• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Friday, February 3, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Tom-Foolery Exposed: The Savage Science of Victimology

    Tom-Foolery Exposed: The Savage Science of Victimology

    Hydrogen trains

    Budget lights the fire for Indian Railways’ Hydrogen transformation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Artificial Intelligence India

    Unlocking Artificial Intelligence Potential: India’s 2023 Budget and the Future

    new tax regime

    Budget 2023: Income Tax breakthrough for India’s middle class

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Arindam Bagchi IWT

    India takes charge on Indus Water Treaty

    In the Presidential year of G20, they have waged an info war against India

    In the Presidential year of G20, they have waged an info war against India

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Ajit Doval Jake Sullivan

    The Quiet Revolution: India’s Diplomatic Success in Bringing Tech Transfer

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Ram V. Sutar

    The legacy of Ram V. Sutar: A gift from Bhagwan Vishwakarma

    Dilip Kumar Indira Gandhi

    When Dilip Kumar silenced Indira Gandhi

    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    S Balbir: The Voice That Suddenly Went Silent

    S Balbir: The Voice That Suddenly Went Silent

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sayaji Shinde

    Unrecognized in Bollywood, but Celebrated Everywhere Else: The Tale of Sayaji Shinde

    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Tom-Foolery Exposed: The Savage Science of Victimology

    Tom-Foolery Exposed: The Savage Science of Victimology

    Hydrogen trains

    Budget lights the fire for Indian Railways’ Hydrogen transformation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Artificial Intelligence India

    Unlocking Artificial Intelligence Potential: India’s 2023 Budget and the Future

    new tax regime

    Budget 2023: Income Tax breakthrough for India’s middle class

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Arindam Bagchi IWT

    India takes charge on Indus Water Treaty

    In the Presidential year of G20, they have waged an info war against India

    In the Presidential year of G20, they have waged an info war against India

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Ajit Doval Jake Sullivan

    The Quiet Revolution: India’s Diplomatic Success in Bringing Tech Transfer

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Ram V. Sutar

    The legacy of Ram V. Sutar: A gift from Bhagwan Vishwakarma

    Dilip Kumar Indira Gandhi

    When Dilip Kumar silenced Indira Gandhi

    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    S Balbir: The Voice That Suddenly Went Silent

    S Balbir: The Voice That Suddenly Went Silent

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sayaji Shinde

    Unrecognized in Bollywood, but Celebrated Everywhere Else: The Tale of Sayaji Shinde

    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Finance » Paying Compensation to Employees When You Could Have Claimed It from Insurance? Read More

Paying Compensation to Employees When You Could Have Claimed It from Insurance? Read More

Why Do You Need Employees Compensation Insurance?

Mahima Kalra
by Mahima Kalra
25 February 2020
in Finance
0
Workplace
168
VIEWS
Share on FacebookShare on Twitter

Maintaining workplace safety is of utmost importance for all employers to manage. No matter what kind of business you run, it is your responsibility to reduce the risk of injuries or sickness at work. Although it is possible to minimize this risk, it is difficult to eliminate it completely. Workplace hazards do often lead to health problems for the hired workforce.

Let’s say you run a construction firm and have hired hundreds of workers to work at different sites as a part of your business. In case a worker faces severe injury due to their falling from a height, you have to provide them with the required medical treatment as well as compensation. In extreme situations, the cost of necessary treatment can be very high.

One way to safeguard your business against the aftermath of such hazards is to buy a workers compensation (or employees compensation) insurance. This is the primary method with which you can meet the obligations imposed by the worker compensation laws and the Workmen Compensation Act. With an employees compensation insurance policy in your possession, you need not pay the compensation out from your pocket. Instead, the chosen insurance company will pay for it.

Why Do You Need Employees Compensation Insurance?

  • To pay the compensation for which you are legally liable in case of an injury or diseases that happen during employment
  • To get coverage for the legal expenses arising out of lawsuits filed against you or your firm in the labour court
  • To cover occupational diseases that may occur due to industry-specific hazards

What Does a Workers Comp Insurance Cover?

1 . Defence Costs

The cost of defending yourself in the court of law can become huge, depending on the severity of workplace accidents. You may need renowned lawyers who charge hefty fees to help you out to deal with the lawsuits . One of the main benefits of buying a workers comp insurance is that it pays off the legal expenses. You will get this insurance benefit based on the specific terms of the policy you choose.

In other words, buying a workers comp insurance means you need not worry about the legal cost involved in case an employee sues your firm for the losses incurred in a workplace accident.

2. Work-related Diseases

You might have heard of workers suffering from certain occupational diseases that arise because of an unhealthy work environment.

Take the case of a warehouse that has toxic gases inside as a result of chemicals used in the production unit. If workers do not have the required safety gear when at work, the contaminated environment is likely to cause lung diseases to them. Ultimately, the employer is liable to pay for the treatment as per law, no matter how much it costs.

Workers comp insurance covers your liability against such diseases. The insurance company will pay for the treatment cost without causing a financial loss at your end.

3. Income Lost Due to Disability

Workplace accidents often lead to severe injuries to the employees because of which they are unable to work for a long time. In some cases, such mishaps result in permanent disability due to which they cannot work in the same field throughout their lives.

All employers are held liable to compensate for the income lost due to temporary or permanent disabilities arising from workplace accidents. Providing for lost income can cause hefty financial loss. However, you can prevent it by buying a workers comp insurance policy. Depending on its terms, the policy offers coverage for disability caused due to severe accidents at work.

Considering the risk factor in mind, buying employees compensation insurance is a way to minimize significant loss. Purchasing the policy can become a challenging task since you need to consider several crucial factors. One way to simplify the process of buying workers comp insurance is to connect with an insurance broking firm like SecureNow that offers insurance policies from various companies in one place.

Tags: CompesationInsuranceWorkplace
ShareTweetSend
Previous Post

Pay the taxes darlings – Soap Opera queen Ekta Kapoor and Rom Com King Karan Johar in tax mess

Next Post

The Raghubar Das syndrome: CMs who aren’t visible, don’t win

Mahima Kalra

Mahima Kalra

Wine, Books, Movies - In that order

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Arindam Bagchi IWT

India takes charge on Indus Water Treaty

3 February 2023
The disintegration of BYJU’s has just begun

The disintegration of BYJU’s has just begun

3 February 2023
S Balbir: The Voice That Suddenly Went Silent

S Balbir: The Voice That Suddenly Went Silent

3 February 2023
Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

3 February 2023

Popular This Week

Preity Zinta
Cinema

Preity Zinta – The woman who stood up to the underworld, but paid a heavy price for it

by Paurush Gupta
30 January 2023
Adani-Hindenburg row: Decoding the hidden agendas
Premium

Adani-Hindenburg row: Decoding the hidden agendas

by Abhishek Kumar Singh
29 January 2023
Govinda congress
Cinema

When Govinda started literally pleading in front of Sonia Gandhi

by TFIPOST News Desk
31 January 2023
The untold story of Swami Pranavananda
History

The untold story of Swami Pranavananda

by Abhishek Kumar Singh
29 January 2023
Reality of Bageshwar Dham
Analysis

The Bageshwar Dham: The Reality of Dhirendra Krishna Shastri

by Tejasvi Malhotra
31 October 2022

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost