What are the features of workmen compensation Policy? A workmen’s compensation policy covers the financial liabilities that organizations might face if their workers or employees get injured or die during the natural course of their employment. In such cases, as per the statutes of the Workmen’s Compensation Act, 1923, organizations need to shoulder the financial […]

What is indemnity in Workers Compensation Insurance? The principle of indemnity enables the worker (insured) to be restored to the same financial condition as s/he was, before the loss occurred due to the workplace accident. In workers’ compensation insurance, ‘to indemnify’ means to make payments to the injured or sick employee or to their family […]

Today’s global work environment has turned the spotlight on employees’ rights. To safeguard organizations from the threat of costly lawsuits, insurers offer the Workmen’s Compensation Policy. This insurance policy covers the statutory liability of an employer for the death, bodily injury or occupational disease of an employee. It is also known as the ‘Employer’s Liability […]

A worker’s compensation policy applies to accident-related bodily injury or illness due to work. To avail of the benefit of this type of policy, it is important that the worker should have suffered bodily injury or an accident during the policy period. A workmen compensation policy covers the pre-hospitalization charges and the post hospitalization charges […]

What is the right price for workmen compensation policy? A workmen’s compensation policy provides comprehensive scope of coverage to the organization. The policy covers physical injuries, permanent or temporary disablements and even death of the organization’s employees due to unforeseen perils of employment. Moreover, there is a range of policy extensions available that help in […]

How expensive is the workmen compensation policy? A workmen’s compensation policy covers the legal liability faced by the employer if the employee is injured during employment. The policy covers death, disablements and injuries suffered by employees as a result of their employment. The premium of the workmen’s compensation policy is determined by the Insurance Information […]

The premium (tariff) is governed by the type of cover selected by the proposer as decided by the insurance regulator in India IRDA. Following two types of covers are available under Workmen (now Employees) Compensation Insurance: Table A: Indemnity against legal liability for accident to employees under Workmen’s Compensation Act 1993 Fatal Accident Act 1855 […]

Workmen compensation insurance tariffs are determined based on the valuations of Insurance Information Bureau of India (IIB). The premium amount depends on: The average salary you would want the insurer to consider for benefits estimation, The occupations of employees to be covered, and The Trade or business of the proposer There are two types of […]

Right insurer for Workmen Compensation policy – Infographic A workmen’s compensation policy is quite relevant to an organization’s financial well-being and so, it is offered by almost every general insurer in India. In such a case, choosing the right insurer requires selecting criteria through which they can be judged. Let’s see the right criteria to select […]

Does premium vary with different workmen compensation insurers? Workplace injuries can be expensive. Despite all the safety measures by the employer, workplace accidents can still happen to result in death or injury to employees. Specifically, in a business where the nature of work is risky, protection against such risks is extremely important. Workmen compensation insurance […]

Who is the right insurer for a workmen compensation policy? An organization that employs individuals is expected to adhere to the Workmen’s Compensation Act, 1923, Factories Act, 1948 and the rules laid down in common law. These Acts and law regulations require companies to compensate their employees and workers if they suffer physical injuries or […]

How to decide the Insurer in Workers’ Compensation? You may follow the steps given below to arrive at the best possible insurer for your worker’s compensation policy: A Competent Insurer: With the number of private sector players growing in the industry, you have to research for an insurer which has the width of presence, financial […]

How do I buy a workmen compensation policy? A workmen’s compensation policy is important coverage for organizations as it protects them from financial liabilities suffered under the Workmen’s Compensation Act, 1923, Fatal Accidents Act, 1855 and also under Common Law. Every organization is financially liable to compensate its employees if the employees suffer any physical […]

Like any other insurance policy, workmen compensation insurance can be bought either through a representative of the insurance company(ies) or online. Traditional Method Online Method Traditional Mode of Application You can always approach an insurance company, agent, or an insurance broker to enquire about the policy features and apply through an application form provided by […]

How to file a claim under Workmen Compensation Insurance? A Workmen’s Compensation policy covers the financial liability suffered by the employer if the employee suffers from any physical harm during the course of his/her employment. The policy helps the employer cover his financial liabilities as stated under the Workmen’s Compensation Act, 1923. The policy covers […]

A claim for workers compensation benefits should be filed by the workman immediately after being injured while in employment and while performing his duties or when he is diagnosed with a disease which is related to his work. A delayed filing of the worker’s compensation benefits after an injury at work or after contracting a […]

What is claim of indemnity in a Workmens’ Compensation Policy? General insurance policies work on the principle of indemnity. The principle of indemnity states that after a loss is suffered, the insurance company should compensate the actual amount of loss suffered by the policyholder. The bottom line of the principle of indemnity is to put […]

The world is full of uncertainties where you don’t know what the future holds for you. That’s why it is advisable to take precautions today for a better future. Particularly if you own a business, then you should prepare yourself to deal with the associated risks. With the hard work of your employees/workers, your business […]