Workers Compensation Insurance
This video blog discusses the significance of workmen compensation policy or workers compensation insurance cover through a real-life case study. Workmen’s compensation is a vital insurance policy that provides financial assistance to employees in case of any work-related injury, illness of death a the workplace. It highlights the importance of understanding the benefits of workmen compensation and how it protected both employers and nominee of the deceased employee. The case study demonstrates the relief that a workmen compensation provided in case of an unfortunate event and how it can help smooth functioning of business. Join us as we explore the importance of workmen compensation in today’s workplace.
Case Study
Ashwani Singh, a 25-year-old mill worker, tragically lost his life when his glove became entangled in a high-speed machine, resulting in fatal injuries. As the sole breadwinner of a family of five, the mill owner was obligated to compensate them. Fortunately, the owner had purchased a WC Policy, which enabled him to fulfill the Rs 50 lakh court-awarded compensation. Although insurance cannot mitigate emotional loss, it can help alleviate the financial burden. In Ashwani’s case, the insurance payout aided his family’s financial needs in his absence.
Why do you need a workmen compensation insurance policy ?
- To covers legal liability under Workmen Compensation Act, 1963
- To meet contractual requirements of local and international clients
- To cover against unforeseen events like workplace injury, occupational ailments
- Covers accidental death at the workplace
- To cover loss of wages, lawsuits (defense cost) or terrorism
It is crucial to comprehend the workmen compensation act and workmen’s compensation benefits before selecting a policy that fits your needs. Making a wrong decision in choosing this insurance can result in significant financial consequences. Therefore, seeking the guidance of an expert while purchasing WC insurance is imperative.
If you’re searching for the workmen compensation policy online that is most applicable to your organization, you can either write to us at support@securenow.in or dial 96966 83999.
