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 MoneyCare Financial Services
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
Get customized insurance for your business according to your needs.
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
Reach out to us to get the benefits of Workers Compensation Insurance.
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