It is crucial for employers to understand workmen’s compensation insurance well before buying a policy. Here are five things you, as an employer, should know.
Articles Tagged: Workmen Compensation Insurance Policy
Estimating the Premium for Worker’s Compensation Insurance
Your choice of coverage determines the cost of insurance, referred to as the premium. The insurance regulator in India, called IRDA, makes this decision. The following two types of covers are available under Workmen (now Employees) Compensation Insurance: Table A: Indemnity against legal liability for the accident to employees under Workmen’s Compensation Act 1923 Fatal […]
What Is Not Covered in Worker Compensation Policy?
A worker compensation policy cannot be purchased by an employer who is not recognized under the Workmen Compensation Act 1923. In other words, an employer or an employee who does not qualify under the official status of the Act is not under the insurance jurisdiction. In this article, we will find out what is not […]
5 Common Risks That Construction Businesses Face
workers compensation coverage
How to Calculate a Settlement in a Workman Compensation Injury?
Overview “How to Calculate Settlement for Workman Compensation Injury” explains how compensation amounts are legally determined under India’s Workmen’s Compensation Act, 1923. The Act dictates specific calculation formulas based on injury severity—be it death, permanent disability, or temporary disability—with mandates on age-based factors, wage caps, and minimum amounts payable. Additionally, the calculation includes future expenses […]
What is the Workmen’s Compensation Act?
The Workmen’s Compensation Act offers compensation to workers and their dependents in case of injury or accident that may arise out of and in the course of employment resulting in disability or death. It helps an employer to cover the legal liabilities, which may arise when one of its workers meets with an accident at […]
What Is the Purpose of Workmen’s Compensation?
The primary purpose of Workmen’s Compensation Act, 1923, is to provide financial relief to employees’ families. In case of their death or injury at the workplace. The act also provides cover for employees that get an professional disease while in employment. Enforcing the Workmen Compensation Act 1923 ensures that employers compensate employees for work-related injuries, […]
Will workers receive workmen compensation benefits if the injury was their own fault?
An employer buys a workmen compensation policy to compensate the employees/workmen and their dependant families for the loss of income caused due to workplace injury or death. The Workmen Compensation Act, 1923 offers employees compensation to cover their wage loss arising due to unforeseen perils of employment. The employer is legally liable to compensate the […]
What are 4 Work-Related Hazards and how to shield them?
For all employers, maintaining the health and well-being of the hired workforce is a significant concern. They want to ensure that all the employees feel safe and secure when they are at the workplace. It is for this reason that all the newly built office complexes are designed as per safety standards. However, certain work-related […]
3 Things Related to Workmen Compensation Insurance Policy You Might Not Know
Workers’ compensation insurance not only covers medical expenditure arising out of workplace accidents but defense costs as well. Here are a few things about worker’s compensation benefits that you might not know.