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Work Man Compensation Insurance

What is Workmen Compensation Insurance?

A workmen’s compensation insurance policy is meant for commercial establishments. It provides legal liability coverage to an employer and also assists employees in times of financial emergencies. The policy compensates employees if they are injured at the workplace. Work-related fatalities and illnesses are also covered under this policy.


This type of insurance also provides financial relief to employers as it can cover the legal costs when employees press charges. Some policies may even cover compensations ordered by worker and labour courts.

Overview

Eligible employers have to get a Workmen’s Compensation policy that provides comprehensive protection to their employees. There are specific documents needed to be eligible for this policy, and a structured process to file claims. Managing this process for a huge distributed workforce can be challenging.

The Need for Workmen’s Compensation Insurance

A workmen’s insurance policy is a win-win for both companies and their employees. Let’s take a look at the 3 main reasons why every employer should consider buying a workmen’s compensation insurance policy.


Reason 1: Once an employer is insured under such a policy, any costs or expenses incurred are covered by the insurance partner.


Reason 2: The compensation paid out to employees or their dependents in the event of a workplace mishap, injury, illness, or fatality can be substantial. It’s a legal liability for an employer, which is covered by the insurance company that sells the workmen’s compensation insurance policy.


Reason 3: The legal liabilities are governed by the Workmen’s Compensation Act, 1923. In order to abide by the rules and regulations mentioned in the aforementioned and to fulfill the legal liabilities, investing in a workmen’s compensation policy becomes quintessential.

Additional Information

Amount of Compensation Payable under the Act

The amount of compensation an employer has to provide frontline workers is as follows:


Death of the worker: 50% of the worker’s monthly wages multiplied with relevant factors; or ₹1,20,000, whichever is more.


Permanent Total Disability: 60% of the monthly wages, multiplied by relevant factor; or ₹1,40,000, whichever is more.


Permanent Partial Disability: In such cases, the amount payable is a percentage of the loss of earning capacity due to the injury. These injuries are mentioned in Part II of Schedule I of the Act.


Temporary Disability: 25% of the employee’s monthly wages.

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