One can buy workmen compensation insurance either through a representative of the insurance company(ies) or through the online medium.
- Traditional Method
- Online Method
Traditional Mode of Application
You can always approach an insurance company, agent, or insurance broker to enquire about the policy features. When opting for this method, apply through an application form provided by the respective insurer.
Comparing the policy features from different insurers could be difficult in the traditional mode. Because you have to manually collect all documents and compare everything. However, a corporate insurance broker can resolve the issue by presenting a comparison. This will help you in selecting the insurer.
Moreover, this mode can take anywhere from 5 days to 15 days depending on the administrative processes and personal convenience.
Online Mode of Application
Unlike the traditional modes, the online method is faster and more convenient. Following are the benefits when you buy the workmen compensation insurance online:
- Apply from anywhere anytime
- Provide employee/worker information easily and at your convenience
- No requirement of personal information
- Compare multiple quotes within few minutes without having to go through several insurers
- Apply online and
- Policy Risk Held Letter is issued within 48 hours
Challenges of each Mode of Application
There are challenges in both modes of application. Many insurers and insurance advisors follow a combination of both methods for accepting applications.
You can fill the online application but send a printed copy of the forms and documents to the insurer. It helps in verification and better record keeping. Also, the final policy document is sent as a hard copy with an e-mail confirmation for the same.
This whole process can be backed by a 24×7 customer service department with the best insurers and advisors. In fact, they will keep you informed about the latest development. The customers can also connect with them at any time to clear their queries and doubts.
Case on Buying Workmen Compensation Insurance Online
Sailesh Tripathi is an old-fashioned manager and cherishes traditional ways of doing things. While applying for a worker’s compensation policy, he chose to contact insurers and meet multiple agents to make up his mind.
Through consistent efforts in getting good coverage, he built up a very good relationship with the insurance advisor. But he lost ground on the policy features, and it clearly showed up when one of the workers got injured at work. The claim was rejected by the insurer because the risk was not disclosed properly and the worker’s work profile was not insured.
However, Sailesh viewed this as an information asymmetry. He did not know about the policy as much as his insurance advisor. So, Kapil, his closest aid in the firm, advised him to go online for comparison.
With Kapil’s assistance, Sailesh could compare various policies and their features. Also, he could better decide the type of cover they needed for their firm.
Sailesh realized the ease and efficiency of the online process. He also cherished the fact that just one hour of research and few queries made him a lot wiser on insurance policies. Online research was more helpful in comparison to the offline meetings with the advisor multiple times over several weeks.
Kapil and Sailesh also connected to the customer service representative of the insurer online for their queries. Their chosen policy was issued within 2 days. Hence, the quick turnaround time also works as an added advantage in favor of the online mode of insurance buying method.