Ensuring safety at the workplace is crucial for all employers in India. As an employer, you have a legal obligation to provide a safe environment for your employees and workers. The truth is that it is not possible to predict accidents, no matter which type of business you are running. Despite your best efforts, employees do sometimes get hurt. This is when a worker’s compensation insurance policy comes into play. It is essential for all businesses as it protects you and your company against claims arising out of employee accidents.
Let’s describe the workmen compensation policy briefly first.
What Is Workmen’s Compensation Policy?
Workmens’ Compensation policy is a type of insurance you can buy to cover employment-related injuries and illnesses. It is designed to cover qualified work-related accidents. As per law in India, it is mandatory for manufacturing businesses to cover employees under workmen compensation policy.
How Can Workmen Compensation Benefit Your Business?
A workers’ compensation insurance policy, whether bought online or offline, can prove to be a source of great help for you in several ways. It covers medical expenses and legal liabilities for you as an employer arising from situations where an employee gets injured during work.
Below are a few advantages that make this policy a must for your organization:
- Provides Legal Liability Coverage
The objective behind worker’s compensation insurance is to take away the financial burden of lawsuits from you. Legal costs can be high, and your business may not be able to afford to pay these costs. However, having a suitable worker’s compensation coverage pays for the legal expenses incurred against the litigation.
You can also look at buying a workmen’s compensation policy online, which allows you to make a policy comparison easily and choose the best one for your organization.
- Motivates Your Employees
Taking good care of all your employees builds a sense of trust and motivates them to perform better. If you are available to help resolve their grievances and are seen to be there for them when they need you, it makes them more loyal towards your organization.
When you buy a workmen’s compensation policy online or offline, you can improve the health of all your employees by facilitating the medical treatments that they may need, ultimately resulting in improved performance.
- Improves Your Reputation
Workplace hazards are unpredictable and can cause severe damage to your employees’ health. For instance, your employees may suffer from occupational diseases such as asthma or bronchitis due to the working conditions in your factory, or get hurt while working on construction sites for you. You cannot overlook these incidents and have to provide cover to pay for the medical expenses or the lost income of the employee.
With a workmen compensation policy in place, the insurer pays for the medical expenses and takes the load off you. It also provides compensation for partial or total disability suffered by any employee.
Is Worker’s Compensation Required for All Businesses?
If you own a small or big business, you can be held responsible for injuries that happen to your employees because of the work environment. You are responsible for the safety of your employees. You also cannot be sure that there will be no accident or mishap at work.
Workplace accidents mostly occur unexpectedly and could end up with a lawsuit being filed against you. To avoid significant setbacks to your finances, get a suitable worker’s compensation insurance policy especially if you have a small business.
We at SecureNow offer worker’s compensation insurance policies online from different insurers to help you choose the best one. Our policies provide coverage to your employees against unforeseeable events such as disabilities due to workplace injuries, occupational ailments in the course of employment, medical treatment for injury or sickness, lost wages, lawsuits (defense costs), terrorism, and accidental death. In short, it is a boon for you and all your employees.