The statutes of the Workmen’s Compensation Act, 1923 make it mandatory for all employers to have a workmen’s compensation policy to protect their employees. The workmen’s compensation policy covers the legal liability faced by an employer if the employee dies or becomes disabled during the course of employment. In case of any employment-related injury or […]
How much does it cost to get worker’s compensation insurance?
Providing safety at work is an important responsibility of any employer or organization. In case of a worker suffers from injuries or accidents while on duty, the employer becomes legally responsible to compensate the wage loss. The policy also covers medical expenses arising out of injuries caused to the worker as per the Employee’s Compensation […]
How expensive is the workman compensation policy?
Companies do not bear financial responsibility if employees get hurt or die at work because of workmen’s compensation. As per the statutes of the Workmen’s Compensation Act, 1923, organizations are financially responsible for compensating injured workers. To take care of this financial responsibility, a workmen’s compensation policy is designed. Let’s explore the key features of […]
What are the Duties of the Employer Under Worker Compensation Insurance at the time of loss?
Duties of employers in contingencies under Worker Compensation requires them fulfil the below obligations: Provide first aid and medical care – It is the prime responsibility of an employer to provide immediate first aid and medical treatment, wherever required. Report the injury- After the injury, an employer should enter a description of the injuries in […]
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 […]
Know These 5 Things Before You Buy Workmen Compensation Insurance
It is crucial for employers to understand workmen’s compensation insurance well before buying a policy. Here are five things you, as an employer, should know.
Estimating the Premium for Worker’s Compensation Insurance
Your choice of coverage determines the cost of insurance, referred to as the premium. The insurance regulator in India, called IRDA, makes this decision. The following two types of covers are available under Workmen (now Employees) Compensation Insurance: Table A: Indemnity against legal liability for the accident to employees under Workmen’s Compensation Act 1923 Fatal […]
What Is Not Covered in Worker Compensation Policy?
A worker compensation policy cannot be purchased by an employer who is not recognized under the Workmen Compensation Act 1923. In other words, an employer or an employee who does not qualify under the official status of the Act is not under the insurance jurisdiction. In this article, we will find out what is not […]
5 Common Risks That Construction Businesses Face
workers compensation coverage
How to Calculate a Settlement in a Workman Compensation Injury?
Workman Compensation Injury and Settlement Calculation Calculating a Settlement in a Workman Compensation Injury relies on the incidence. This is the incident which has led to the compensation. To calculate a settlement for a Workman Compensation Injury, note the following guidelines: Under the workmen compensation act, 1923, the maximum Monthly Wage allowed for the calculation […]