Right price for Workmen Compensation policy A workmen’s compensation policy entails a wide scope of coverage for the insured organization. The the policy covers financial liabilities in case of physical injuries, permanent or temporary disablements, and even death of the organization’s employees due to unforeseen perils of employment. Moreover, a wide range of policy extensions […]
What is the right price for workmen compensation policy? A workmen’s compensation policy entails 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 unforeseen perils of employment. Moreover, a wide range of […]
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 suffering from injuries or accident while on duty, the employer becomes legally responsible to compensate the wage loss.. The policy also covers medical expenses arising out ofinjuries […]
What are different factors on which the premium of a workmen compensation is based on? A workmen 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 Insurance Information Bureau (IIB) […]
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.
It is true that the premium for workmen 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. Factors influencing change in WC policy Some factors that bring a change in the […]