A workmen compensation Insurance 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 is available to provide the […]
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 policy extensions is available to provide the maximum scope […]
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 […]
A workmen compensation policy covers the legal liability faced by the employer if the employee is injured during employment. The policy covers death, disablement, and injuries suffered by employees as a result of their employment. The Insurance Information Bureau (IIB) determines the premium of workmen’s compensation policy. IIB calculates premiums on the basis of three […]
The premium (tariff) is governed by the type of cover selected by the proposer as decided by the insurance regulator in India’s IRDA. 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 Accident […]
Workmen compensation insurance tariffs, in the first place, are determined based on the valuations of the Insurance Information Bureau of India (IIB). In general, 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 […]
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’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. Factors influencing change in WC policy Some factors that bring a change in the […]