Madison Money Market Fund Daily Yield: 11.72%
Effective Annual Yield: 12.43% Madison Fixed Income Fund Daily Yield: 12.55%
Effective Annual Yield: 13.37% Madison Wealth Special Fund Weekly Average Daily Yield: 12.71%
Weekly Average Effective Annual Yield: 13.55%
Protect the force that drives your business
Work Injury Benefits Act (WIBA)
Introducing Madison’s Work Injury Benefits Act (WIBA) Insurance — a comprehensive solution designed to protect your employees and ensure your business complies with Kenyan labour laws.
WIBA Insurance provides compensation to employees for work-related injuries and diseases contracted during their employment, in accordance with the Work Injury Benefits Act, 2007.This coverage safeguards your workforce and shields your business from potential financial liabilities arising from workplace incidents.
Here’s the compensation on WIBA you will receive for each of the following events:
Death Benefit – Compensation equivalent to 8 years’ earnings in the unfortunate event of an employee’s death due to a work-related incident.
Permanent Total Disablement (PTD) – Lump-sum payment for injuries resulting in total and irreversible disability, calculated as a percentage of 8 years’ earnings based on the extent of disablement.
Temporary Total Disablement (TTD) – Weekly payments for up to 52 weeks if an employee is temporarily unable to work due to a work-related injury.
Medical Expenses – Coverage for medical costs incurred as a result of a workplace injury, up to a specified limit.
Occupational Diseases – Compensation for diseases contracted in the course of employment, as specified under the Act.
Compliance – Ensure your business adheres to the legal requirements set forth in the Work Injury Benefits Act, 2007.
Comprehensive Coverage – Protect your employees against a wide range of work-related injuries and occupational diseases.
Financial Security – Mitigate the financial impact of workplace accidents on your business.
Employee Welfare – Demonstrate your commitment to the safety and well-being of your workforce.
This policy does not cater for:
- Any accidental death or injury occurring outside the normal working hours of the employee.
- Any injury by accident or disease sustained by any employee who is below the age of eighteen years.
- Any injury caused or contributed to directly or indirectly by deliberate and willful misconduct of the employee.
- Any liability arising out of pre-existing medical conditions unless declared.
- Policy excess applicable.
Frequently Asked Questions (FAQs):
Is WIBA Insurance mandatory for all employers in Kenya?
Yes, under the Work Injury Benefits Act, 2007, all employers are required to provide compensation for work-related injuries and diseases. Having WIBA Insurance ensures compliance with this legal obligation.
Who is covered under WIBA Insurance?
All employees engaged in the execution of the employer’s business are covered, including permanent, temporary, and casual workers.
What types of incidents are covered by WIBA Insurance?
WIBA covers injuries, disabilities, diseases, and fatalities that occur in the course of employment. This includes accidents at the workplace and occupational diseases specified under the Act.
How is compensation for Permanent Total Disablement (PTD) calculated?
Compensation for PTD is based on a percentage of 8 years’ earnings, determined by the degree of disablement as assessed by a medical professional.
Are medical expenses covered under WIBA Insurance?
Yes, medical expenses incurred due to a work-related injury are covered up to a specified limit, ensuring employees receive necessary medical attention without financial strain.
How can I obtain Madison's WIBA Insurance for my business?
To secure WIBA Insurance, contact our team through our website or visit any of our branches. We will guide you through the application process to ensure your employees are protected promptly.
What is the process for filing a claim under WIBA Insurance?
In the event of a workplace injury or disease, notify us immediately. Our claims team will assist you in completing the necessary documentation and facilitate a swift compensation process.
Does WIBA Insurance cover accidents that occur off-site?
Yes, as long as the employee is engaged in work-related activities during the time of the accident, coverage applies regardless of the location.
Can WIBA Insurance be customized to suit specific business needs?
While WIBA Insurance follows statutory requirements, we offer additional covers and can tailor solutions to address unique risks associated with your business operations.
How does WIBA Insurance benefit my employees?
WIBA Insurance provides financial support to employees in the event of work-related injuries or diseases, covering medical expenses, compensating for lost income during recovery, and providing lump-sum payments for permanent disabilities or death.
Protect Your Workforce with Madison's WIBA Insurance
Investing in WIBA Insurance is a crucial step in safeguarding your employees and ensuring your business complies with Kenyan labour laws. At Madison, we are committed to providing comprehensive coverage and exceptional service to help you maintain a safe and secure working environment.
For more information or to request a quote, please contact us through our website or visit any of our branches nationwide.
