Work injury compensation insurance, also known as WICA, is a type of corporate insurance that provides coverage for employees who experience work-related injuries or occupational diseases. In Singapore, it is mandatory for all employers to have this insurance for their employees under the Work Injury Compensation Act.

WICA insurance covers medical expenses, lost wages, temporary or permanent incapacity, and death benefits for injured employees. The coverage limits are determined by the Ministry of Manpower and can vary depending on the insurer. Some policies may also cover additional expenses like transportation costs and vocational training.

There are several insurers in Singapore that offer work injury compensation insurance. Allianz, Chubb, Liberty, MSIG, NTUC Income, Singlife, and Tokio Marine are some of the top providers in the market. Each insurer offers different coverage limits and additional benefits, so it’s important to compare policies to find the best fit for your company.

Allianz’s Work Injury Compensation Insurance is a basic policy that covers the essentials for both employees and employers. It is a reliable option, but there is limited detailed information available online about the policy.

Chubb’s Work Guard offers comprehensive coverage that goes beyond the standard requirements of WICA. It has higher coverage limits and additional benefits like 24-hour worldwide business travel coverage and non-contribution clauses.

Liberty’s Work Injury Compensation Insurance offers standard coverage and has a longer period for submitting work injury claims compared to other insurers. The policy wording is easily available for download, which shows transparency and commitment to customer service.

MSIG’s Workmen Injury Compensation Insurance is a basic policy that covers the essentials and is considered reliable in the business insurance space. The accident reporting period is relatively short compared to other insurers.

NTUC Income’s Work Injury Compensation Insurance is another basic policy that offers standard coverage. NTUC Income is known for providing affordable insurance plans and has a strong financial rating.

Singlife’s Work Injury Compensation Insurance is part of the Maximum Core Cover for Singlife’s MyBusiness Insurance. It offers comprehensive coverage and additional benefits like coverage for business interruption and increased cost of working.

Tokio Marine’s Work Injury Compensation Insurance offers standard coverage and is transparent about premium differences based on different conditions. The accident reporting period is relatively short compared to other insurers.

In conclusion, having work injury compensation insurance is important for both employers and employees to provide financial protection in the event of work-related accidents or injuries. It is crucial to compare policies and choose the one that best suits your business needs. Partnering with a financial advisor can help you save time and money by getting quotes from multiple insurers and assisting with claims.


Benjamin Low
Benjamin Low

Benjamin is known as The Passive Income Guy. He has helped hundreds of people to build passive income. He is also a member of the Million Dollar Round Table, and Certified Financial Planner™ (CFP®) and Certified Private Banker (CPB).

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