Botswana Insurance Company tips on Workers Compensation cover

Have you ever considered the financial loss and costs associated with your employee being injured, permanently disabled or even in death?  Do you have the financial means to pay your employee, or their dependants in the event of  death or the compensation due as per the Law?

Dependant on an employee’s earnings, a worst case scenario could see you paying up to P250 000 for a permanent disability, plus up to P75 000 for medical expenses, that’s a staggering P325 000 per employee!

The Workers Compensation Act covers an employer whose employees suffer personal injury or an occupational disease or for death arising out of and in the course of the worker’s employment. The employer shall be liable to pay compensation in accordance with the provisions of the Act.

The Act stipulates specific conditions for a work related claim to be successful as well as under which conditions a claim for compensation is not claimable. The Department of Labour has a checklist in place for claims processing requirements. In the event of a claim, make sure your employee reports it immediately to you, and then you notify the Department of Labour within the stipulated time frames per the Act.

If you are Insured for Workers Compensation that’s a step in the right direction in terms of protecting your most valued assets, your employees, and of course staying on the right side of the Law. Make sure ALL your employees are covered and ensure your correct annual wage bill has been declared.

Some business owners, however, are oblivious to the Worker’s Compensation Act, yet this cover is mandatory as per the laws of Botswana. Fines and penalties will be imposed by The Department of Labour as stated in the Act plus you will still have to pay the compensation due.

The Workers Compensation Act does limit compensation amounts in different eventualities, but to fully protect you and your employees, you purchase either Stated Benefits or Group Personal Accidents (GPA) covers. These covers, pay out benefits for amounts that exceed the Worker’s Compensation Act limits for injury claims only and can be extended to protect one  whilst out of work hours for accidents only.

Speak to your BIC Insurance Broker, or Agent or contact us directly for more information on Workers Compensation,  Stated Benefits and Group Personal Accident covers.

Business owners, most importantly protect your employees and protect your Company’s financial stability.