For any organization, employees are the most valuable tangible assets. The human asset needs the most in the evolution of business in this competitive and dynamic business world. It’s important to safeguard the company’s human assets from workplace hazards. There are some job profiles that would involve a higher risk of injury and even death. […]
What are the exceptions or exclusions in workmen compensation?
Overview Workmen Compensation Insurance provides financial coverage to employees in case of injury, disability, or death due to work-related accidents. However, the policy includes certain exclusions that limit liability for the insurer. Key Exclusions in Workmen Compensation Insurance: Injuries not arising out of employment (e.g., personal trips during office hours) Injuries due to intoxication or […]
What Are the Different Types of Medical Expenses Covered Under A Workmen Compensation Policy?
Medical expenses cover can be included as an add-on in a workmen’s compensation insurance policy. Different insurers define the limit of medical benefits differently. Some of these options are: A fixed sum (per case) daily, for the duration of hospitalization The actual amount spent up to the total sum insured as defined at the time […]
Running a Factory? Here’s Why You Need Workmen Insurance
Irrespective of the type of business, there is always a risk of workplace hazards. However, this risk is comparatively higher in factories than in offices. People hired in many small and big factories often have to work in a comparatively unsafe environment than those working in other job types. Such people are more exposed to […]
Why is workman compensation policy important?
Expects every business to keep the work environment safe for its employees. The employer is legally liable to pay compensation. If an employee suffers an injury (leading to disablement) or death due to workplace accidents or illnesses during the scope of employment. The Workmen’s Compensation Act, 1923 clearly states to pay compensation to employees for […]
ESI or W.C. Which Is Applicable to My Organisation?
The government has provided workers in India with several health and social security schemes. Mostly the objective of these social schemes is to safeguard their interest and also ensure their welfare during contingencies. Employee State Insurance ESI and worker compensation WC are two such significant social security schemes with several benefits for workers, their family […]
Who Should Buy Workers Compensation Policy?
Any company or employer, including contractors, who hires workers as defined in the Workmen Compensation Act, of 1923, can purchase a workmen compensation insurance policy. This insurance cover provides legal liability coverage and also helps in easing the financial burden on employees and employers. Employers can meet the medical expenses of their employees in case […]
In a Workmen’s Compensation policy, what is the difference between fatal and non-fatal accidents?
Overview Fatal vs Non‑Fatal Accidents in a Workmen’s Compensation Policy clarifies the distinction between workplace incidents that result in death and those causing injury, and explains how compensation benefits differ accordingly. Fatal accidents trigger death benefits, whereas non‑fatal accidents are handled under temporary or permanent disability provisions based on the nature and severity of injury. […]
What is claim of indemnity in a Workmens’ Compensation Policy?
General insurance policies work on the principle of indemnity. The insurance company has to compensate the loss suffered by the policyholder as per the principle of indemnity. The bottom line of the principle of indemnity is to put the policyholder in the same financial position that he was in prior to the loss. A workmen’s […]
What does ‘Medically Necessary’ signifies in a worker compensation policy?
“Medically Necessary” is an important term in a worker compensation policy. The medically necessary term relates to either of the services or the supplies provided when the insured is in the hospital. These services or supplies also help to identify or treat the sickness or the injury. In worker compensation insurance, ‘medically necessary’ for the […]