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 […]
Workers’ compensation is estimated in the following manner based on the incidence which has led to the compensation: Before the calculation 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 are eligible for the compensation Relevant […]
The following are the major differences between the Workmen Compensation Act (1923) and the Employee Compensation Act. 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?
A worker compensation insurance gives legal liability coverage to the employer which may arise when one of its employees gets injured during the working hours. Similarly, a group health insurance policy takes care of medical expenses of the employee. Both the covers serve the different purposes. An employee can get coverage either in worker compensation […]
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.