Know These 5 Things Before You Buy Workmen Compensation Insurance

Employees are an integral part of any organization. Employers are usually keen to go the extra mile to maintain a good relationship with their employees, to encourage productivity and excellent results. The safety of employees at the workplace is usually one of the highest priorities that progressive employers track. This can even overshadow factors that are conventionally considered significant, like salary levels offered or time allowed for personal leave. The employer thus takes the responsibility to provide a safe and healthy working environment for people working in their company.

However, accidents can happen anytime, regardless of the safety measures adopted. When they occur and cause injuries, employees (or their families) seek compensation from the company. Under the Employees Compensation Act 1923, an employer is legally liable to pay compensation to the employee’s family.

An affordable way to deal with the hefty expenses related to workers’ compensation is to buy workmen insurance policy. Having this policy serves two purposes – It ensures that the injured employee gets medical care and compensation, while it also protects the employers from lawsuits filed by the employee injured while working. The employees get benefits regardless of who was at fault in the accident, though to be covered by insurance the accident or mishap should have happened during work hours. 

There are certain things that you must keep in mind before you buy a workmen’s insurance policy, as given below:

 

  • Know the Laws Related to Workmen Compensation

 

Every Indian state has a different set of laws related to workmen compensation. No two states have the same rules, which is why it is necessary to know the amount of benefit or compensation that an employer is entitled to pay. These laws also determine what injuries or impairments need to be considered for the calculation of medical compensation. You can obtain information about the laws related to workers’ compensation by visiting your state’s workmen compensation department online or offline. Select the most suitable workmen compensation policy that fits your organization’s needs best. 

 

 

  • Be Aware Of Workplace Hazards 

 

It has been rightly said that an ounce of prevention is worth a pound of cure. The first step to securing the life of your employees is to be aware of workplace hazards that come with the job. Making a safety plan and implementing it mitigates the risks that might lead to work-related injuries. You can follow easy steps like providing for ladder safety, proper signage, appropriate protective gear, and regular drills, which can go a long way to reduce the risk of injury and hence the claims. Accordingly, you can buy personal protective equipment for the employees. 

 

  • Assess the Coverage You Need

 

Once you have made a list of possible hazards in your workplace and updated yourself about the laws, you need to assess the coverage you need. Depending on the differences in the operations or processes, one workplace can be completely different from the other. Do you select coverage for medical treatment and disability of the injured employee, or protection against civil liability for common law injury claims or both, is a question that you need to decide on for determining the upper limit of insurance coverage you need. 

 

  • Compare Plans from Different Insurers 

 

The choice of the right insurer is essential to make the most of a workmen compensation plan. Given all the reputable insurers that offer such a policy, choosing anyone is not as easy as it may seem. Hence, it is crucial that you research the different insurers completely and compare them in terms of their market reputation, coverage benefits, and similar other aspects. 

 

  • Ask for Help from Insurance Advisors 

 

There are a number of clauses and benefits under the workmen’s insurance policy that many employers do not easily understand. If you are unsure about the benefits or coverage and find it challenging to pick an insurer, you should ask for advice from an insurance broker before you buy a policy.

SecureNow offers a wide range of workmen’s insurance policies from topmost insurers to cover possible accidents that might occur during employment. 

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