When do you need for COIDA?
What is COIDA?
COIDA, or workmen’s compensation as it it known, is an insurance to cover the medical cost for employees who are injured on duty. Once a private company is registered for COIDA, it has to submit a return to the department of labour before the end of every May.
How is the premium calculated?
The premium for COIDA is calculated according to the annual salaries paid to employees. The risk factor of the business activity is also taken into account.
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