What is the difference between the WC policy and ESIC?

In India, there are various health insurance and social security schemes offered to the workers on the job to benefit during the contingencies. Workmen compensation policy and Employee State Insurance are two of the security benefits offered to workers in India. Though both the schemes and policies offer many similar benefits, there is a lot […]

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How Expensive is Workmen Compensation Insurance?

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 […]

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What Does “All Employees Covered” Assumption Mean in WC Policy?

Most organizations purchase workmen compensation insurance as an annual contract. However, a number of workers can keep changing throughout the year. Thus, any or both of the following two situations may occur at the time of a claim: Number of workers employed by the insured is different from what was provided at the time of […]

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What Is Compressed Air Disease Covered Under a Workmen Compensation Policy?

Compressed air disease is one of the occupational illnesses covered under workmen compensation policy. It is a sickness attributed to the working environments where air pressure may be higher or lower than the normal surface air pressure. Workers employed at high altitude, under water, or working with pressure generating equipment can be exposed to compressed […]

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What is Average Clause in Workers Compensation Insurance?

Average clause addresses the situation where new employees may join, or old employees leave the organisation after the policy has come into force. To address the gap in the number of employees (or average income) covered and the actual existing insurer can prorate the sum assured to cover all available employees under this clause. The […]

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Who can be an Employer for Workmen Compensation Insurance?

For the purpose of workmen compensation insurance policy, an employer shall be defined as follows: A group of individuals who may or may not be incorporated, Any managing agent of an employer. Here Managing Agent means any individual who has been appointed to represent another person for the sole purpose of carrying out that other […]

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Does Premium of Workmen Compensation Policy Changes Every Year? How?

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 […]

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Who are Considered Dependents in Case of Workers’ Compensation Insurance?

As per the legal definition of The Employees’ Compensation Act, 1923, the workers/employees of an organisation, and their dependents, both recognised under the worker compensation insurance, are entitled to the monetary benefit. Only if the workplace accident or injury, results in the death of an employee, the dependent is entitled to the insurance benefit. The […]

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