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 […]
Articles Tagged: Workmen Compensation Insurance Policy
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?
The law prescribes all organizations employing workmen for their business operations have a workmen’s compensation policy. It is an employer’s legal responsibility to protect their workmen against physical injuries or death suffered during the course of employment. In case the employee faces death, disablement, or injury due to the nature of his/her work, the employer […]
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 […]
What are the conditions in workmen compensation policy?
The statutes of the Workmen’s Compensation Act, 1923 make it mandatory for all employers to have a workmen’s compensation policy to protect their employees. The workmen’s compensation policy covers the legal liability faced by an employer if the employee dies or becomes disabled during the course of employment. In case of any employment-related injury or […]
How much does it cost to get worker’s compensation insurance?
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 […]
How expensive is the workman compensation policy?
Companies do not bear financial responsibility if employees get hurt or die at work because of workmen’s compensation. As per the statutes of the Workmen’s Compensation Act, 1923, organizations are financially responsible for compensating injured workers. To take care of this financial responsibility, a workmen’s compensation policy is designed. Let’s explore the key features of […]
What are the Duties of the Employer Under Worker Compensation Insurance at the time of loss?
Duties of employers in contingencies under Worker Compensation requires them fulfil the below obligations: Provide first aid and medical care – It is the prime responsibility of an employer to provide immediate first aid and medical treatment, wherever required. Report the injury- After the injury, an employer should enter a description of the injuries in […]
A Step-By-Step Guide to Filing A Workers’ Compensation or Employee Compensation Claim
The world is full of uncertainties and you don’t know what the future holds for you. That’s why it is advisable to take precautions today for a better future. Particularly if you own a business, then you should prepare yourself to deal with the associated risks. With the hard work of your employees/workers, your business […]