As per the survey conducted by Deloitte India 2022 related to the Workforce and Increment Trends. India has faced an increase in the average workforce attrition rate from 15.8 percent in 2020 to 19.8 percent in 2021. It was fueled by various factors, such as lower salaries, reduced fringe benefits, increased workload, insufficient workforce insurance, […]
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Workman Policy: An Insider’s Guide to Effective Underwriting Practices
A workman policy, also known as a workmen’s compensation policy, is an insurance type that businesses must obtain to safeguard the well-being of their employees. This policy offers compensation for death, wage replacement, and medical benefits to employees facing work-related injuries or illnesses that result in death or disability. The objective of the policy is […]
Importance of Contractor All Risk Policy in Civil Engineering Projects
Contractors All-Risk Policy Civil engineering projects involve heavy financial investments in labour, raw materials, and equipment. These businesses face various risks related to weather, site conditions, and human factors. These risks affect workers and third parties such as the surrounding public and neighbors. Every civil engineering project comes with its own set of risks and […]
How a D&O policy can help you attract great new talent?
Directors’ liability insurance is crucial for the leadership team in the business. It protects them from personal liability if they are held liable for wrongful acts or decisions taken while performing their duties. D&O policy is a crucial risk management tool that safeguards the directors and officers leading the business. With the right D and […]
Group Accident Guard Policy – Key Considerations for Legal Responsibilities
Accidents are inevitable. Employees are the most valued assets of any business, so it is crucial to protect them financially in any unforeseen events. As a part of employee welfare programs, most organisations avail various group insurance covers to protect employees during unforeseen events. This includes group term insurance, group health insurance, group accidental insurance […]
How can the premium rates be set for group health plans?
Employers strategically invest in a group health insurance plan as a pivotal component of their comprehensive employee benefits program. These plans serve as a financial lifeline, rendering affordable coverage not only to existing employees but also to newcomers within the organizational fold. The intricacies of these plans, from the sum insured to the premiums, form […]
Insure Your Workforce And Reduce Attrition
As per the survey conducted by Deloitte India 2022 related to the Workforce and Increment Trends. India has faced an increase in the average workforce attrition rate from 15.8 percent in 2020 to 19.8 percent in 2021. Various factors fueled it, including lower salaries, reduced fringe benefits, increased workload, insufficient workforce insurance, and reduced interpersonal […]
Workers Compensation Coverage for Remote Workers: A Complete Guide
Ever since the pandemic impacted the way we work, the remote work environment has become the new normal. More than 82% of employees prefer working from home as per a reliable survey. As almost everyone has worked from home at some point by now, it often makes business owners undermine the importance of a worker’s […]
How Can Fire Loss of Profits (FLOP) help a software consulting firm?
As a software consulting firm, clients are paying you for your expertise and your unique skills. So, if something happens to your business enterprise or machinery, you may have to suspend your normal business activities. This causes reduced turnover or additional expenses for maintaining normal consulting operations. Fire Loss of Profit (FLOP) Insurance tends to […]
What is Gratuity Act 1972 – Payment Rules and Calculation?
Gratuity Act 1972 Before the implementation of gratuity payment, there was really no incentive for the employee to provide efficient work to expand and develop the company’s products. The Payment of Gratuity Act of 1972 provided a silver lining for employees so that they could earn more and optimize their personal efforts in making a […]