Workers' compensation 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 their employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that, and thus to ensure security of compensation to the workers. Individual immunity is the necessary corollary to collective liability.
The workmen's compensation insurance is the primary method by which an employer can demonstrate the ability to meet the obligations imposed by the worker's compensation statutes. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labour. The policy covers statutory liability of an employer for death or bodily injuries caused to employees due to accidents arising out of and during the course of employment.
Friend Digital 24 Insurance Company can arrange locally admitted and non-admitted policies as per the demands of the jurisdiction in which the multinational operates.
Bodily injury caused by accident during the course and scope of employment.
Death or temporary disablement.
Permanent total or partial disablement.
Legal costs and expenses incurred with the company's consent.
However, if one takes the help of an insurance web aggregator for comparing different workmen compensation insurance plans, he/she can get the best and most suitable option. A reliable web aggregator asks certain questions to the prospect and shows the result based on these them. In this way, one can find the best workmen compensation plan for his/her business.