What is the right price for workmen compensation policy? A workmen’s compensation policy provides comprehensive scope of coverage to the organization. The policy covers physical injuries, permanent or temporary disablements and even death of the organization’s employees due to unforeseen perils of employment. Moreover, there is a range of policy extensions available that help in […]
How expensive is the workmen compensation policy? A workmen’s compensation policy covers the legal liability faced by the employer if the employee is injured during employment. The policy covers death, disablements and injuries suffered by employees as a result of their employment. The premium of the workmen’s compensation policy is determined by the Insurance Information […]
The premium (tariff) is governed by the type of cover selected by the proposer as decided by the insurance regulator in India IRDA. Following two types of covers are available under Workmen (now Employees) Compensation Insurance: Table A: Indemnity against legal liability for accident to employees under Workmen’s Compensation Act 1993 Fatal Accident Act 1855 […]
Workmen compensation insurance tariffs are determined based on the valuations of Insurance Information Bureau of India (IIB). The premium amount depends on: The average salary you would want the insurer to consider for benefits estimation, The occupations of employees to be covered, and The Trade or business of the proposer There are two types of […]
Workmen compensation insurance is a vital part of every business. The premium rates, however, depend on various factors. Read more to find out.
Yes, the premium for workmen compensation insurance policy changes every year. As the premium is decided on the basis of occupation and wage of the worker, the premium also changes accordingly. Here are some of the factors due to which premium of workmen compensation insurance policy changes: Change in payroll – As stated above, the […]