Enlighten Yourself On these 4 Things Before Buying a Workmen Compensation Plan

If you own a firm, then you know your employees/ workers are your biggest assets. However, it’s only with a fit workforce that your business will prosper. As their employer, it’s your responsibility to look after your employees and protect them from work-related injuries, illnesses, or fatalities that can have a devastating effect on your business. Not only are these situations bad for the productivity and morale of your workers, but they can also cost you a fortune in terms of out-of-pocket expenses. To tackle problems like these, put workplace safety first and ensure your employees with workmens’ compensation insurance. Here’s more about workmen’s compensation insurance.

Buying a workmen’s’ compensation insurance policy will provide legal liability coverage to your employees for bodily injuries or death caused due to an occupational disease or an accident arising out of or within the course of the employment. Also, under the Workers Compensation Act, 1923, in India, it is mandatory to have this insurance if you own a firm that employs more than 20 employees.  

Before you buy a policy, there are a few things that you should consider.  Here’s a list of things that you need to be aware of:

Understand What Workers Compensation Covers

Workers’ compensation covers bodily injuries caused due to an accident within the course of employment. It also covers injuries caused or aggravated by disease of the employee within the scope of employment. 

The workmen’s compensation policy will cover the cost of medical treatment and disability arising due to an accident or injury, irrespective of who caused it. However, insurance policies are not liable to cover you if the cause of the injury is employee’s criminal activity, self-inflicted wounds, illicit drug use, or suicide.

Know The Risks Associated To Your Business

It’s essential to understand the risk associated with your firm, as it not only gives you a clearer picture but also affects the premium rates of the plan applicable to you. If you own a corporate firm, your premium rates will be much less in comparison to one who owns a manufacturing industry, as the level of risk will be lower. 

For instance, if you run a corporate, then injuries are likely to arise due to ergonomic issues, which are mostly preventable. However, if you own a manufacturing or construction business the risks of injury to the workforce are higher. Your workers would have to work with electricity, machines, or operate at heights. Premium rates will hence be high as the risks of injury associated with your workplace are higher. 

It is advisable to know the risk associated with your business so that you can get the best workers’ compensation insurance. 

Compare Policies Before Buying One

There are several worker’s compensation plan providers available in the market, which makes it hard for you to choose among various options. SecureNow will help to provide you with quotes from multiple policy providers. We will provide you with all the relevant details so that you can purchase the best worker’s compensation policy. Further, we can counsel you for implementing safety controls that can help lower your insurance premiums.

How To File A Workmens’ Compensation Claim

If your employees experience a workplace injury or occupational illness, make sure they report it to you. If your employee doesn’t make a report before the specified deadline, they might miss out on the benefits.

After an injury or illness is reported, you and your injured employee should: 

  1. Visit an approved healthcare professional

Injured or ill employees should seek medical assistance immediately. The doctor will generate a medical report, which will help you file a worker’s compensation claim. 

  1. Start the worker’s compensation claim process

It’s your responsibility to provide your employees with the appropriate worker’s compensation insurance application forms, information regarding the worker’s compensation claim process, and the contact details of the insurance provider. 

  1.   Receive benefits

Once your insurance provider approves the worker’s compensation claim, your employee will begin to receive workers’ compensation payments. It will cover employee’s hospitalization bills, medical expenses, rehabilitation costs, and some part of their monthly wages while they are medically unable to work.

When your employee is fully fit, he/she will get back to work and will participate in the team’s effort to help your firm to greater success!  

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