As an employer, you are responsible to provide a safe and healthy working environment. Workplace injury and worker compensation are considered huge liabilities for employers. Their well-being, safety and health are keys to long-term success. Workers’ compensation ensures that the workers are sufficiently compensated if they sustain an injury at work. The Workers' Compensation for injured workers thus acts as a financial safety net during an emergency.
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The Workmen Compensation Act drafts in detail the situations of payment of workers’ compensation to injured workers. Under the below three conditions the employer shall pay compensation:
- If a worker suffers from an occupational disease that has resulted due to the injury caused by an accident at work. The occupational diseases are mentioned under Part A, B, and C of Schedule III.
- A worker sustaining an injury at work leading to a partial or total disability
- Death of an employee due to an occupational hazard
Calculation of Workers' Compensation for Injured Workers
Section 4 of the Act mentions the provisions for the calculation of the compensation amount payable by the employer. Also, it is to be noted that as per the new rule by the government, the wage considered for computing compensation under the Act is Rs 15,000.
1. Accidents resulting in the death of a worker:
Claim Amount= Amount equal to 50% of the monthly wages of the deceased worker X the relevant factor
OR
Amount of Rs 1,20,000, whichever is more
2. Accidents resulting in permanent total disablement:
Claim Amount= Amount equal to 60% of the monthly wages of the injured worker X the relevant factor
OR
Amount of Rs 1,20,000, whichever is more.
Workmen Compensation Policy
Workmen Compensation insurance is the chief method by which an employer can establish his ability to fulfil the obligations imposed by the law, namely through the Workers Compensation Act.
Main Advantages of WC Policy are:
- It protects employees or workers financially if they have suffered any injury or illness at their workplace. It also helps them get back to their work
- Reduces financial losses of the business arising from medical support needed for the injured employees, and the costs of lawsuits
- Limits exposure to lawsuits, thus maintaining a positive brand image
Check These Points before Getting a Workmen Compensation Policy:
- Make sure all the safety and security precautions are taken care of
- Ensure your employees are aware of the safety process and are being followed by them
- Opt for an adequate Sum Insured for the worker compensation policy
- Be aware of the points that are not covered in the policy
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Conclusion
When a worker suffers an injury, he may suffer various financial problems due to mounting medical bills. He may also be under pressure to get back to work as soon as possible. Workers’ compensation for injured workers offers excellent protection for the workforce and plays an essential role in a country’s economic growth.
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
I recommend purchasing Workmen Compensation Insurance from Policybazaar. Their user-friendly platform, diverse policy options, exceptional customer support and efficient claims processing make them stand out from the competition.Thanks. It was a good decision.
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.
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