A workman 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 […]
How to select the Insurer for Workers’ Compensation?
A workmen’s compensation policy provides a wide scope of coverage for the insured organization. The policy covers financial liabilities in case of physical injuries, permanent or temporary disablements and even death of the organization’s employees due to unexpected mishaps. Hence, it provides financial relief to organizations. So, deciding on the right insurer to provide the […]
What is indemnity in Workers Compensation Insurance?
The indemnity clause entitles workers to get compensation for lost wages that they are otherwise capable of earning while recovering from a work-related accidental injury/illness. In workers’ compensation insurance, ‘to indemnify’ means to make payments to the injured or sick employee or to their family members during their employment course, and as specified by the […]
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 mandatory. Therefore, many manufacturers need to buy statutory requirements for Workers […]
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 is workman’s compensation policy is a must for Organisations?
While organizations try to make the workplace as safe as possible, accidents can happen anytime. According to the report published in a leading newspaper, the Ministry of Labour reported an average incidence of 1,400 fatal and 1 lakh non-fatal accidents in non-domestic places. It is the employers’ responsibility to ensure their workers are working in […]
What is the Workmen Compensation Insurance Policy?
Today’s global work environment has turned the spotlight on employees’ rights. To safeguard organizations from the threat of costly lawsuits and other financial liabilities insurers offer the Workmen Compensation Insurance Policy (WC Policy). It covers the statutory liability of an employer for the death, injury or occupational disease of an employee at the workplace. As […]
Know all about the Workman Compensation Insurance Policy and its Benefits
In today’s highly competitive work environment, employees’ rights have also moved forward. Providing a safe and secure work atmosphere is one of the main responsibilities of an employer. However, one can’t deny the fact that injuries at the workplace are a common part of businesses. To keep your business safe from expensive legal problems and […]
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. […]