A workmen’s compensation policy is a commercial insurance policy that covers the legal liability of an employer under the Workmen Compensation Act of India, which is monitored by the Ministry of Labour & Employment. Labourers have the highest probability of injuries or death on the worksite for which this policy provides compensation. Workmen or employees […]
How to choose the best insurance provider for purchasing WC policy for labourers?
How to choose the best insurance provider for WC Policy? Workmen or employees are the most valuable assets of any company. The responsibility to provide them with a safe working environment lies with the employer. In this regard, every employer lays down various safety measures. However, accidents at the workplace are unexpected. Accidents may lead […]
Why do I need workmen compensation policy?
Workers and employees are always at risk of suffering employment-related hazards during their employment term. Often labourers have the highest probability of injuries or death on the work site. An organization becomes financially responsible to compensate workers/ or their family members for losses suffered due to: any physical injury disability or death due to […]
Implication of Workmen’s compensation Act, 1923 and Factories Act, 1948,on a Business Owner.
Introduction to Workmen Compensation Act and Factories Act The Factories Act, of 1948, and the Workmen’s Compensation Act are based on the idea of improving working conditions. These Acts intend to regulate the health and safety of young persons, women, and children employed in the factories. They offer exhaustive coverage of situations where health and […]
10 Things business owners must do to comply with workmen’s compensation act, 1923 & factories act, 1948
The Workmen’s Compensation Act 1923 and Factories Act, 1948 protect the interest of the workers and also provides financial liability protection to employers. The Acts intends to improve working conditions and regulate the health and safety of young persons, women, and children employed in the factories. Workmen’s Compensation policy also pays for legal costs and […]
How does Workmen Compensation benefit an Organisation?
A workmen compensation insurance policy enables an organisation or employer to cover any liability arising due to injury, disability or death of a worker or employee while at work under the Workmen Compensation Act, 1923. It offers legal coverage against liability that may arise during the business. In general, most insurers also cover the claims […]
What are the Statutory Requirements for Workers’ Compensation Insurance?
An employer can take Workers’ Compensation Insurance to get protection against financial uncertainties. It covers the risk of injury, disease and death of an employee at the workplace. Note that buying workman compensation insurance is not mandatory but paying workers compensation on injury is. Also, many manufacturers need to buy workman compensation as a contractual […]
What does Workmen Compensation Insurance Policy cover?
The Workmen compensation insurance policy is a product designed to ensure the employer against their liability towards the workers in case of an injury at the workplace. Workmen Compensation Act: Workmen Compensation Act is to provide organizations and workers with a medium to decide the extent of compensation owed by the employer if a worker […]
Why Should You Make Workmen Compensation Policy An Imperative Part Of Your Business?
As a business owner, one of your priorities is to increase the volume of your earnings in a fair and ethical manner. You need to protect all your assets and proceedings. For this, you need to adhere to government norms and also ascertain the welfare of your employees. Providing your employees with a workmen compensation […]
General Questions on Workmen Compensation Insurance / Employee Compensation Insurance
Q1. What is Workmen’s Compensation Insurance? Mandatory Insurance protects your liability as an employer for employment injury (including death) of any of your employees who is a ‘workman’ as defined under the Workmen Compensation Act, 1923 Q2. What is covered under workmen’s compensation insurance? 1. Death 2. Permanent total disablement 3. Permanent partial disablement 4. […]