Kong.
Free Worker Compensation Insurance Consultation
If you would like to receive a free no-risk no-obligation consultation for a Worker’s Compensation Insurance, please Contact Us to speak with an expert CCW Global insurance broker today.
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