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How do I receive Employee’s Comp Insurance cover?


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Q:

I just found out that I need Employees comp insurance (EC?) for my business. I am a single owner and work out of my apartment… No one has given me a actual solution on this but apparently its a government requirement? How can I get this? Pls help.

A:

Employee’s Compensation Insurance is a legal requirement for businesses in Hong Kong. In some cases insurers will decline coverage for work-at-home companies due to the difficulties involved in a claims situation in determining whether an accident is deemed to have occurred “at home” or “on the job.”

CCW Global can offer EC Insurance options to any company operating out of an office or shared working space (including services offices), but obtaining a suitable Employee’s Comp solution for businesses which are being run out of a private home can be a more complicated process.

In order to assist with a Home Business’s EC Insurance requirements, CCW’s brokers will submit an application for insurance to at least 3 different Hong Kong insurance companies. In the event that all 3 companies decline coverage, then the business owner is able to apply to the Employees’ Compensation Insurance Residual Scheme Bureau to receive EC coverage through the government of the HKSAR.

It is important to note that the EC residual scheme bureau is also available to companies who may have been quoted premiums for EC coverage in excess of 30 percent of standard market rates.

If you require further assistance with your Employees’ Compensation Insurance coverage please Contact Us today to speak with an expert business insurance broker. 

Answered on: 22 December, 2016 08:22


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