Benefits of WICA insurance and how to pick the right provider?
May 9, 2023
Are you looking for the best WICA insurance provider? WICA insurance is an important insurance for business owners. An employee who suffers a work-related injury or occupational disease can receive compensation under the Work Injury Compensation Act in Singapore. The employer must provide this compensation through a WICA insurance policy.
Coverage– Consider the coverage offered by a WICA insurance provider before choosing. You need to ensure that the policy covers all potential risks that your employees may face while working. Some of these risks include accidents in the workplace, exposure to hazardous substances or materials, and repetitive strain injuries.
Premiums- Choose an insurer whose premiums fit into your budget without compromising coverage quality. Each insurer sets its prices according to an assessment of your organization’s operations’ nature and size.
Reputation- Reputation plays a vital role in choosing any service provider; hence it should not be ignored when picking a WICA insurer. You want an insurer with an excellent track record of delivering results and paying out claims promptly without unnecessary delays.
Customer service- Customer service quality is offered by providers who are available 24/7 whenever needed during emergencies or claims processing timeframes.
But did you know that offering WICA insurance as an employee benefit has several benefits? The ability to offer competitive benefits packages helps employers attract and retain top talent in a competitive job market. Employees value companies that prioritize their well-being and offer them peace of mind when it comes to workplace safety. By providing WICA insurance as part of your employee benefits package, you demonstrate that you care about your employees’ welfare beyond just their salaries. Employers who go beyond the minimum requirements can attract high-quality candidates. Furthermore, offering wica insurance singapore improves employee retention rates by increasing job satisfaction levels within the organization. Maintaining a safe work environment and supporting employees if they suffer a workplace injury or illness builds loyalty among employees. Besides being legally required in Singapore for all employers with at least one employee, having WICA insurance also protects companies from legal liability in case of work-related injuries or illnesses.
Medical bills and lost wages are sought in a lawsuit against an employer if an employee is injured at work without proper coverage. Employers are protected by WICA insurance, and employees receive compensation based on WICA regulations. Moreover, providing coverage for medical expenses and rehabilitation costs means that employees can focus on their recovery without worrying about financial burdens. Employees and organizations both benefit from faster recovery times and lower absenteeism rates. While some employers may view offering WICA insurance as an additional expense, it is a cost-effective solution in the long run. In Singapore, employers must contribute a percentage of their employees’ salaries towards WICA insurance premiums based on their industry’s risk level. Providers can save significantly by including this coverage as part of their employee benefits packages compared to paying out-of-pocket for injuries or illnesses. Additionally, having WICA insurance in place can prevent costly legal battles later should an injury claim arise.