IS A BUSINESS REQUIRED BY LAW TO PROVIDE VARIOUS TYPES OF INSURANCE COVERAGE FOR IT’S STAFF?
While it is common for companies to provide certain kinds or types of “employee benefits” coverage for workers such as general health, dental, and similar coverage, the law generally does not require a business to do so for all, but specifies a few that with the enactment of some relevant acts have become mandatory. These include: Workmen’s Compensation In line with The Workmen’s Compensation Decree of 1987 all businesses must provide Workers’ Compensation coverage for the benefit of their employees who may be injured or incapacitated while on the job. This is a requirement of the law in Nigeria. This requirement is satisfied by purchasing Workers’ Compensation insurance, which is available from private insurance companies that are licensed by the National Insurance Commission (NAICOM). This law applies compensation to four types of mishap viz: • Permanent partial incapacity • Permanent total incapacity • Temporary incapacity • Fatal accidents, where death results It is worthy of note
