What do you understand by the simple term ‘Compensation’? We all know that compensation is a kind of service given to someone against the loss or damage. On the grounds of business and corporate industrial world, compensation is given to those workers, who get injured during the working hours in the working premises. In terms, this kind of compensation is known as Workers compensation insurance. Today, most of the workers must be having their private health or life insurance policy but still the company gives them an additional coverage policy in free i.e. Workers compensation policy. ex-mod management company
What is a workers compensation Insurance policy?
It is a kind of agreement and commitment done towards the workers that they are safe in the industry or office during the working hours against all kind of natural and accidental hazards, injuries or death. It is proven that many times a worker loses his life or even gets disabled due to some hazards that take place in the company during the working hours. Looking at this condition, the government has passed a law providing financial safety to the employee during the working hours that is named as ‘workers compensation policy.’
Advantages of Workers compensation:
Because of workers compensation policy the workers feel secured and safe in the company. The feeling of safety brings trust within their heart for the employer and company, which is a big thing. Any worker can work with complete effort and quality only when he is sure that his company thinks about him and his benefits. By getting financial security and assurance, workers feel to work more and give complete quality work to the company. The employer or company benefits in many ways by winning the trust of its employees and workers. In the same way, employees also get financial security towards the work and risk taken by him during the working hours. Thus, both the employers and employees get advantage of workers compensation policy.
This way, workers gets financial security in terms of money every month during the time when he/she is injured in industry and not able to come up for work. This is one of the major benefits given by this insurance policy. In the same way, it also provides financial assistance to the worker’s family in case of worker’s death or disability that is caused due to working hazards.