Workmen Compensation Insurance Policy

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.

Workmen compensation insurance policy.

More details scope of cover. Worker s compensation insurance also called workers comp helps cover medical expenses and lost wages for small business owners if an employee is injured or becomes sick. Also known as employee compensation insurance or labour insurance this insurance enables an employer to demonstrate his ability to meet the. It is also known as the employees compensation amendment bill employer s liability insurance and worker compensation policy.

If the amount so paid shall differ from the amount on which premium has been paid. The policy provides for two forms of insurance viz table a indemnity against legal liability to all employees whether or not coming within the definition of the term workmen under the w c act 1923 and subsequent amendment to the said act prior to the date of issue of the policy the fatal accidents act 1855 and at common law. This coverage can include rehabilitation services and death benefits too. Workers compensation or workers comp formerly workmen s compensation until the name was changed to make it gender neutral is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee s right to sue his or her employer for the tort of negligence.

Workers compensation insurance is also called workman s compensation or workman s comp. Workmen s compensation insurance workers compensation insurance is mandatory for employers with more than a few employees in all states except texas. The workmen s compensation policy is the primary method by which employers can show their ability to satisfy the obligations imposed by the worker s compensation statutes. A workers comp policy covers any expenses related to medical attention or loss of income sustained from a work related injury.