Employee Compensation insurance is meant to protect employers from financial losses following work-related accidents. It covers the compensation costs and legal fees that result from being sued by an employee or ex-employee for illness or injury caused by their work in your company. This insurance is compulsory for all staff in Hong Kong
Employee Compensation insurance is following local regulation which states maximum limits. The limit is set at HKD 100,000,000 in Hong Kong and it is applicable for all contract issued in Hong Kong.
How much does it cost?
The employee compensation insurance premium is based on your staff costs as well as the duration of work. Of course, the administrative staff working in an office all day will have a lower risk than the sales staff or factory workers, so the premium rate will vary depending on the job performed. To get a quote, please click here.
Do I need employee compensation policy if I already have private medical insurance?
Local social insurance is compulsory in some countries but it does not cover a company’s liability to pay as a result of an accident in the business environment.
Is Employee Compensation insurance similar to employment practice liability (EPL) insurance?
No, EPL coverage is different from that of the employers’ liability insurance. The EPL protects employers from liabilities arising from wrongful employment practices. Most EPL policies cover claims regarding sexual harassment, discrimination, and wrongful termination. This coverage, however, is not very common in Asia.
Is employee compensation insurance compulsory
Yes, it is a legal requirement in Hong Kong and in most countries. In Singapore, the coverage is called working injury compensation, and it is compulsory for all manual workers or employees with a monthly salary below SGD 2,600. In China, the coverage is compulsory only in some provinces and industry-types. Contact us if you have any questions about Employee Compensation Insurance
Business Owner's Policy
Please fill up the details below and we will contact you