{"id":207849,"date":"2024-06-15T10:30:30","date_gmt":"2024-06-15T10:30:30","guid":{"rendered":"https:\/\/businesnewswire.com\/?p=40408"},"modified":"2024-06-15T10:30:30","modified_gmt":"2024-06-15T10:30:30","slug":"workers-compensation-insurance-for-small-businesses","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2024\/06\/15\/workers-compensation-insurance-for-small-businesses\/","title":{"rendered":"Workers Compensation Insurance for Small Businesses"},"content":{"rendered":"

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The business risk is not limited to financial loss due to cutting-edge competition. The employer may also sustain financial loss if his\/her employees sustain an injury in the workplace or die while performing the task.\u00a0<\/span><\/p>\n

In order to handle many unfortunate situations involving your employees, there is a product called workers\u2019 compensation insurance. According to the Workmen\u2019s Compensation Act of 1923, every employer has to compensate his\/her employees for injuries sustained while discharging their duties, and employee insurance helps with that.\u00a0<\/span><\/p>\n

Let\u2019s understand the scope of this coverage in detail.<\/span><\/p>\n

What Workers\u2019 Compensation Insurance Covers?<\/b><\/h2>\n

The employee insurance covers the following scenarios.<\/span><\/p>\n

1. Injuries and Death\u00a0\u00a0<\/b><\/h3>\n

According to the Directorate General of Factory Advice Service & Labour Institutes (DGFASLI) data, India has around 3,63,442 registered factories as of 2020. Of them, 84% were operating, with over 20.3 million workers.\u00a0<\/span><\/p>\n

The data also revealed 4,000 injuries and more than 1,109 deaths per year. Now, the question is, who will be held accountable for workplace injuries? Obviously, the employer. This is where <\/span>workers\u2019 compensation<\/span><\/a> insurance comes in.\u00a0<\/span><\/p>\n

Assume you run a coal mine, and one day, a number of your miners die as a result of explosions that release methane gas. In this situation, employee insurance pays a lump sum to their loved ones, and if the explosion causes injury, the coverage will cover their medical expenses.<\/span><\/p>\n

2. Occupational Disease<\/b><\/h3>\n

Defining this term, this disease refers to a medical condition your employees contract because of the type of work they are engaged in.\u00a0<\/span><\/p>\n

Some common occupational disorders include:<\/span><\/p>\n