Workmen’s Compensation policy – Claims Buying a worker’s compensation policy is one way you can take care of your employees. Since, the world is full of uncertainties where you don’t know what the future holds for you, it is advisable to take precautions today for a better future. Particularly if you own a business, then you should […]
A Workmen’s Compensation policy covers the financial liability of an employer when its employee suffers from any physical injury 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. Hence, it is an important to know How to file a claim under […]
A claim application for workmen compensation benefits should be filed by the workman immediately after an accident occurs. When a workman suffers injury in employment and while on duty then he should file for a compensation claim. Also, when a worker is diagnosed with a disease arising due to the nature of his work then […]
What is claim of indemnity in a Workmen Compensation Policy? General insurance policies work on the principle of indemnity. The insurance company has to compensate the loss suffered by the policyholder as per the principle of indemnity. The bottom line of the principle of indemnity is to put the policyholder in the same financial position […]
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 thrives. […]
Workers’ compensation is estimated in the following manner based on the incidence which has led to the compensation: Before the calculate Settlement in a Workmen Compensation Injury following should be noted: Maximum Monthly Wage Allowed for the calculation of compensation under the Act is Rs. 8000 Workers from the age of 16 years and above […]
Amount of Compensation Workers are Entitled to Under Workmen Compensation Act The Workmen’s Compensation Act 1923, aims to protect Indian workers when they suffer an injury due to an accident in the workplace. It helps in estimating the compensation amount payable to the workers in case of injury or death due to the task they […]
The major differences between the Workmen Compensation Act (1923) and the Employee Compensation Act are as follows: Workmen Compensation Act, 1923 Employee Compensation Act The insured party is called workman or workmen in the act The insured party is called employee or employees in the act Clerks were not considered to as workmen and thus, […]
How is a Claim Payable under Worker Compensation Insurance if They Are also Covered under Health insurance?
How is a Claim Payable under Workmen Compensation Insurance if They Are also Covered under Health insurance? Worker compensation insurance gives legal liability coverage to the employer. It helps the employer to cover the financial and legal costs when one of its employees suffers injury during working hours. Similarly, a group health insurance policy takes […]
Workmen compensation policy is the primary method by which you (as an employer) meet the responsibilities imposed by the worker’s compensation statutes. The policy covers your statutory liability for death or bodily injuries caused to your employees, which arises during employment.