• Fri. Dec 8th, 2023

The Costs and Coverage of WICA Insurance Explained

The Costs and Coverage of WICA Insurance Explained

If you are an employer in Singapore, you are legally obligated to purchase Work Injury Compensation Insurance (WICA) for your employees. However, what is WICA insurance, how much does it cost, and what does it cover? In this blog post, we will discuss the costs and coverage of this insurance, so you can make an informed decision about the best insurance plan for your business. We will also discuss the benefits of having WICA insurance and how it can help keep your employees safe and secure.

What is WICA Insurance?

Are you an employer searching for a comprehensive insurance solution to safeguard your employees? Then WICA Insurance is the perfect option for you. WICA stands for Work Injury Compensation Insurance, and it’s an affordable way to provide coverage to your workforce in the event of a work-related injury or illness.

What is WICA Insurance

According to Singapore Law under the Work Injury Compensation Act (WICA), employers must provide protection against medical expenses incurred due to work-related injuries or illnesses, including Covid-19. They are also obligated to pay up to one year of lost wages if the employee is unable to work due to injury/illness and up to $289K lump sum compensation in the event of permanent disability due to work accident or illness. This covers both manual and non-manual labour, regardless of salary, with a cap on non-manual workers at $2.6K or less, depending on salary level.

Purchasing this Insurance is easy and convenient through online sites such as https//www.singaporewica.insure, with tailored plans to fit any budget. Employers can provide their employees with the best possible protection when they need it most! Moreover, employers who fail to take out this kind of insurance risk fines or even jail time, so it’s imperative that you comply!

How Much Does WICA Insurance Cost?

WICA insurance, or Work Injury Compensation Insurance, provides coverage for medical expenses, lost wages, and disability compensation for employees who experience a work-related injury or illness. Employers must understand the costs and coverage of this insurance and how it benefits their employees.

When considering this insurance, conducting cost-benefit analysis based on policy coverage is essential. While premiums may vary depending on provider and industry, the benefits of protection are worth considering. This insurance covers medical expenses, hospitalization fees, and doctor visits related to work-related injuries or illness. If an employee cannot return to their job due to a work-related injury, they may be eligible for lost wages and disability compensation benefits through WICA insurance.

Employers must also understand how similar policies, like Personal Injury Protection (PIP) insurance, can benefit them in unforeseen circumstances like car accidents or injuries sustained while performing their job duties outside of traditional workspaces.

Careful consideration of cost versus benefit analysis when researching providers offering quality policies at competitive rates, and understanding employer responsibilities regarding employee injury cases, can provide invaluable protection through WICA insurance down the line.

What is Covered Under WICA Insurance?

WICA insurance is essential for employers to understand, as it provides protection for employees who suffer from work-related injuries or illnesses, including Covid-19. The policy covers any employee under a contract of service or apprenticeship, regardless of salary, age, or citizenship, with the exception of independent contractors, the self-employed, and domestic workers. Premiums range from 0.2% to 3% depending on business size and the specific industry sector.

What is Covered Under WICA Insurance

Employers must apply for coverage within 7 days after employing their first worker or within 30 days after the first worker begins their employment contract in Singapore. There are key exemptions and exclusions to note, and employers may receive compensation for medical bills, salary, and funeral expenses depending on the severity of the injury or illness sustained by the employee.

Understanding the Insurance Costs and Coverage of WICA Insurance

An understanding of WICA Insurance is essential for any business that employs workers.

Understanding the Insurance Costs and Coverage of WICA Insurance

Firstly, let us define what this Insurance covers. This type of insurance covers most medical and surgical expenses incurred due to work-related injuries or illnesses. The cost of this policy depends on factors such as geographic area, credit score, age, and more. However, the national average cost per year for full coverage is $1,592. To receive your full coverage benefit under this plan, you must pay a monthly premium, usually in return for preventive care services such as wellness visits or screenings.

When considering which type of plan is best suited to your needs, it’s essential to keep in mind both replacement cost versus actual cash value (ACV). This amount can vary from one insurer to another, so make sure that they offer what fits within your budget before signing up with them!

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In a Nutshell

WICA Insurance is crucial protection for employers in Singapore. It covers medical expenses and lost wages caused by work-related injuries or illnesses, such as Covid-19. In addition, it compensates for disability resulting from a work accident or illness. Employers need to comprehend the expenses and coverage of WICA insurance and its benefits for their workers before purchasing a policy. With tailored plans from reputable providers accessible online at competitive rates, employers can guarantee their workers receive adequate coverage when necessary. Protect your business today with WICA Insurance!

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