A workmen’s compensation policy is an important coverage for organizations as it protects them from financial liabilities suffered under the Workmen’s Compensation Act, 1923, Fatal Accidents Act, 1855 and also under Common Law. Every organization is financially liable to compensate its employees if the employees suffer any physical injury due to the nature of their employment. A workmen’s compensation policy covers this liability and provides financial relief to organizations.
When choosing a workmen’s compensation policy, there are a few things that you should keep in mind. Let’s see what these things are –
How to select a workmen’s compensation plan?
- Ensure that the coverage offered by the policy is comprehensive enough to cover all possible financial liabilities that your organization might face
- Check the worker compensation quotes from different companies. Compare the quotes to find the right policy
- Choose a suitable sum insured for complete coverage
- Cover all your employees under the plan
- Look for policy extensions. If you need a wider scope of coverage, choose the suitable extensions and customize your plan. Remember, each extension implies paying an additional premium and choosing extensions would increase the worker compensation policy quotes
How to buy workmen compensation policy?
There are two ways of buying suitable workmen compensation policy. They are as follows –
- Buying workmen compensation offline
You can contact an insurance agent or an insurance broker and buy workmen compensation offline. You can also visit the branch office of an insurance company and buy the policy from the company itself. However, in the offline mode, you would not get the facility of comparing different workmen compensation policies and choosing the right one. Moreover, buying offline might also take additional time in getting the policy issued.
- Buying workmen compensation online
Another, better alternative, is to buy labour insurance online. Nowadays, insurance companies have embraced digitization and are offering their insurance plans online. You can visit the website of the insurance company and apply for workmen compensation online. Even easier is to visit the website of an online insurance broker or insurance aggregator to buy labour insurance online. These online portals allow you to compare workmen compensation policies offered by different insurers and then pick the right plan. Buying workmen compensation online is quick, simple and hassle-free.
Additional Read: How to decide insurer in workmen compensation policy?
Documents required while buying workmen compensation
To buy labour insurance online or offline, the following documents would be needed –
- A proposal form which should be completely filled in and signed by the authorized signatory of the organization
- The KYC documents of the organization
- The employee records stating the number of employees and their respective job profiles
- Other documents as needed by the insurance company
How SecureNow can help?
SecureNow (www.securenow.in) is an online portal that is tied-up with leading general insurance companies. With SecureNow you can compare the best policies and buy labour insurance online. SecureNow provides deeply researched workmen compensation quotes along with their coverage details. You can compare and buy workmen compensation online with minimal hassles through SecureNow and receive the risk cover note instantly.
So, assess your organization’s coverage needs and buy workmen compensation for securing your financial liabilities.