Offering benefits to employees is a meaningful way to demonstrate appreciation for their valuable contributions. It has a positive impact on employee satisfaction and performance. Therefore, workers' compensation is indeed beneficial for employees.
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According to the Employee's Compensation Act, 1923 and Indian Fatal Accidents Act, 1855, all companies in India must ensure that adequate compensation is provided to the workers in case they get injured on the job. The act is particularly applicable to small office set-ups and small manufacturing operations. It ensures that workers are compensated adequately for injuries sustained during their duty.
This act aims to cover two primary objectives:
It helps employees/workers and their dependents to get adequately compensated in case of an accident that causes a worker's death or disability.
It mandates employers to compensate their workers if they encounter any illnesses or diseases due to their job.
The compensation to be paid to the worker depends on various factors. It includes the employee's age, average monthly wage or salary, and, the nature of the injury. In cases related to permanent disability or death, the minimum and maximum compensation is usually set beforehand. The employer is liable to pay the compensation to the worker's dependents if the worker is killed on the job.
The Social Security Division under The Ministry of Labour and Employment in India enforces the Workers Compensation Act 1923.
Workers Compensation Benefits
Workers compensation is beneficial for both the workers as well as the company. Providing adequate financial coverage to employees in case of workplace hazards is mandatory for business houses in India. The three main benefits are as follows:
It helps meet statutory requirements.
Companies can be under huge liability if an employee is killed or sustains injuries during the job. Workers compensation can thus help protect the organizations.
The employees and their dependents are financially protected in case of any illness or disability caused. This helps them in taking off the financial burden from their shoulders.
Workman’s Comp Insurance for Small Businesses
The Workmen Compensation Act 1923 led to the formation of Workers Compensation Insurance specially designed for frontline workers. Small businesses need this insurance to adhere to the law. It helps employees get protection against medical and legal expenses in case of workplace injuries.
Various other insurance products cater to different needs of a small business. It includes general liability insurance and employers liability insurance, amongst others. General liability and workers comp insurance are two different types of insurance options.
General liability insurance usually covers third-party claims. In contrast, workers compensation insurance helps protect employees from work-related injuries or illnesses.
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Final Word
A Worker's Compensation insurance policy is essential for businesses to safeguard their finances against high compensation. Having a robust employee benefits policy, including Worker's Compensation Insurance, can help the employer comply with Indian laws and have a competitive advantage in retaining and attracting talent at the workplace.
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Thank you, PolicyBazaar, for providing such a positive experience and ensuring that well-being of my employees and business!
Lucknow
4 June 18, 2023
Shreaya
Provides Financial Security
I purchased Workmen Compensation Insurance from PolicyBazaar for my business owner looking to secure their employees' welfare and protect their business interests.Thankyou. Worth buying.
Hyderabad
3.8 June 08, 2023
Raman
Nice Purchase
I purchased Workmen compensation plan which turn out to be the good decision. Thanks PB.
Pune
4.3 May 26, 2023
Mayur
Multiple Benefits
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Delhi
4 May 21, 2023
Shivam
Great Plan
I recently bought Workmen Compensation Plan at policybazaar website which provides comprehensive coverage giving me peace of mind knowing that my employees are well protected in case of any unfortunate event.Thanks.
Pune
3.8 May 16, 2023
Vishal
Helpful Representatives
The team at PolicyBazaar were responsive, courteous, and extremely knowledgeable. I had a few questions regarding the coverage terms and the representatives were patient in addressing all my queries. Thanks.
Coimbatore
4 May 11, 2023
Aditya
Good Platformm
When it came to selcting the right Workmen Compensation Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Chennai
3.8 May 06, 2023
Dhiraj
Well Informed
I recently purchased Workmen Insurance plan from PolicyBazaar. The process was straightforward and I felt well-informed throughout, thanks to the clear and concise information provided.
Delhi
4.3 May 01, 2023
Abhiraj
Good Decision
I am absolutely delighted with the Workmen Compensation Insurance policy I purchased through Policybazaar. From start to finish, the entire experience has been nothing short of exceptional. I can confidently say that this is one of the best decisions I have made for my business.
Mumbai
3.8 April 30, 2023
Anam
Instant Protection Against Accidental Misshappening
I bought Workmen Compensation Plan from the Policy bazaar website online for our workers in my industry to get protetion aganst any Accidental miss happening caused to them. It offers amazing deals which provide them with medical coverage and help me to get instant protection against any loss. Thanks, PolicyBazaar.
*All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. Premium varies on the basis of Occupancy, Business Activity & Coverage Type By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover. The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.
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