With the ever-emerging business risks, your business is vulnerable to a variety of risks. Many claims can be made against your business, right from a customer to an employee. Such claims can make your business suffer a Financial loss, restrict your cashflow and disturb the daily functioning of your business. Protect yourself with a Business Liability insurance.
Workers Compensation Insurance
Workers Compensation Insurance Service By Gk Mf invest Pvt ltd.
What Is A Workers Compensation Insurance
A Workmen Compensation insurance policy is a commercial insurance policy that covers the legal liability of an employer to provide compensation to its workmen-in case of their death or accident. Also known as employee compensation insurance or labour insurance, this insurance enables an employer to demonstrate his ability to meet the obligations imposed-by the Workmen Compensation Act. It enables the employer to pay the compensation payable under the Workmen Compensation Act of India, which is monitored by the Ministry of Labour & Employment.
What does Workers Compensation Insurance cover?
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Requirements: The start and growth of all small to big firms is based on their employees and the work that they deliver. Among the many factors that drive the functionality of your employees, their safety and security plays a major role. So with this, the employer assists the employee by compensation for the loss.
Benefits: An Workers Compensation Policy has been devised with a view to assist you in taking care of your employees if any unfortunate incident were to ever arise. Under the Workers Compensation Act, 1923 and its ensuing amendments along with the common law, this policy covers physical injury and death resulting from an accident due to and during the employment.
Scope of Cover: This policy protects the insurer against their obligations as employers, for injuries caused to the employees at the workplace. With the payment of an extra premium, the coverage gets extended to surgical, medical and hospital expenditures, including transportation expenses to the hospital.
Insurable Wages: The insurable wages to be paid to the employees serve as the base of premium calculation, and must be stated for the chosen policy period.
Premium: The sum of the premium depends on factors like the kind of work, category of employee and the amount that has been insured.
Business Owners Policy
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Office Package Insurance
Insurance which covers damage to your office from various perils
Industrial All Risk Insurance
Policy which covers almost all risks and perils, which a large industry may face during its operation
Accounts Receivable Insurance
Protection from financial losses due to failure of clearance of accounts receivable
Importance of Workers Compensation Insurance
This policy helps the employers to avoid the extra expenses incurred in case any worker meets any unfortunate events while working in the organisation. Workers compensation insurance bears the cost incurred due to treatment on behalf of the employer
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Medical expenses Coverage
A painter falls off a ladder while working on a ceiling and breaks a leg. His workers’ compensation policy pays for the ambulance ride to the hospital, surgery, medications, and physical rehabilitation.
When an accident happens at a workplace, workers’ compensation covers the cost of immediate care, such as an ambulance ride or an emergency room visit. It also helps pay for surgical procedures, medications, hospital stays, and other medical bills. Ongoing care, such as continuing medication and physical rehabilitation, is also covered.
Compensation for fatal injuries Coverage
An electrician accidentally touches a live wire, goes into cardiac arrest, and dies. The electrical company’s workers’ comp policy covers the cost of the funeral and burial. It also provides financial support to the electrician’s spouse and children.
When a work-related incident is fatal, workers’ compensation pays death benefits that cover funeral expenses and help support the deceased individual’s family.
Lawsuits related to work injuries Coverage
A chef in a restaurant suffers third-degree burns while trying to put out a grease fire. She blames the restaurant for failing to provide a fire extinguisher and adequate safety training. The case goes to court; the restaurant’s workers’ comp policy pays for the cost of hiring a lawyer and the eventual settlement.
Workers’ compensation insurance typically includes employers liability insurance. This policy protects the employer from a lawsuit claiming a worker was injured by the employer’s negligence. If an employee sues, it can help pay for Attorney’s fees, court costs, settlements or judgements.
Lost income Coverage
An HVAC installer accidentally lowers an air-conditioner unit on his foot and breaks several bones. The installer has to stay off his feet for a month, which prevents him from working. The installation company’s workers’ comp policy pays part of the wages that would have been earned during the month of missed work.
Your disabled employee may also receive a Transferable Skills Analysis. This helps find other roles for them where they can learn new skills and work with their disability.
Workers’ comp can help cover your employee’s ongoing care. This includes ongoing physical therapy or vocational rehabilitation to help them learn new skills so that they can return to work in a different role. Workers’ comp can even help cover any new training and certifications.
Sometimes a work-related injury or illness can leave your employee disabled. If an employee who slips in the office and breaks her wrist may be partially disabled and continue to work, but only for half days until it heals.
If your disabled employee has to take time away from work to recover, workers’ compensation can help them recover some of their lost income until they return to work. If your employee has a permanent disability, workers’ comp can give them disability benefits for life.
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