Workmen’s Compensation Insurance is an employer’s liability insurance, which covers the employer’s liability to pay compensation to an employee or worker, injured on duty. What is Workmen’s Compensation? It is a system of insurance that provides financial assistance to employees who are injured or become ill as a result of their work. Who is eligible […]
Which factors determine premium for Workmen Compensation insurance?
Workmen compensation insurance is a vital part of every business. The premium rates, however, depend on various factors. Read more to find out.
Does Premium of Workmen Compensation Policy Change Every Year? How?
It is true that the premium for workmen’s compensation insurance policy changes every year. The premium is based on occupation, the wage of workers, and several other factors. Hence, premiums are revised when there is an underlying change in these factors. Key Takeaways The Direct Salary Link: Because compensation is calculated as a percentage of […]
How Can Your Business Embrace Unpredictability?
By successfully embracing uncertain times in one’s business, one can learn how to beat the odds and grow substantially. Here’s how you can be successful at weathering unpredictable events related to your business.
Do I need workmen’s compensation insurance?
It is the legal responsibility of employers to make the workplace safe for their employees. However, mishaps can occur even at a safe location and when every safest measure has been taken care of. For instance, a few months ago, an operator of a tower crane lost his life and three workers got injured when […]
What are the legal Responsibilities of the Company under Workers’ Compensation insurance?
Employee safety and their complete welfare protection are imperative to maintain for every business owner. Providing employees security, a safe working atmosphere, and extending all possible support facilitates business smooth run and strong growth. Protecting the employee’s health and welfare benefits both employer and employees. It’s the legal responsibility of every employer to protect employees’ […]
How is Workers Compensation funded?
The Ministry of Labour in India created the Workmen Compensation Act, 1923 to offer social security to workers, particularly those employed in menial jobs. As per the Workmen Compensation Act, 1923, ‘workmen’ as defined under the act and their eligible dependents are entitled to receive compensation from their employer in the case of workplace accidents […]
Enlighten Yourself On these 4 Things Before Buying a Workmen Compensation Plan
Want to buy a worker’s compensation plan? You need to know about these crucial things before you select one.