Workmen Compensation Insurance in Singapore
(with Covid-19 coverage)
Helps you comply with MOM regulations.
From only $5.00/month per worker.
Get quotes from leading insurers
Workmen Compensation Insurance (a.k.a. WICA Insurance) protects your company if your workers suffer injuries, or contract illnesses while working.
Workmen Compensation Insurance coverage includes:
1. Employee medical expenses for work-related injury or illness
2. Employee lost wages while on MC due to work injury/illness
3. Lump-sum payout in case of temporary or permanent disability due to work
Under Singapore’s Work Injury Compensation Act (WICA), employers are legally liable to pay compensation to workers who become hurt or sick while performing work-related activities.
In Singapore, it is a statutory requirement to provide Work Injury Compensation insurance for:
a. All workers who perform manual labour, regardless of salary level
b. All workers who earn less than $2,100 a month, regardless of job scope
This type of insurance is one of the most common that SMEs purchase. It’s usually very affordable, while providing generous coverage. We highly recommend this type of insurance for all employers, given that your most valuable assets are often your employees.
What is provided under the Workmen Compensation Insurance coverage?
It covers two parties:
Coverage for employers:
1. Compensation that employers are legally liable to pay under WICA (Work Injury Compensation Act)
Coverage for employees:
1. Medical expenses
2. Lost wages while on medical leave (includes salary, bonus, overtime pay, food and housing allowances, but excludes CPF payment)
3. Lump-sum compensation for death, or total permanent disability
What types of Covid-19 Costs Does Workmen Compensation Insurance Cover in Singapore?
This type of insurance will pay for:
a. Medical expenses
b. Lost wages while on medical leave (includes salary, bonus, overtime pay, food and housing allowances, but excludes CPF payment)
c. Lump-sum compensation for death, or total permanent disability
Do I need Workmen Compensation Insurance?
If your business or your employees are involved in the following, then this type of insurance is particularly critical for you:
Labour-intensive industries: construction firms, renovation & interior designers, manufacturing firms, warehouse/storage firms, food & beverage establishments, retail stores, etc.
Frequent exposure to outdoor environments: on-site engineers, technicians, goods delivery, road works, building painters, vehicle towing, car-washing, etc.
High-hazard industries: scaffolding, shipyards, any business doing offshore work, fishing, working with aeroplanes, etc.
How much Workmen Compensation Insurance coverage do I need?
Most WICA insurance come with a standard amount of coverage: a $10 million annual limit, and a $45,000 sub-limit for medical expenses.
It’s highly advisable for SMEs to insure all their workers with WICA insurance. Even a single WICA claim can put an employer out of pocket for tens of thousands of dollars.
How much does Workmen Compensation Insurance cost in Singapore?
Non-Manual Worker: Starts from $5/month, per worker
Manual Worker: Starts from $15/month, per worker
As you can see, this type of coverage is very affordable for the benefits you’re getting! Prices may be higher for specific higher-risk industries, like manufacturing.
With Provide, you save up to 25% on your premiums. Our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.