What is the meaning of WC 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.
What is the full form of WC policy?
Workmen’s Compensation Insurance Policy From IFFCO-Tokio Liability to employees under Indian Fatal Accident Act 1855 and at Common Law are also covered under the policy. The Workmen’s Compensation Insurance Business in India is controlled by the Workmen’s Compensation Insurance Tariff (W.C.
Why is WC policy required?
The policy aims at protecting the workmen and their dependent in case they meet any accident or injury while working in the organization. It helps the workmen as it bears the cost of treatment in the event any employee dies or causes permanent disablement due to any course of employment.
Who can take WC policy?
Any firm or employer, a contractor who employs workmen as defined in the W.C. Act 1923 can buy the workmen compensation insurance policy. This insurance cover provides legal liability coverage and also helps in easing the financial burden on employees and employers.
What is difference between WC policy and ESIC?
However, the major difference is that ESI is insurance itself, where the employer only needs to pay the premium along with the employee. Meanwhile, the WC is also a pure liability coverage. Furthermore, workers can be insured under workmen compensation insurance, for which premium is payable by the employer only.
What is WC and car policy?
Key Benefits – covers employees bodily injury or death while on the job. The Workmen’s Compensation Insurance Policy provides for legal liability coverage for compensation to your employees for bodily injury or death caused due to accidents / occupational diseases arising out of and in course of employment.
What is WC in salary?
Being an employer comes with some responsibilities towards their employees. That’s where Workers Compensation Insurance policy (WC) and Employee State Insurance come up. These are the two insurance policies offered to employees in India.
How do I claim under WC policy?
Documents Required for Claim Process
- Duly filled in claim form.
- Medical bills, in case of injury.
- Statement provided by the injured.
- Compensation records for previous claims.
- Death certificate, in case of employee’s death.
- Post-mortem report, in case of employee’s death.
- Medical certificate, in case of permanent disability.
How much salary is eligible for ESI?
Applicability of the ESI Scheme The ESI scheme is applicable to all factories and other establishments as defined in the Act with 10 or more persons employed in such establishment and the beneficiaries’ monthly wage does not exceed Rs 21,000 are covered under the scheme.
What is the difference between WC policy and GPA policy?
WC or Personal Accident (GPA) Both provide similar coverage in case of death or disability. The GPA cover is not limited by work related accidents and is flexible on choice of higher sum assured but does not provide the security of unlimited liability cover as in WC.
What is workers compensation and why is it important?
Workers’ compensation insurance helps businesses avoid the real cost of an employee’s medical expenses and lost wages following a workplace injury or illness. Without workers’ compensation coverage, the medical expenses associated with even one major workers’ compensation claim could cause irreparable financial harm.