Workers’ Compensation Insurance is a type of insurance policy that covers financial assistance to the employee’s illness, injuries or death sustained during the performance of their jobs. It enhances the job security of employees and the businesses don’t have to run out of pocket to compensate for medical wages. When many people think of workers’ […]
Workmen’s Compensation policy – Claims Process (infographic)
Buying a worker’s compensation policy or Employees Compensation Insurance 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 […]
How to file a claim under Workmen Compensation Insurance?
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 important to know how to file a claim under Workmen […]
When to File Claim Application under Workmen Compensation Insurance?
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 Workmens’ 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 that he was in prior to the loss. A workmen’s […]
A Step-By-Step Guide to Filing A Workers’ Compensation or Employee Compensation Claim
The world is full of uncertainties and 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 […]
How to Calculate a Settlement in a Workmen Compensation Injury?
Workers’ compensation is estimated based on the incidence which has led to the compensation. For calculation of Settlement for a Workmen Compensation Injury, the following guidelines should be noted: The 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 […]
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 perform. Workmen’s compensation also serves to protect the interests of employers […]
Workmen Compensation Act vs. Employee Compensation Act – Key Differences
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?
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 care of the medical expenses of the employee. Both covers serve different purposes. An employee can get […]